Malcolm is one of the UK’s most well-known and respected Mortgage Advisors. He is passionate about providing a 5* customer experience and he has also trained and mentored dozens of fellow Advisors in a career that is now in its third decade.
In addition to his day to day duties as Managing Director, Malcolm still gives out mortgage advice and feels lucky that his job is also very much his hobby.
There are two ways that you can remortgage your house:
Direct with a bank – Nowadays, it’s easy to search mortgage rates online and find the cheapest deal, however, whether you will qualify for this deal or it’s the right one for you will be your own responsibility. You can search and apply direct online if you are comfortable with the terms and conditions.
Use a mortgage broker – For peace of mind, it’s always best to consider using the services of a mortgage broker to recommend the best remortgage deal for you, based on your personal situation. Mortgage brokers have access to exclusive deals and can search the market and recommend the best deal for you to match your requirements.
There are alternative products available to fixed rate mortgages also which may be best for your situation, such as tracker mortgages and offset mortgages.
Mistakes can be costly and applying for deals online that you do not qualify for could have an adverse effect on your credit file in the short term which could make remortgaging harder, you’ll be building up a lot of credit searches with declines in a short amount of time.
Six months before your current mortgage deal ends is the ideal time to start looking at your remortgage options. Many lenders also allow you to switch to a better deal should rates fall during your remortgage process. A mortgage broker will help you with this.
What is the Process to Remortgage your House?
The 10-step process to remortgage your house is:
First, consider if you’d like to make any changes to your current mortgage, raise capital, or change your term. Also, do you have a more complicated situation?
Consider what your plans are with the property, for example, can you see yourself living there for the next 5 years.
Next, consider if a new fixed rate deal, variable rate, tracker, offset, or any other kind of mortgage product suitable for your needs. If you’re an older borrower, then there is a range of over 60’s mortgage products that may work better.
When you’re happy with the product that you’d like to go for, you’ll need to do a mortgage application, either via a broker or yourself online.
You’ll need to provide documents such as proof of earnings, bank statements, and identification to your new lender.
You’ll need a conveyancer to for the legal work, many remortgage lenders offer this service fee-free when remortgaging.
A valuation will be performed, depending on your loan to value ratio this could be a desktop valuation where the lender is happy to go with a computer estimated valuation, or someone will come out and visit your property to check it’s worth what you say.
Additional checks could be requested by the lender depending on what the valuation comes back as such as a survey or an inspection etc.
If your lender is happy with your documents, you meet criteria, and the valuation has come back ok, you’ll receive a mortgage offer.
Completion will happen when the legal process has been completed and usually when your existing deal ends to avoid any early redemption fees.
Malcolm is one of the UK’s most well-known and respected Mortgage Advisors. He is passionate about providing a 5* customer experience and he has also trained and mentored dozens of fellow Advisors in a career that is now in its third decade.
In addition to his day to day duties as Managing Director, Malcolm still gives out mortgage advice and feels lucky that his job is also very much his hobby.
