How do I remortgage my home?

You may want to remortgage for a variety of reasons including securing a lower interest rate, consolidating debt or raising capital for home improvements.

There are several stages in getting a new mortgage however we are here to help every step of the way.  Below are briefly the main points of how to go about remortgaging your property.

Firstly, a discussion around how much you can afford to pay each month should take place – including considering how much you could potentially afford if the repayments were to increase.  You may not necessarily be looking to reduce your payments but instead find a mortgage more suitable to your individual needs. During this time, you should also start to gather all of the documents needed to remortgage.

Associated Fees

You will also need to consider the associated costs involve with remortgaging such as arrangement, valuation and legal fees which may be payable. Some can be added to the loan but you will then have to pay interest on them too.

There are deals available that have no or few costs associated with them.

You may also have to pay an early repayment charge to leave your existing deal.

Looking for a new mortgage

We can search the market for you to find the best deal that suits your needs as we appreciate that doing this yourself can be quite difficult.  It may be worth speaking to your current lender first to see what products they have on offer to existing clients. This way you are able to make a comparison.

Mortgage Application

Once we have found the best deal for you and you are happy we will submit the full application with the lender on your behalf, providing we have all the required documents. We will then liaise directly with the lender, providing them with the evidence and answers they need to underwrite and assess the application as smoothly as possible.

Mortgage Offer

Once your application has been fully assessed and a valuation has been carried out on the property, the lender will issue you with an offer. We are able to run through this with you if you are unsure of anything.

After this, it is up to your conveyancer to do all of the necessary legal work.

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