Remortgaging is where you swap your mortgage from one lender to another. Most people look at this option every few years to ensure they are always on a good deal. When people remortgage they often take the opportunity to raise capital at the same time, perhaps for home improvements or debt consolidation. If you are a landlord, raising capital from remortgaging a buy to let can allow you to fund any home improvements as well as using equity to fund a deposit for any portfolio additions.Get Started
You can start the process up to 6 months before your current deal expires. We recommend seeking remortgage advice early to ensure your mortgage payments do not lapse onto your lender’s standard variable rate. To speak to a trusted mortgage broker about your remortgage options, please book your free mortgage appointment and speak to a dedicated member of our mortgage advice team. We aim to make sure that this time around is quicker and smoother than the first go around.Apply Now
A remortgage is the act of taking out a new mortgage on the same property, when your current deal is due to expire. Many homeowners fix-in for a period of time, then choose to remortgage at the end of that period, in order to access a better deal. For it to be classed as a remortgage, your mortgage will be with a different mortgage lender to the one you were previously with. Remaining with the same mortgage lender but finding a new deal is called a product transfer.
As one of the largest financial commitments you'll ever make, it makes sense that you'll always want to be on the best interest rates. This is often why many people remortgage their property. That being said, there are lots of other reasons as to why someone may look to remortgage their home, such as to release equity for either home improvements or to consolidate their debts. Neglecting to remortgage could see you fall onto your lenders Standard Variable Rate, which could end up being quite costly. Remortgaging, generally speaking, can be a great way for homeowners to potentially save some money!
In an ideal world, you will want to be looking at starting your remortgage process around 3 to 6 months before your introductory mortgage deal is due to end. This will give enough time for you to seek remortgage advice from an expert in the field and get your new mortgage set up and ready to begin just as your last deal is due to finish.
Most homeowners will look to remortgage their home a good few times in their lifetime. There is technically no limit to the amount of times you can remortgage your home. Though that is the case, it doesn't mean you should remortgage too frequently. If you are still tied into a deal, you may have to pay a mortgage lenders early repayment charge, before you can remortgage.
Generally speaking, the majority of mortgage lenders will want you to have owned a property for at least 6 months before you look to remortgage your property. Whilst you can do this, it doesn't mean you should. Remortgaging your property so early on into your mortgage deal could see you paying a hefty early repayment charge. Always weigh up the advantages and disadvantages ahead of time, as there may be some instances where remortgaging a year early, for example, may benefit you in the long term. We would always recommend 3-6 months prior to your deal ending, however.
In order to take out a remortgage, you will need to apply with a new mortgage lender. This will mean having a credit search, which may have an impact on your credit file, depending on if it's a hard or soft credit search. A credit search will typically have minimal negative effects on your credit file, unless you were, for example, having multiple failed hard searches taken out in your name. On the contrary, a remortgage may be beneficial if you were to remortgage to consolidate all of you debts into one manageable monthly payment. This is because it shows you are trying to be responsible with your finances. You should think carefully before securing other debts against your home. By adding your unsecured debts to your mortgage, which is secured on your home, you are potentially putting your home at risk if you cannot make the required repayments. Although the total monthly cost of servicing your debt may have reduced, the total cost of repayment may still have risen as the term of your mortgage is longer than it may have taken to repay the debts originally.
Though nothing is guaranteed in the world of mortgages, depending on your circumstances, yes you may be able to remortgage your property if you have previously been declined. Being declined doesn't necessarily mean you have bad credit, it could be as simple as not meeting that lenders specific criteria. There may still be other mortgage lenders who are willing to lend to you. Here at UK Moneyman, we aim to get our mortgage recommendation right first time. We'll take a look at your information and try to place you with the most appropriate mortgage lender for your circumstances.
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. This reduces their risk of lending to you, should you become unable to maintain your payments and worst case scenario, have your home repossessed. 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. This is due to the fact that historically, property prices will increase and you will have also paid back some of the capital balance on your original mortgage, giving you more equity.
Yes, it is possible for buy to let landlords to remortgage their property. This is something we regularly come across when providing mortgage advice to existing landlords and are able to help with. To find out more and to see how we can help, head to our buy to let remortgage page.
Yes, you can remortgage to release equity in your home and then use the generated lump sum to pay off any unsecured debt. If you do not have much equity within your home, you could still explore this option and look for a better rate so that you can save money each month to put towards paying off your debt. Always get in touch for specialist remortgage advice before securing debts against your home as you are likely to end up paying back more interest in the long run, although your initial monthly payments can often be much lower. You should think carefully before securing other debts against your home. By adding your unsecured debts to your mortgage, which is secured on your home, you are potentially putting your home at risk if you cannot make the required repayments. Although the total monthly cost of servicing your debt may have reduced, the total cost of repayment may still have risen as the term of your mortgage is longer than it may have taken to repay the debts originally.
When you reach the end of your introductory period, you can take out a new mortgage with the same lender you previously were with. Instead of being a remortgage, this is called a product transfer, due to the fact you are only moving onto a new deal and not a new lender. We find that this is just as popular of a choice for homeowners as a remortgage is, and is something we encounter frequently.
Yes, it is possible to take out a remortgage on your home if you have bad credit. This doesn't mean you personally will be able to, as this depends on your own circumstances, but there are mortgage lenders who are willing to lend to customers with bad credit. Speaking to a trusted mortgage broker is the best way to tackle the remortgage process if you are in a situation like this and are looking at your options going forward.
If you have finished paying off a mortgage on your home, you are living in an unencumbered property. This means you have no mortgage attached to the property in question. Not only is it possible to remortgage on an unencumbered property, but it is likely a lot easier of a process, due to their being very minimal risk to the mortgage lender.
Most homeowners will look to remortgage at the end of their fixed period, but that doesn't always mean it's the right option for that particular homeowner. Product transfers, equity release (if you're over the age of 55 and have a property worth at least £70,000) and in some rare cases, lapsing onto your mortgage lenders standard variable rate, are just some of the options outside of a remortgage, that may be more appropriate for you. A qualified mortgage advisor will be able to review your case and best recommend the most appropriate path for you to take.
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. We have been providing mortgage advice for over 20 years and during that time, we have helped 1000s of customers to remortgage their homes, more often than not with great success.
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