Remortgages
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Remortgage FAQs
Can I remortgage to borrow more?
Yes. Broadly speaking, you can raise money on a remortgage for any lawful reason, whether that's buying a new car, paying off debt, going on holiday or making some home improvements.
There are a few things you aren't allowed to raise money for though, including anything relating to gambling, investing in businesses or paying off tax bills.
How long does a remortgage take?
Honestly, it varies quite a bit.
Generally, it should take 4-8 weeks but if there are any complications with the case, it can take longer. It really depends on the complexity of what you're trying to do and your circumstances.
There's a type of remortgage called a product transfer which involves staying with your current lender and moving to a lower rate, the process involved in doing this is much more straightforward and we've been able to complete the entire thing inside a working day.
Can I remortgage with the same lender?
Lots of lenders now are offering something called a product transfer, which means at the end of your deal you can switch to a new rate to avoid going on to Standard Variable Rate.
Product transfers can be quicker and easier than a full remortgage to a new lender because you're already an existing mortgage customer of that particular bank.
Remember though, while you can remortgage with the same lender, it's important that you understand all of your options before doing so, it might be that there is a better deal for you with another lender on the market, so a whole of market comparison is crucial before you commit to anything.
Can I remortgage before my deal ends?
If you are currently tied into your mortgage deal for a set amount of time, commonly 2, 3 or 5 years, then remortgaging before that end date may lead to a penalty called an ERC or early repayment charge.
This can be either a percentage of the outstanding loan or a fixed fee, payable when you remortgage out of your current deal, it should be outlined in your mortgage offer for your current mortgage whether or not there is an early repayment charge associated with your loan, or you can you just contact your lender to find out.
It's important to consider that even though you may be faced with an early repayment charge, it might still work out cheaper for you to remortgage to a lower rate, providing the saving on your new deal can offset the penalty you had to pay to redeem your previous mortgage.
Useful information on remortgages
The remortgage process
Remortgaging is the act of replacing your current mortgage loan with a new deal, remortgaging allows you to make sure you've got the very best deal on the market that is available to you, reducing your interest rate even a small amount can result in some significant savings over the course of your loan and with interest rates at their lowest ever point, it's a great opportunity to start looking around.
There are a few things to think about when you're considering a remortgage, it's important to look beyond just the interest rate and also consider whether the term of loan and the amount of borrowing are right for your current circumstances, these are both things that can be adjusted in the remortgage process, so a conversation with your adviser about what's best for you in those aspects is both timely and necessary.
Am I eligible for a remortgage?
One of the single biggest roadblocks stopping people from looking into remortgaging is the fear that they will be rejected and the consequences of that. There is, of course, no simple answer to the question 'can I remortgage?' because it is entirely dependent on the individual's circumstances, however, there tends to be far more option and availability in the market than some consumers think. There are over 100 lenders to look at in the UK right now with each taking unique stances on criteria, affordability and evidence requirements, among these lenders are a number of specialists designed specifically to help those with issues like complex employment structures, past credit issues and income structure. The initial consultation you have with one of our advisers is completely free and there is no obligation on you to proceed, but we will be able to give you an answer as to whether or not a deal can be done for you.
Raising additional borrowing on your mortgage
During the time you have had your current mortgage, you will have been decreasing the loan amount and in some cases your property will also have been increasing in value at the same time, this results in the loan to value of your current deal decreasing, meaning there will be room to raise additional money when it comes to remortgaging, there are number of things you can do with the additional money should you choose to raise it, things like investing in property on a buy to let basis, raising money to put towards a property for your children or loved ones, consolidating more expensive debt, spending money on home improvements, contributing towards a business venture and a range of other possible scenarios. This particular feature of a remortgage can be very useful for those looking to add value to their property or for expanding their property portfolio.
Mortgage product transfer
A product transfer is also something that we will consider when evaluating your circumstances and deciding on the best route forward for you, this is when your current mortgage lender offers you a new rate that you can switch on to without the need for a full consolidation of your loan. Product transfers can be advantageous for some clients for a couple of reasons, they usually involve less evaluation from the lender because you are already a client of theirs, this means that even if your income or other factors have changed, you won't need to provide evidence or be extensively assessed before you can have your new deal. A product transfer is also usually a lot less time consuming than a full remortgage, in some scenarios we are even able to complete your switch with a phone call to your lender after our research work is prepared.
The benefit of a product transfer can be most evident in cases where the client is paying the lender's standard variable rate, this rate is usually a lot higher than the rates available on the market at this time and so we're able to save people a lot of money in a simple process, this is an example we showcased in our Case Study, where we saved our client around £1500 a year in just a few days work.
Our service to you
Using a Mortgage Advisor to guide you through and execute the remortgage process on your behalf can and should be an invaluable tool, our service is to gather information about what you're looking for in your deal and then research the entire market to find one that both suits you best and saves you the most money overall. If you remortgage with us you can rest assured that you have the very best deal possible on your mortgage at the time of application.
We aim to take the work and stress completely out of the process for you, so we gather the evidence we think the chosen lender will ask for before approving your loan, package it in a way that our experience tells us will result in a timely decision from the lender, and liaise with all appropriate parties through to the day of completion; we cover all of the work involved so you don't have to worry.
