Remortgages
The process remortgage involves switching your mortgage to another deal to another lender without moving home. Some people remortgage their property because it works out cheaper for them. For example, your current discounted product may have ended and you may want to get a cheaper deal from another lender.
Others remortgage to consolidate their personal debt to their mortgage (It is important to note that a re-mortgage isn’t always the most suitable option as securing short term debts against your home could increase the term over which they are paid and therefore increase the overall amount payable)
It is also important to note that you may have to pay early repayment charge to your current lender if you re-mortgage your home or other property to another lender.
It is important to homeowners to review their mortgage before the end of their fixed term because going to variable rate which may increase their monthly repayment, which is avoidable in many cases.
Our team of experienced mortgage advisors can advice whether remortgage is the right option for you after carefully understanding your circumstances. Please book an appointment or just give us a call to review your mortgage.
Think carefully before securing debt against your home, your home may be repossessed if you do not keep up repayments on your mortgage.
Remortgage's FAQs
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.