Remortgages
Switch to a new mortgage deal
If you’re approaching the end of your mortgage term, want to secure a better deal, or hope to increase your borrowing, it could be time to remortgage. But where do you start? We’re here to guide you through the remortgage process and find the right deal.
Staying with your existing lender might seem most straightforward, but it’s not always the best option. You may be able to save money or secure the additional funds you need by switching to a new mortgage provider. It pays to search the market.
Choosing the right remortgage
However, looking beyond the headline mortgage rate is vital when considering remortgage options. The lender’s fee, mortgage term, and type of mortgage are all essential factors that could affect the financial viability. It’s a complicated process!
Our expert advisers can take care of all of this for you. We’ll search the whole market, evaluating the options to make a recommendation suitable for your circumstances. Once we’ve sourced the right product, we’ll manage the application. We’ll take the time and hassle out of remortgaging and, most importantly, give you peace of mind that you’ve got the right mortgage.
Get in touch for an initial free, no-obligation chat with an adviser about the most suitable remortgage option for you.
Remortgages FAQs
When is remortgaging suitable?
The most common reason to remortgage is the end of a mortgage term. If you took out a fixed-rate mortgage, you’ll probably move onto a standard variable rate at the end of the fix. This rate will usually be higher, and other cheaper deals will be available.
Another reason for remortgaging is to borrow more money – for home improvements, debt consolidation, or to fund a large expense. Or if your home has increased in value, you could remortgage to benefit from a lower rate on a lower LTV (loan-to-value) product.
When is remortgaging not suitable?
Remortgaging might not be appropriate if your circumstances have changed since taking out your mortgage. The new lender will assess your financial position and might not be willing to lend the funds you need. Another reason for not remortgaging is if your current mortgage has a hefty early repayment charge.
It’s always worth speaking to a mortgage adviser to determine your best option.
When should I start planning my remortgage?
It’s a good idea to start considering your remortgage about six months before you need it. This timeframe provides plenty of time to evaluate the options. Also, it can sometimes take several months to process a remortgage application.
What remortgage options are available?
There are two ways you can remortgage. The first is a product transfer, where you stay with the same lender. The second option is a standard remortgage, which involves moving your mortgage to a new lender.
How long does a remortgage take?
Remortgaging generally takes four to eight weeks. If you choose to remortgage with your existing lender, the process is often quicker than taking out a new mortgage.
What fees are involved with a remortgage?
The costs associated with a remortgage include mortgage arrangement fees, broker fees, and legal and valuation fees. Lenders often cover legal costs and valuation fees as an incentive. Also, the arrangement fee can usually be incorporated within the mortgage, so it isn’t required as an upfront fee.
