Remortgaging Your Property
Are you looking to remortgage your property?
Our remortgage advisors are here to help.
Can I Remortgage?
There are many reasons to remortgage, you may be at the end of a fixed term deal, looking to consolidate your debt or you may be looking to do some home improvements. Whatever the reason it can be a quick process to remortgage.
Remortgaging can also save you money by securing a fixed rate.
There are many remortgage options available, even those with bad or adverse credit. We can assess your circumstances and advise on the best mortgage product to proceed with.
How We Can Help
Depending on your circumstances including your current fixed term, LTV (Loan to value) and credit profile the lender you go to can vary. With access to the whole market of lenders we can search to find you the remortgage option which suits your current circumstances.
We will be with you throughout the whole process so that you can relax and plan your steps after remortgaging.
Speak to our mortgage brokers by completing the form below.
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Why Choose A Little Mortgage Advice?
We are specialist independent advisors. This means that we work with all lenders and search the whole market to find you the correct mortgage product.
As a small independent company you will be speaking directly to a mortgage advisor. We dedicate the same time to every client.
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What is a remortgage?
Replacing your current mortgage with a new one on any of your owned properties is called a remortgage. If you stay with the same lender but change to a different product, like a lower interest rate, it is known as a product transfer.
REMORTGAGE, SECURED LOAN, 2ND CHARGE MORTGAGE
A remortgage is also a way of raising additional funds, it is secured by your property, but it is different from a secured loan or second charge mortgage, which are other ways of borrowing against your property.
In certain scenarios, a secured loan may be a beneficial choice to raise additional money. For instance, if you are locked into an existing mortgage lender, or if you have a highstreet lender who could give you a product transfer with a better rate even though there is negative credit on your credit report. A secured loan or 2nd charge mortgage could be a better choice than refinancing the entire balance with a bad credit remortgage with a specialty lender. These loans are commonly used to finance home improvements and consolidate debt.
SHOULD I SHOP AROUND FOR THE BEST MORTGAGE DEAL?
It’s similar to shopping for car insurance or an electricity provider; you want to get the best deal right?
You see a lot of advertisements on television and radio for energy and mobile phone companies, and insurance providers with great offers that entice people to compare prices.
Mortgage providers don’t usually advertise for people to look for better rates on prime time television, but that doesn’t mean that there aren’t good deals out there.
We can help you look through the offers available until we find the one that works the best for your circumstances .
Reasons to remortgage your home
- Your current mortgage is coming to the end of its fixed term and you want to shop around for a better rate, this is always a good idea and we would always do a free remortgage check-up for you six months before your rate is due to expire.
- Remortgage for home improvement via a home improvement remortgage is often cheaper than a home improvement loan. Additional borrowing for home improvements such as getting a new bathroom or kitchen, a loft conversion, building an extension, or whatever you would like to do to improve your home. Lenders are usually happy to agree a home improvement mortgage allowing you to raise capital from the equity in your home as long as the new monthly repayments fit within your budget, we always run affordability calculators for every remortgage.
- Debt consolidation remortgage/remortgage to consolidate debt this is when you raise additional money on your existing property to pay off your secured or unsecured debt. A lot of debt is often viewed by mortgage lenders as poor credit and can make it harder to remortgage, especially if you have missed payment on your credit card debt, loans etc and now have adverse credit or a bad credit score. You may even have mortgage arrears because you didnt make the monthly payment on time. Remortgage for debt consolidation is proving very helpful to people that are struggling with the cost of living and need to keep their monthly outgoings as low as possible.
- Remortgage to raise money for a special event, i.e. a wedding, extravagant holiday, deposit for your childs 1st home.
- To switch the type of product you are on. You may be on a variable rate and worry that if the interest rate increases, your monthly mortgage payments would increase too much. To give you piece of mind, you could remortgage from this uncertain variable rate to a fixed rate for a fixed term, i.e. 2 years or 5 years, giving you security that you can afford your monthly mortgage payments for that fixed period of time.
- Remortgaging to buy another property. Depending on how much your current property is worth, you could potentially remortgage to raise the money to buy a second property outright, or, if there isn’t enough equity in your property, you could remortgage to raise money for a deposit on your new property.
- Let to buy remortgage, this is where you raise money to purchase a new residential property with the view of renting out your original property.
What to consider when remortgaging
When considering remortgaging your property, it is vital to take into account many factors. It is important to know your credit report, if your credit is good or bad, if you need to improve your credit score, if there is an early repayment charge, if there is an arrangement fee, and if you can afford to make payments on time. A Little Mortgage Advice will support you with sound remortgage advice, look into your credit file, use mortgage calculators, eligibility checker, and help you to get the best mortgage deal possible.
Things to look out for when remortgaging
- Products that have a completion fee added to the remortgage. In some instances, is it financially beneficial to take a slightly higher interest rate with a minimal increase in monthly mortgage payments, it might work out cheaper over the term of your mortgage rather than paying or adding a completion fee to your remortgage incurring interest for the whole term of your mortgage.
- Valuation fees, there are usually options to get free lender valuations, sometimes this reflects in a slightly higher interest rate, but, not always.
- Solicitors (conveyancing) costs. Lenders will often offer free solicitors for remortgages, however, there are often cash back options that work out financially better for you. When you get a cash back remortgage the benefit is that this usually covers or pays towards using your own Solicitor, or recommended Solicitor.
- Early Repayment Charges (ERC’s) or exit fees. Our mortgage brokers will run through a fact find, and have in depth conversations with you during your mortgage process, they will be able to advise you what your best option is. There are products available with no ERC’s but choosing one of these could work out more expensive, its worth chatting with us to work out what will be best for you.
Here at A Little Mortgage Advice we are listening to everything you say, forming a close rapport with you from your first call. We pride ourselves on knowing exactly what you want from your remortgage and encourage you to ask as many questions as you want and wont fob you off.
How much can you borrow
Every lender takes income and expenditure into consideration when deciding how much they will allow you to borrow.
All lenders have variations of criteria. Some will offer more that 4.5 x your income for affordability, some will accept you agreeing to pay off your credit cards prior to your remortgage completing, certain lenders will accept bad credit, whilst others won’t allow you to remortgage with bad credit.
This is why you need to speak with one of our specialist mortgage brokers. We understand what lenders look for, which lenders will allow you to remortgage with a bad credit history and who will offer maximum income multiples. We know what lenders do or don’t like debt in the background, we also know who the best lenders for someone with excellent credit will be and a well paid job.
You are in safe hands with A Little Mortgage Advice, we are respected within the mortgage industry for going that extra mile to get you exactly what you want and at the best interest rate available for your circumstances. We are not easily put off and will exhaust every option for you.