Remortgage Advice

A remortgage is the act of taking out a new mortgage on the same property. When doing a remortgage, many homeowners choose to fix into a new deal for a period of typically 2, 3 or 5 years for peace of mind.

If you have a lot of equity in your home, during a remortgage application, you may have the option to borrow additional money if you like. This can be used for various reasons including, to repay debts or for home improvements.

You’ll also have the option to shorten or extend the number of years your mortgage is over to adjust the monthly payments. As a rule, the shorter the mortgage term, the less interest you’ll repay over the term of the mortgage.

Your mortgage broker will be able to run through the above options with you and answer all your questions.

Depending on your requirements, if you are over the age of 50, there are also alternative products available to you that run alongside traditional mortgages.

Products such as a retirement interest only mortgage, or a lifetime mortgage in the form of an equity release mortgage maybe suitable to your personal situation.

Yes, this is called a product transfer. Being experts at remortgages, we’ll always compare what your current lender is offering to what is available elsewhere. It’s all part of our remortgage service!

Often, lenders make it exceptionally easy for borrowers to lock into a new fixed rate deal via mobile apps or internet banking portals without first offering them mortgage advice.

Without a mortgage broker on your side, mistakes from fixing again without fully considering your options can prove costly.

If you are offered a new deal, please always speak to a mortgage advisor beforehand, we’ll be able to see what your lender if offering you and compare this to what is available elsewhere.

The benefits of a remortgage are to ensure that you are always on the best, most suitable mortgage deal for you. Our aim is to minimise the amount of interest that you repay whilst ensuring that you have the best mortgage product for your needs.

Our mortgage brokers will consider getting you the best rate, taking into account any overpayments you wish to make, a level flexibility that might be required, and your likelihood of moving home in the future.

Another benefit of a remortgage is that if you have a lot of equity in your home, during a remortgage application, you may have the option to borrow additional money.

This money can be used for various reasons including, to repay debts or for home improvements.

You can remortgage anytime if you’re not locked into a fixed rate deal, or your property doesn’t have a mortgage on it currently.

If you have a fixed rate mortgage, 6 months before your product ends is a good time to book in for a free remortgage consultation and find out your options.

Should you need to remortgage in the middle of a fixed rate mortgage deal, you’ll still be able to do this but there will most probably be early redemption fees payable.

If this is the case, our mortgage broker team will compare any alternatives such as a second charge mortgage, often called a secured loan, or a further advance mortgage from your existing lender to find the most cost-effective option for you.

There’s no set number of times you’ll be able to remortgage for a new deal, although, you might find a remortgage for debt consolidation harder if not impossible multiple times.

As part of our on-going mortgage service, we’ll monitor your mortgage to ensure that you’re always on the best deal available for your personal situation.

If you have built up more debts in the form of credit cards and loans and wish to remortgage for debt consolidation a second time, you’ll find this harder for this application to be accepted.

This will be down to the new lender being nervous of the way you conduct your spending.

Your new lender will be worried about having to repossess your home and making you homeless should you not be able to meet your mortgage repayments.

If you are looking to remortgage early into a fixed rate mortgage deal, you’ll still be able to do this but there will most probably be early redemption fees payable.

If this is the case, our mortgage broker team will compare any alternatives such as a second charge mortgage, often called a secured loan, or a further advance mortgage from your existing lender to find the most cost-effective option for you.

If you are looking to remortgage early due to a personal situation such as a divorce/separation etc, please get in touch as there will be various options for you to consider.

If you are a landlord looking for a buy to let remortgage, you’ll also have options. Often, landlords buy doer upper properties with bridging finance.

Short-term bridging finance can be set up quickly and then is repaid in full via a remortgage once the renovation work is complete.

Generally, not. Providing that you don’t miss a payment, a remortgage won’t affect your credit score. However, for a remortgage, you’ll need to pass a credit check with your new lender.

In general, credit searches, such as for a new mortgage or loan, etc., may temporarily lower your credit score. However, having lots of credit searches from different lenders and providers may have a negative impact on your score.

If you are concerned about your credit score and are looking for remortgage with bad credit options, we’ll be able to help here.

If you are going through a mortgage application, it’s always best to avoid unnecessary credit searches. Taking out any credit can impact your application, even if your mortgage has been offered right the way up until completion.

Yes, possibly. Often, the clients that contact us for remortgage advice have tried somewhere else first and experienced problems. Problems can occur initially upfront or further down the application process.

We’re an experienced team here and we always aim to place your mortgage with the right lender for your individual situation the first time around.

No, you will not need to put down a deposit to remortgage your home. When you first purchase a property, you will need to put down a deposit for the security of the mortgage lender.

Because you already own your home, the loan-to-value on your new mortgage is instead determined by how much equity is in the property. In some cases, when it comes to your remortgage, you may be able to access a lower loan-to-value product.

As a rule, the more equity that you have in your home, the better mortgage rate you’ll qualify for.

Yes, landlords can remortgage too. This is something we regularly come across when providing mortgage advice to existing landlords. Remortgage for a new deal or to capital raise are options for buy to lets also.

To find out more and to see how we can help, head to our buy to let remortgage page.

Yes, you can remortgage to repay debts. Typically, a remortgage for debt consolidation is when any outstanding credit card or personal loan balances etc are repaid and added on to your mortgage.

It’s not without risk though, we’ll help you consider the pros and cons of a remortgage for debt consolidation and recommend the best way forward.

If you’re over the age of 50, we have various later life mortgage options available also.

Yes, possible. We have remortgage with bad credit options available. A bad credit remortgage is more common than most clients think. Usually, the more equity you have the better your chances will be of being accepted.

Bad credit options include getting a mortgage with a ccj, defaults, missed payments and a payment plans.

If you are looking to repay your debts with your mortgage, this could be an option for you also. Your mortgage broker will run through both the pros and cons with this as a debt consolidation remortgage is classed as specialist lending.

Yes, there’ll be options. If you’re living in an unencumbered property, i.e., a property without a mortgage, you can still remortgage.

You’ll need to run through an application process, meet your lenders criteria and pass a credit check like with a normal mortgage.

Also, if you’re over the age of 50, we have various later life mortgage options available, these include a regular mortgage, a retirement interest only mortgage and a lifetime mortgage.

Yes, lots. The alternatives that are available to you will depend on the reason why you are wanting a remortgage.

If you are wanting a new deal, the alternatives that we’ll consider are a product transfer with your current lender. We’ll compare the rates offered here to what’s available on the market.

If you are looking remortgage to capital raise, alternatives such as downsizing your property, unsecured credit in the form of credit cards and loans, a further advance from your existing lender, and a secured loan will be considered to meet your needs.

A trusted and experienced mortgage broker will be able to help you compare deals, looking at what options are most appropriate for you to take as you head towards the end of your initial mortgage deal.

As part of your free, no-obligation mortgage consultation we’ll answer all your questions and let you know your options.