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Remortgaging. FAQ.

Deciding whether to remortgage your home or not can be tricky. If you need to find your way through all the facts and figures, we can help.

A remortgage means changing your existing mortgage deal.

This may mean changing your existing mortgage with your current lender or switching to a new lender.

Many people remortgage their property to find a more competitive interest rate and terms.

There are plenty of reasons to remortgage. Perhaps you’re looking for a better interest rate, or you simply need to borrow more?

We’d be happy to advise you, no matter what your reasons are for wanting to remortgage.

You already know how important it is to get the most suitable mortgage. We’re pleased to offer a quick and simple remortgaging process for existing homeowners.

The entire application can be handled over the phone by one of our advisors, meaning that there’s no need for a lengthy sales appointment.

Even better, we search the market to find the best possible remortgage deals and rates to suit your situation.

We’ll even handle the remortgaging process for you, so you won’t need to spend your time and energy filling in complicated paperwork and liaising with lenders.

Sounds good, doesn’t it?

If you are looking to secure the best remortgage deal in 2023, these are some of the steps you should consider taking:

  1. Improve your credit rating – a credit score that is considered good will help you secure the best remortgage deals.
  2. Compare remortgage rates – shop around for the most competitive i.e. lowest interest rates (we can help).
  3. Reduce your loan-to-value (LTV) – if you are able to borrow a lower amount of the properties value, you will often find the best remortagage deals.
  4. Consider the fees – make sure to factor in the associated fees that can soon add up and make an attractive low interest remortgage less appealing.

The main reason you might want to remortgage is to save money in the long run, but there are other reasons too!

Here are some of the most common scenarios:

  • Your current deal is coming to an end – once your fixed term mortgage comes to an end, your lender will put you on their standard variable rate or reversionary rate. This is unlikely to be the best rate you can get. Start thinking about remortgaging around 3-4 months before your rate comes to an end.
  • You want a better interest rate – if you’re tied in to a mortgage rate that you want to escape from, we can help you to decide whether the early repayment charge is worth it for the savings you’ll make in the long run. You could be surprised.
  • You want more flexibility – want to overpay your mortgage, or even have the freedom to take a payment holiday every now and again? You might even want to switch to an offset or current account mortgage where you use savings to reduce the amount of interest you pay. Whatever the reason, there are flexible deals out there, and we can help you to find them.
  • You want to borrow more – remortgaging with a new lender might help you to raise money at a favourable rate. Whether you want to release equity to finance some much-needed home improvements or pay off your existing debts, remortgaging could be the way to go. Your home’s value has risen a lot – this is always a nice situation to be in. In these circumstances, you’ll often be eligible for much lower rates. It’s always worth finding out. You’re concerned about interest rates going up – your current mortgage rate may not be affected by interest rates rising, but it’s worth checking. And if you’re on a variable rate, then now could be the perfect time to consider switching to a fixed rate.
  • You want to add or remove a partner – if you’re adding a partner, in some cases this will make you eligible for a better rate when remortgaging. If you’re removing a partner, you may need to consider whether you can afford to meet the repayments on your own.
  • Buy another property – you may want to remortgage to buy a new property or holiday home, in which case a remortgage would release equity and may provide you with enough capital to make the purchase.

The costs of a remortgage may surprise you and you may even be able to remortgage with bad credit, feel free to contact us today to speak to one of our qualified mortgage advisers.

Although it’s always a wise idea to keep up to date with the most competitive mortgage deals, the general advice is to consider remortgaging around three to six months before your current mortgage term is going to expire.

This provides you with sufficient time to start looking for a new lender or deal and ensures you have it all planned to go ahead before you revert to your existing lenders standard variable rate (SVR).

In general, a remortgage application will take between 1 to 2 months from start to finish.

However, the timeline can be impacted in the event that you want to borrow more.

If your circumstances haven’t changed and you simply want a better deal on your current property, then you will be looking to move ahead relatively quickly.

Absolutely. It is important to remember that some “blotches” on your credit report carry more weight than others and it’s still possible for you to remortgage with bad credit.

Lenders are more likely to be lenient if you missed a bill payment a couple of years ago, with a good explanation.

Luckily, each lender has different criteria for assessing your credit score. In fact, you might be pleased to know that some lenders don’t actually credit score at all.

This means that even if your current mortgage provider may not offer you a new rate, another lender out there might. It’s all about finding the right lender for you.

Yes, it’s quite possible to remortgage with a new lender.

As long as you’re not on a current deal, then you won’t have to pay any early termination/other associated fees.

However, if your mortgage term has expired or is about to expire, you can decide to go with a new ender with no extra fees.

Hot off the press.

We’re often asked to comment on the latest hot topics from across the property industry,
From mortgage top tips, to the best colours to paint your walls, some of our friends below:

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