What Is Remortgaging?

Remortgaging is when you look to move from one mortgage deal to another, either with the same lender or a new lender. It is also known as financing and essentially involves paying off your current mortgage by obtaining a new loan.

As experienced mortgage advisers, we are well-versed in the industry and strive to provide our clients with the best advice when comparing mortgage rates.

Why Should I Remortgage?

The most common reason for looking to remortgage your home is your existing mortgage product ending. Usually, this means rolling onto the lenders’ standard variable rate, which is often a much higher rate and, therefore, an increase in your monthly mortgage payment.

As a mortgage company, we have access to hundreds of products, which

means that we can search the entire mortgage market to find you the most suitable mortgage deals available and make sure you do not get caught paying too much, especially with interest rates rising, when your current deal ends.

Raise Additional Funds

A remortgage can also be used to raise additional funds and is often a very cost-effective form of borrowing.

There are many reasons why you may want to raise additional funds, including:

• Home Improvements: Improving or repairing your home can be very costly, and finding the appropriate funds can sometimes be challenging. Negotiating new mortgages can help to increase your budget dramatically.

• Raising A Deposit For Another Property: If you are interested in another property but do not have the budget readily available, remortgaging your existing property can help. Our team can offer advice on the best way to do this.

• Consolidating Unsecured Debts: Remortgages can also act as a loan. Depending on interest rates, it could be much more worthwhile to remortgage your home rather than take out a bank loan. We can help our clients decide whether or not this is the right option for their situation.

There are several things to consider when looking to remortgage, and circumstances will differ from person to person. Our team of experts will ensure that we fully understand your circumstances and goals before recommending a remortgage.

We will also keep you updated with the mortgage process, ensuring you understand everything involved in remortgaging an existing mortgage or a new one.

Call Us For Expert Mortgage Advice

Your mortgage is one of your most significant commitments, so why not let us see if we can find you a better mortgage and potentially save you thousands? Call us to speak to a mortgage adviser today.

How Can We Help With Remortgaging Your Home?

Our team of mortgage advisers make sure that they fully understand your goals and what you want to achieve, whether that is lowering your monthly payments or raising additional funds.

Working with you to understand your current circumstances will allow us to find the right solution to suit you and provide you with the best mortgage advice.

We do not just look at your current plans. We also help you plan for the future to ensure that the recommended mortgage suits your current needs and is suitable for your future plans.

Remortgaging FAQs

How can I benefit from remortgaging?

There are several ways that you could benefit from remortgaging. The most obvious is that you could save a lot of money over the mortgage term by securing the best possible mortgage deal. Our  mortgage brokers will be able to talk you through all of your options to help find you the most suitable remortgage for your circumstances.

Can I remortgage my existing mortgage if I have bad credit or a low credit score?

Whilst your credit history plays a big part in applying for a remortgage, you may still have options. This will all depend on your circumstances; once we have established your credit history, we can help guide you to the most suitable mortgage products.

Are there any fees or costs associated with remortgaging?

It is common for there to be fees involved when looking to remortgage your property, but this will vary from lender to lender. When we are looking to find you the most suitable mortgage deal, we will also consider any fees that may be payable to ensure it is the most cost-effective deal overall.

The types of fees that may be payable are solicitor, lender, valuation, and mortgage broker fees.

Remortgage deals will not charge some of the above fees, so it is essential to ensure you account for this when assessing how cost-effective new mortgage deals are. As remortgage experts we can help ensure it is the best option once all fees have been considered.

How do I start the remortgaging process?

To start the remortgage process, we suggest first checking when your current mortgage deal ends; ideally, you want to start the process around 3-6 months from the end of your existing contract. Then, we suggest contacting a mortgage broker. As whole-of-market mortgage brokers, we will not only be able to search the market for deals, but we will also be able to establish which ones you are eligible for based on your circumstances.