Remortgaging
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Remortgaging
A remortgage is when you switch from existing lender to another lender. Your new mortgage lender would essentially satisfy the loan from the previous lender. There are many reasons why you would want to remortgage. You could be coming to an end of your existing mortgage product. You may want to raise additional money. Your circumstances may of changed and need a product that best suits your needs.
It’s beneficial to speak to a mortgage broker who is able to make a recommendation based upon your needs.
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Pros and cons of remortgaging
Remortgaging is an opportunity for you and your advisor to evaluate your circumstances and find a product that best suits your needs. Most people re mortgage as their current mortgage product is approaching expiration date. The benefits of remortgaging is finding a product that maybe cheaper than if you let the current mortgage product fall onto the standard variable rate. Generally standard variable rates are more expensive than mortgage products which offer cheaper rates through out the incentive period.
It’s difficult to list the cons of remortgaging as this is dependent on what mortgage product you remortgage too. You may want to consolidate debt, extend the mortgage term, raise additional finance for home improvements. Each situation is different and that why it’s important to speak with a mortgage broker who is able to make a recommendation that suits your financial circumstances and needs.
Best time to remortgage
The best time to look at your mortgage options is around 6 months before your current mortgage product comes to an end. During a consultation we will go through your circumstances and advise on suitable products for your needs. Life is always changing so its best to look at options that suit your needs and your goals.
Speak To Hemal
I have successfully assisted hundreds of people get their dream mortgage. With many years of experience as a Mortgage Broker. I have come across all types of clients who have trusted me to guide them through what can feel like a daunting process. I provide and lead my clients through this entire process with a precise, attention to every detail, in an effort to make sure their mortgage plans are being met with clarity and proficiency.
How much does it cost to remortgage?
We do not charge any broker fees for remortgages. The lender however may have fees that you must pay and if you use your own solicitor then you will most certainly have to pay their fees. We will go through the suitable options for your circumstance’s.
Do I need a solicitor to remortgage?
Most lenders when remortgaging offer products with free legals.You can always opt for your own solicitors. We do advise that if you need the mortgage to complete quickly then seek to use your own solicitor as from our experience the lenders designated free solicitor can take much longer as they are receiving a high volume of applications to work on.
Solicitor cost for a remortgage
When remortgaging, some lenders offer a solicitor free of charge. You can also use your own solicitor if you wish. They will charge however and how much depends on how much work they will do. for a straight forward like for like remortgage we have seen solicitor fees range between £700 -£2400.
Can I remortgage with bad credit?
It’s true there are fewer lenders available who will lend to individuals with adverse credit. It’s best to check with a mortgage broker about options available to you. We have many lenders we work with that can lend to individual’s with adverse credit.
Can I remortgage with credit card debt?
It depends on if you meet the lenders affordability criteria. Every lender assesses affordability in a different way. You should speak with a mortgage broker who is able to recommend a mortgage product that is suited to your needs.
Cant remortgage due to affordability
A mortgage broker will be able to assess your affordability and advise on best options. If you are unable to remortgage with another lender then its advisable to call your existing lender and see what they can do for you.
Can I remortgage my house to buy another?
These types of mortgage products are called let to buy mortgages. This allows you to remortgage your existing property and raise additional money beyond the current mortgage. the surplus of funds are then used to help you purchase your new property to live in and the previous property will become a rental property. You must move out of your existing home on completion of the new property you are moving into. For more information on mortgages for rental properties please click here.
How long does a remortgage take?
This can depend on a number of factors.
- Lenders service levels
- Legal enquiries being answered in a timely manor
- Surveyors schedule and availability to book in a valuation for the property
We always advice you to speak to a mortgage broker 6 months before your current mortgage product comes to an end.
Can I remortgage early with the same lender?
Absolutely! you much however check if your current mortgage product has any penalties if you were to exit from that product early.
We advise you to speak to a mortgage broker who has access to the entire market and can advise and make recommendation of mortgage products based on your needs and circumstances.
How to remortgage for an extension?
Remortgaging to raise additional money over and beyond your current mortgage for home improvements is common. There are many ways to raise finance and below is a few examples,
- Remortgage with another lender and raise additional money for home improvement’s
- Ask you current lender for an additional loan for home improvements
- do a second charge mortgage to raise finance for home-improvements
We always advice to speak to a mortgage broker who has access to the whole of market and can make advice and recommendation on products based upon your needs and circumstances.
Unencumbered remortgage
A unencumbered property means that the property has no mortgage. You can get a mortgage on these properties and the assessment will be treated in the same way as a normal remortgage. Lenders however may want to see proof of deposit at the time of property purchase if the purchase has been recent.
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