REMORTGAGES

Remortgaging is when you continue to live in your present property while applying for a new mortgage with a different lender. It depends on how some people define a remortgage, which is when they borrow more money from their present lender.

Remortgaging usually takes four to eight weeks. This is the average time limit following the application date. However, it is not always guaranteed.

Remortgaging can be an affordable option to borrow money for expensive home modifications like loft conversions or conservatory purchases.

Yes. Offset mortgages are a different option that some banks and building societies provide.

To avoid delays that cause you to remain on your lender’s SVR, start looking three to six months before your rate expires.

If you have enough equity, you can remortgage to pay off debts.

Remortgaging may not be that difficult. It usually takes much less time and work than arranging your first mortgage because you already know the process but the application process takes the same amount of time as the purchase application.

Usually secured loans are quicker to arrange than a remortgage. Due to your independence from the first mortgage provider, you could find lower rates. Criteria for affordability and credit score are frequently more flexible. It may be less expensive to take out smaller secured loans over a shorter length of time.

You will require a solicitor to handle the transfer if you are remortgaged. This is due to the need to transfer title deeds from one lender to another. Most of the lenders offer free legal included in their products.