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Remortgages: What You Need to Know.

Are you considering remortgaging but feel unsure if it’s the right choice for you?

We understand that this decision can be overwhelming. To help you make an informed choice, we’ve created this handy guide packed with everything you need to know about remortgaging.

Who Can Remortgage and How Does It Work?
Just like shopping for car insurance or mobile phone deals, remortgaging offers the chance to find a better option suited to your needs. If you discover a deal that aligns with your financial goals, you can switch to a new one by remortgaging.

Unlike standard mortgages, remortgages can differ in terms of application processes and reasons for switching. Let’s explore these differences in detail below.

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We understand that this decision can be overwhelming. To help you make an informed choice, we’ve created this handy guide packed with everything you need to know about remortgaging.

Who Can Remortgage and How Does It Work?
Just like shopping for car insurance or mobile phone deals, remortgaging offers the chance to find a better option suited to your needs. If you discover a deal that aligns with your financial goals, you can switch to a new one by remortgaging.

Unlike standard mortgages, remortgages can differ in terms of application processes and reasons for switching. Let’s explore these differences in detail below.

When Should You Consider Remortgaging?

  • Ending Your Current Deal: Avoid being placed on your lender’s Standard Variable Rate (SVR).
  • Getting a Better Rate: Your financial situation may have improved, enabling you to secure a better deal.
  • Increased Property Value: Rising house prices might make you eligible for lower rates.
  • Protecting Against Rate Hikes: Lock in a fixed rate to prevent future interest increases.
  • Flexible Repayment Options: Switch lenders to find one that allows overpayments.
  • Funding Home Improvements: Release equity to finance renovations or upgrades.

How Do You Arrange a Remortgage?

Remortgaging typically involves these four simple steps:

  1. Determine Your Loan-to-Value: Add up how much you want to borrow, the equity in your property, and any extra borrowing needs to calculate your house’s worth.
  2. Check Affordability Criteria: Each lender has unique rules for determining eligibility. Estimate your potential borrowing limit by subtracting your outgoings from your total income and multiplying by 4.5. Although some lenders may use a higher income multiple up to 6 times.
  3. Choose Your Mortgage Type: Decide whether a fixed-rate mortgage or an interest-only option is best for your circumstances.
  4. Search for Eligible Products: Use your loan-to-value ratio to explore available deals or enlist a professional to handle the search for you.
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FAQs About Remortgaging

Can You Remortgage with Your Current Lender? Yes! Many people prefer to stay with their current lender and negotiate better terms through a product transfer.

Do You Need a Deposit? No deposit is required for remortgaging, as you already hold equity in your property.

Does Remortgaging Affect Your Credit Score? In many cases, remortgaging can positively impact your credit score. Consolidating debts into manageable repayments can improve your financial stability and credit profile.

For further assistance or advice about remortgaging, don’t hesitate to reach out to our team. Let us help you find the best deal and secure your financial future today!

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Risk Warning This quote is for illustration purposes only and does not constitute a formal mortgage offer. The figures provided are based on current interest rates and available products at the time of this illustration and may vary depending on lender criteria, your personal circumstances, and market conditions at the time of application. Please be aware that all mortgage offers are subject to affordability assessments, credit checks, and a formal valuation of the property. Fees, terms, and conditions may apply. For a detailed, personalised offer, further discussions and a full application will be required. Your home may be repossessed if you do not keep up repayments on your mortgage. You may have to pay an early repayment charge to your existing lender if you remortgage.

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Offering daytime, evening and weekend appointments at a time convenient for you. You can arrange your appointment with a qualified broker by using our online diary or calling us on 01772 846147.

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A MORTGAGE IS A LOAN SECURED AGAINST YOUR HOME OR PROPERTY. YOUR HOME OR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBT SECURED ON IT.

THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME.

You may have to pay an early repayment charge to your existing lender if you remortgage.

Get a Quote.

Risk Warning This quote is for illustration purposes only and does not constitute a formal mortgage offer. The figures provided are based on current interest rates and available products at the time of this illustration and may vary depending on lender criteria, your personal circumstances, and market conditions at the time of application. Please be aware that all mortgage offers are subject to affordability assessments, credit checks, and a formal valuation of the property. Fees, terms, and conditions may apply. For a detailed, personalised offer, further discussions and a full application will be required. Your home may be repossessed if you do not keep up repayments on your mortgage. You may have to pay an early repayment charge to your existing lender if you remortgage.