Can I remortgage my home if I own it outright?

Yes – however the mortgage rates available to you will depend on the loan to value ratio (the percentage of how much you want to borrow against the current property value of your home).  Some lenders may not offer you deals from their remortgage range but instead from their purchase range which could workout being a better rate for you. You will need to meet the lender’s criteria and prove that you can afford the monthly repayments of the new mortgage.

Can I remortgage my home when I’m over 60 or retired?

It may prove more difficult to get a mortgage at age 60+ however it is possible.  The majority of lenders have age restrictions of which you cannot be older than during the mortgage term. You may still be able to get a mortgage providing you go for a shorter term in which you stay below these restriction ages.  If retired, you will need to provide proof of retirement income such as a pension. It is worth noting that some lenders will not being will to offer a mortgage under these circumstances.

Can I remortgage my home when I’m self-employed or freelance?

Yes however it may not be as straight forward as being employed as you will need to prove that you can afford the monthly repayments.  This can be done with audited accounts and tax overviews if you are newly self-employed.

Can I remortgage my shared ownership house?

Yes but as this is a specialist type of lending you will need a lender who offers shared ownership mortgages. We are able to help you find a lender who is happy to do so whether it be to purchase an additional share or raise capital on your existing share.

Can I remortgage my home if I have negative equity?

Having a mortgage size which is larger than the value of your property is known as negative equity. It may be that your current lender can offer you a retention product or the ability to make overpayments to reduce the negative equity – we can help you find out whether this is possible.

Can I remortgage my home with the same lender?

Yes – they will most likely offer you a variety of retention schemes. We are able to compare these with the rest of the market to get you the best deal available.

Can I remortgage my home during a fixed term?

You can remortgage during a fixed term however this may not be the best solution.  You may incur an early repayment charge by doing so and therefore options such as further advances may be the best fit instead – we are here to establish the best option to fit your circumstances.

Can I remortgage my home before my deal ends?

As above, you can but may have to pay an early repayment charge. The majority of mortgage offers last between 3-6 months and therefore it may be worth reviewing your mortgage before your existing product expires. Instead of a product with a fixed end date, you may be better off with a product which runs for a certain amount of time e.g. 2 years – therefore you will still benefit from the product for the full amount of time.

Can I remortgage my home if I am on maternity leave?

Lenders’ policies vary when it comes to being on maternity leave but it is possible to remortgage during this period. You may be asked for an employer’s reference detailing your return to work date and salary. Other things you could be asked for include proof of savings during the maternity period, details of future childcare costs or for you to return to work within 2/3 months of the new mortgage start date.

Can I remortgage my home if I am about to change job?

Certain lenders will allow you to remortgage if you are about to change jobs providing you meet all of their other lending criteria. They could have specific criteria such as having to start your new job within 2/3 months of starting your new mortgage. We are able to advise whether it would be better to wait until you have changed jobs to remortgage or not.

Can I remortgage my home if I am on probation period?

Some lenders would be happy to consider this on an individual case basis with criteria including continuous employment history and time served during the probation period however others will not consider this at all.

Can I remortgage my home using my child tax credit & working families tax credit?

The majority of lenders will be accepting of this income whether it be 50% or 100% of the total yearly amount, providing your children are under 14. Some lenders will not accept credits at all.

Can I remortgage using my maintenance payments?

If you can evidence your maintenance payments via a court order or bank statements, most lenders will take a percentage of them into consideration ranging from 50 – 100% of the yearly amount.

Can I remortgage using mine or my dependents disability allowance?

This will depend on the lender – some will not take this income into consideration whereas some will subject to their own criteria including only using a certain percentage of it, it being guaranteed income for the term of the mortgage or as long as you have other income along side this.

Can I remortgage if I have a buy to let mortgage in the background that is not self-financing?

Lender policies will vary regarding this but it is possible. Some will regard it as a financial commitment, others will look for your income to cover both mortgages’ monthly repayments and some may need you to only cover the shortfall using your income.

Can I remortgage to consolidate or pay off debt?

Yes however the possible borrowing amount may be restricted. You must remember that consolidating unsecured debt would make it secure and if you fall behind on your repayments, the lender has the right to repossess your house.  We are here to advise whether this is financially the best option for you.

Can I remortgage to capital raise for home improvements or personal use, i.e. to buy another property?

Most lenders will consider lending for purposes such as home improvements or personal use anywhere up to 90% loan to value. We can help you search the market for the best mortgage to fit you in these circumstances.

Can I remortgage to raise capital to buy someone else out of the property?

You can raise capital to buy someone else out of the property providing your income is adequate to cover the full mortgage repayments alone. Most lenders will lend up to between 80-90% loan to value for this purpose. Note that you will have to pay costs for the additional legal work required in this circumstance otherwise known as a “Transfer of Equity”.

Can I remortgage to capital raise for business use?

It is dependent on how well established the business is but some mortgage lenders will consider this whilst restricting the loan to value to around 70%.

Can I remortgage if I put solar panels on my house?

The majority of lenders will consider this given that it meets their specific criteria – some include confirmation from a solicitors that they meet CML/BSA guidelines or a termination clause within the lease. You may be charged additional fees for this.

Can I remortgage a property have recently purchased?

Yes, some lenders will allow you to remortgage from day one whereas others require you to own the property for at least 6 months first.

Can I remortgage my help to buy mortgage?

A select amount of lenders will remortgage a help to buy property however you may find that the loan to value restrictions are lower than usual.

Can I borrow 95% of the value of my new build house/flat?

The loan to value restrictions for new build properties tend to be 80% with the exception of a few lenders who will consider up to 95%.

How many years do I need on my lease to remortgage my leasehold flat?

A longer lease is a potential for a better interest rate however most lenders will require at least 70 years left on your lease with a few accepting less than that. Another option is to enquire about extending your lease and the related costs before you consider remortgaging.

Can I remortgage if I have a second charge on the property with another lender?

Some lenders will consider this given that they receive a deed of postponement and that you meet standard affordability.

Can I remortgage using my bonus payments?

The majority of lenders will consider bonus payments if they are guaranteed. If they are not but are regular, some will consider using around 50%.

Can I remortgage using my overtime or commission?

Some lenders will consider using 100% of this income however the majority will take 50% of an average of the latest 3 months pay into consideration.

Can I remortgage using my limited companies retained profit?

Few lenders will take into consideration retained profit if you are the 100% shareholder however a lot will not consider it at all.

Can I remortgage if I am an IT Contractor?

Subject to affordability criteria and underwriting, yes you can as you will be considered as self-employed.

Can I remortgage if I am on a fixed term contract?

This will be assessed on a case by case basis by most lenders. Some will require your contract to have been renewed at least once where as other will need a history of you working in the same line of work.

Can I remortgage if I am a day/weekly rate, or zero hours’ contractor?

This will depend on your own personal circumstances but many lenders will consider it if you have sufficient employment history with the same employer.

Can I remortgage if I work for an umbrella company?

Around half of the mortgage lenders on the market will consider this providing you meet all of their other criteria. Some may treat you as self-employed where as some will not.

Can I remortgage if I a temporary worker or agency worker?

You will have limited options but it is possible – most lenders require you to have at least a 12 months’ consecutive employment record with the same agency or in the same line of temporary work

Can I remortgage on interest only?

This will depend on a variety of factors including loan to value, amount of available equity and your repayment method.

When I remortgage will all lenders use my credit score?

Not all lenders will just use your credit score – some will do just a credit check whereas others could use both!

Can I remortgage if I missed payments?

This will depend highly on your individual circumstances such as the amount of missed payments and how historic they are. Contact us today to discuss your options.

Think carefully before securing other debts against your home.

Think carefully before securing debt against your home, your home may be repossessed if you do not keep up repayments on your mortgage.