Expert Remortgage Advice
People choose to remortgage for a variety of reasons. Our team of specialists are on hand to recommend the most suitable product for your situation.
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
Remortgages
Whether you’re looking to switch to a better deal, release funds or your fixed period is simply coming to an end, our experienced team are on hand to compare lenders and recommend the most competitive products that suit your needs.
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Why Do People Remortgage?
Your Fix Is Ending Soon
You can generally start the process of remortgaging 3 months in advance, however some lenders will allow you to begin the process as much as 6 months in advance.
Release Some Funds
Depending on the equity available, remortgaging may mean you are able to increase the size of your loan and release funds for things such as home improvements and more.
Consolidate Debts
Whilst a specific area, remortgaging could be a good option if you are looking to consolidate your debts. You will typically have a lower overall interest rate, but we will consider all your options and find the most cost-effective variable
Get A Better Rate
Using a mortgage broker to find a better deal will often lead to more competitive rates being offered that you can get going direct . We will consider all the options and get the best rate suited to your circumstances
Reduce Your Term
You have the option to either pay off a lump sum, borrow less over a shorter period of time or reduce your overall term meaning your loan is paid off quicker.
Debt consolidation is not always the most suitable option, consolidating debts must be carefully considered.
It will usually mean more interest over a longer repayment term and there may also be early repayment penalties on your current mortgage, you should think carefully before securing other debts against your home. There are other ways to manage debt such as free debt advice charities, you can find out more by contacting the Money Advice Service these services may be more suitable for you.
Your Remortgage Questions Answered
How early can I remortgage?
As a general rule, you can start the process of remortgaging up to six months before your existing deal ends, however there are cases where it’s possible to start the process up to 12 months in advance.
How does being in a different job situation affect my remortgage?
If your salary has increased since your existing mortgage then it’s likely you could have the option to increase your loan to release equity, however if your income has decreased or have been in a new job for less than 3-6 months it could mean some lenders will decline your application or lower the amount they are willing to lend.
My house value has changed, how does that affect my remortgage?
Increases in property value can be great when it comes to remortgaging because of how it offers a better loan to value rate (an aspect lenders use to identify how much you can borrow and interest charged.
If your property has dropped in value, then your options may be limited and you could be left with a shortfall that you will need to clear. This is called negative equity.
What should I avoid doing when planning to remortgage?
There are some key things you will want to avoid doing when either coming up to an application to remortgage or your application is going through. This includes:
- Changing your job
- Applying for credit elsewhere
- Make erratic spending decisions (as the lender will probably ask about them)
What happens when you remortgage?
Remortgaging works in much the same way as arranging a mortgage when you purchased the property. The main difference is that there is less paperwork needing to be completed by solicitors. The process is largely as follows:
- Initial paperwork, credit check, income and ID review
- Agreement in principle
- Full application commenced
- Property valuation
- Mortgage offer
- Completion
- Land registry update
How much will remortgaging cost me?
Remortgaging tends to be cheaper than when you first purchased the property because things such as legal costs will be lower and there will be no stamp duty to pay.
Costs vary from one lender to the other, however there are typically three cost elements when remortgaging:
- Mortgage valuation
- Solicitors fee
- Lenders fee (option for this to be added to the overall loan)
What are your fees?
Let's Chat
Our team of specialists are on hand Monday to Friday 9am - 5pm to answer any questions you may have.