Contacted a broker online when a local broker said she couldn’t help. Made sure I did my research first. I shouldn’t have worried, Sean and Team got me just what I needed and more. Very pleased with the service I received so thank you all so much.
Rebecca Leadley
TrustPilot Review
First time buyer process
Start the Process
Speak to our team to get
your mortgage decision in
principle
Offer is Accepted
Have your offer accepted
with your Estate Agent
Apply & Instruct
Complete your mortgage
application and start your
solicitors
Checks & Offer
Your mortgage will be
offered, and your solicitors
will complete their checks
Move-In Day
Move in
Remortgaging involves switching your existing mortgage to a new lender or deal without moving home. It typically aims to get a better interest rate, reduce monthly payments, or release equity. The process involves applying for a new mortgage and using it to pay off your existing one.
The best time to remortgage is usually when your current mortgage deal is about to end, typically before the end of a fixed or discounted rate period to avoid reverting to the lender's higher standard variable rate (SVR). It’s also beneficial to remortgage if interest rates have dropped, your property value has significantly increased, or you need to borrow additional funds.
Remortgaging can involve various fees, such as early repayment charges (ERC) on your existing mortgage, valuation fees, legal fees, arrangement fees for the new mortgage, and any broker fees if you use a mortgage broker. It’s important to consider these costs when calculating the overall benefit of remortgaging.
The amount you can borrow depends on factors like your property's value, your income, existing debts, and the lender's criteria. Generally, lenders will offer up to a certain percentage of your property’s value, known as the loan-to-value ratio (LTV), and will assess your ability to repay based on affordability checks.
Benefits of remortgaging include lower interest rates, reduced monthly payments, releasing equity for other financial needs, and switching to a more suitable mortgage product. However, risks include incurring fees that outweigh the savings, extending the mortgage term which could increase the total amount paid, and the potential for higher interest rates if you don’t lock in a good deal.
