Looking to remortgage?
What is it?
Remortgage is a process when a homeowner switches their existing mortgage to a new lender or product, either to save money on their monthly repayments or to release equity in their property. As a mortgage broker, I provide a comprehensive remortgage service to help you find the best deal for your unique situation.
Remortgage involves an initial consultation to understand your current mortgage situation, financial goals, and any changes in your circumstances that may impact your borrowing requirements. We then conduct a thorough analysis of the market to identify the most suitable options for you, considering interest rates, fees, and repayment terms.
Product transfer vs Remortgage
Product transfer and remortgage are two options available to borrowers who are looking to switch their existing mortgage to a new deal. While both involve changing your mortgage product, there are some key differences between product transfer and remortgage.
Product transfer refers to switching from your current mortgage deal to a new deal offered by your existing lender. This process does not involve switching to a new lender or going through the mortgage application process. Product transfers are typically available to borrowers who are coming to the end of their fixed rate, discount or tracker period.
Product transfer
Lower fees
Faster process
Easier approval
Remortgage
Competitive rates
More flexibility
More choice
How it works when re-mortgaging to a new lender
Evaluation
It’s important to review your current mortgage to determine whether remortgaging is the right option for you by considering your current interest rate, repayment schedule, and any fees or penalties that may apply if you switch lenders.
Research
Once you have decided to remortgage, the next step is to compare different mortgage products and lenders to find the best deal. This usually involves consulting with me to get an expert advice and access to a wider range of lenders.
Application
After choosing a remortgage product and lender, you will need to complete an application process by providing detailed information about your financial situation, including your income, expenses, and credit history.
Valuation
After successful application process, the lender will carry out a valuation of the property to determine its current value and they may also carry out legal work to ensure that the property has a clear title and there are no issues that may affect your ability to repay the mortgage.
Completion
Once the valuation and legal work have been completed, the lender will issue a mortgage offer. After accepting, your new lender will pay off your existing mortgage, and you will start making repayments on the new mortgage at the agreed rate.
What do you need?
There are several requirements that you will need to remortgage your property. Here are some of the requirements you will typically need to meet:
Current mortgage information
Proof of income
Credit history
Property valuation
Insurance
Early repayment charges
Please remember that the specific requirements and documents needed may vary depending on the lender and the specific mortgage product you are applying for. Always consult with me for the guidance on the application process and ensure that you have all the necessary documentation in place.
Have a question or would like more information on remortgages?
First Time Buyers
Mortgages specifically designed for individuals who are purchasing their first home.
Residential
A residential mortgage is a type of loan used to purchase or refinance a residential property.
Buy To Let
Designed for individuals who want to purchase a property with the intention of renting it out to tenants.
Let To Buy
A mortgage that enables homeowners to rent out their existing property and purchase a new one to live in.
Remortgage
Remortgage is a process when a homeowner switches their existing mortgage to a new lender or product.
Protection
You’re in safe hands. I can support you in safeguarding your financial wellbeing and assets in case of unforeseen events.
Remortgage – Frequently asked questions
What is a remortgage?
Remortgage usually is moving your current mortgage to a different lender, however sometime you might remortgage with your current lender if you need to change the mortgage amount, term etc.
What is the most common reason for remortgaging?
The most common reason is to cut the cost of the mortgage. Sometimes a new lender offers a much more competitive rate, and it makes financial sense to move over to them.
Can I raise funds then remortgage?
There is a potential to capital raise, as long as you have sufficient equity, and pass affordability checks.
What costs are involved in remortgaging?
You will have to pay your current mortgage exit fee. Most of the lenders usually offer free valuation, however, there might be a product fee payable. If you are remortgaging then your current deal hasn’t ended yet, you might need to pay early repayment charges. Conveyancing – even though lenders usually offer either free legal work or cashback which can be used against these costs.
When to start the remortgage process?
Mortgage offers are usually valid for 6 months, so if your current deal ends in less than 6 months, you can definitely look around for a better deal.
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