Review Your Current Mortgage
Personal Remortgage Advice in Scotland
A remortgage can help you review what happens when your current deal ends, consider a change to the mortgage or explore additional borrowing. The right decision depends on the full cost and suitability of each available route.
Anderson Mortgages advises homeowners in Uddingston, Lanarkshire and across Scotland. Your adviser will review your objectives, compare suitable options and remain your main point of contact through the agreed application.
Start Before Your Deal Ends
When Should You Review Your Mortgage?
It is normally sensible to make contact around six months before a fixed or introductory deal is due to end. This provides time to check the current mortgage, understand any early repayment charge and consider the options available before the lender moves the loan to its follow-on rate.
You can also ask for advice sooner if you want to change the mortgage, borrow more or expect your circumstances to alter. Acting early does not mean that you must switch immediately. The timing needs to account for how long a new offer remains valid, the costs of leaving your present deal and any changes that could affect affordability.
Advice for Your Mortgage Review
How Can We Help?
Check Your Current Deal
Review the balance, interest rate, remaining term, deal end date and any early repayment charge.
Compare a Product Transfer
Consider a new deal from your current lender alongside suitable remortgage options from other available lenders.
Review the Overall Cost
Take account of product fees, valuation or legal costs, incentives and the effect of the proposed mortgage term.
Consider Additional Borrowing
Discuss whether borrowing for home improvements or another purpose can be assessed as part of the review.
Assess Affordability
Understand how current income, commitments, credit history and lender criteria may affect a new application.
Progress the Agreed Route
We will submit the application where required, communicate with the lender and keep you updated.
Compare Like with Like
Product Transfer or Remortgage?
A product transfer means selecting a new deal with your existing lender without moving the mortgage elsewhere. It may involve a simpler process, but the options are limited to that lender and it is still important to consider the rate, fees, term and any changes you want to make.
A remortgage moves the borrowing to another lender. This normally involves a fresh affordability assessment, credit checks and a valuation of the property. Legal work is also required, although some products may include a standard legal service or cashback towards costs.
Your adviser can compare the routes that are available and explain their overall effect. A lower rate is not automatically better if fees or other costs outweigh the saving.
Changing the Mortgage
Borrowing More or Adjusting the Term
A mortgage review can also be an opportunity to discuss additional borrowing, a different term or a change in repayment structure. The lender will consider the purpose of the borrowing, the available equity, affordability and its current criteria.
Extending the term can reduce the contractual monthly payment, but it may increase the total interest paid. Shortening the term may increase payments and requires a careful affordability review.
If the additional borrowing relates to home improvements or consolidating debts, the risks and alternatives should be considered separately. Your adviser will explain the mortgage implications and whether another specialist introduction may be appropriate.
Your Remortgage Journey
From Initial Review to a New Deal
01
Gather the Current Mortgage Details
We will review your latest statement, deal end date, balance, rate and any early repayment charge.
02
Discuss Your Priorities
Tell us whether your focus is a new deal, payment certainty, additional borrowing or another change.
03
Assess Affordability and Options
Your adviser will consider your current circumstances and research suitable available routes.
04
Explain the Recommendation
We will set out the proposed mortgage, costs, important features and reasons for the recommendation.
05
Submit the Application
Where you proceed with a remortgage, we will provide the agreed application and supporting information to the lender.
06
Progress Towards Completion
We will keep you updated while the lender and legal provider complete the work needed to move the mortgage.
Remortgage Questions
Common Questions About Reviewing a Mortgage
Customer Reviews
What Our Customers Say
Review Your Mortgage Early
Talk to Us Before Your Current Deal Ends
Send us the approximate end date of your current mortgage deal and what you would like to review. One of our advisers will contact you personally and promptly to discuss the next steps.
There may be a fee for arranging a mortgage and the precise amount will depend on your circumstances. This will typically be £295.
Any fee and when it becomes payable will be confirmed in your Terms of Business before you proceed. No fee is payable if your mortgage does not complete.
You may have to pay an early repayment charge to your existing lender if you remortgage.
Your home may be repossessed if you do not keep up repayments on your mortgage.