Remortgage

A remortgage could be the right move for you if you currently have a mortgage where the rate term is coming to an end, or if you want to access the money stored in your property’s equity.

What is a remortgage?

Remortgaging means switching your mortgage deal while you retain ownership of the same property. Whether you want to remortgage your residence or a Buy To Let property, it can be a great choice when you’re looking to raise money from your existing property. You can either seek a new mortgage deal with your lender or move to a new one where you’ll pay off your existing mortgage.

We offer a free initial consultation to help us understand your situation, then research the market to help you get the best deal. We go the extra mile, ensuring you understand the process from start to finish with individualised advice, no upfront fees, and lifetime support for your mortgage.

How to qualify for a remortgage

Before you can initiate the remortgaging process, you first need to meet some basic criteria:

Current deal within 6 months of ending

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This allows for sufficient time to remortgage your home.

5% equity minimum

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You must own at least 5% of your home before you can remortgage it.

3 months employment

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Most lenders require you to be in permanent employment; however, we might still find lenders for those with new and non-permanent roles.

1 year self-employment

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If you’re self-employed, you will need a minimum of 1 year of trading, although most lenders will want you to have a 2-year history.

2-year UK resident

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We can consider various visas and settlement schemes.

An easy process for your remortgage

Since you already own the property, there will be less steps to the remortgaging process than there are for our other mortgage offerings. You could also qualify for free legal work and fee valuation, and potentially have fewer costs with a shorter timeframe. Before you begin your remortgaging process, you should always check any early repayment charges that may apply to your existing mortgage deal to ensure you don’t pay any penalties.

1

Speak to a mortgage broker

Speak with us for free initial advice. This can help us understand your specific requirements and can enable us to give you the best mortgage options to suit your needs.

2

Receive your recommendation

We’ll provide you with a recommendation that’s tailored to your needs. Once you’ve approved it, we’ll submit your application and provide all the necessary documents to the lender. This is a great time to review your protection needs, ensuring you have the right cover to protect you and your family.

3

Get your property evaluated

Next, the lender will instruct a valuation of your property. Depending on your loan-to-value ratio, this could be done through a visit by the valuer or by a desktop valuation.

4

Mortgage Offer

If the lender is happy with the documentation and the valuation, they can proceed to the Mortgage Offer. When this occurs, you will be approved to borrow the required money from the lender and can proceed with the solicitor’s work. At this stage, there are a few things to consider:

  • Whether or not your deal has early repayment charges
  • If there are fees are attached to your mortgage deal
  • How much your monthly repayments will be
  • Interest rates
  • The length of your mortgage term
5

Conveyancing process

Sort out the legal ownership of your property. We will be there to support you through this, whether you use free solicitors or have your own, ensuring all paperwork is completed and enabling you to resolve everything by the required day.

6

Your new mortgage begins

It’s finally time. You will receive a completion letter through the post which confirms that your new mortgage has been finalised and gives you your first payment dates. If any funds are due to you, you will receive these at the same time from the solicitor.

7

Protect your home

The start of your new mortgage is a great time to review the existing protection for your home. If you don’t have any cover, now would be ideal to take a look at your needs and find protection that can keep you in your home should the unexpected occur.

8

Receive further support from us

We’re still here for you.

When the initial period on your mortgage ends, you’ll likely be moved onto your lender’s standard variable rate (SVR). The SVR is usually much higher than your previous rate, meaning your mortgage repayments can increase significantly.

We’ll get in touch when it’s time to start looking for a new mortgage deal. It’s usually a good idea to start looking for a new deal about 6 months before your mortgage’s initial period ends

If you are remortaging, did you know?

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Is your interest only mortgage ending or has already ended? If you still have an outstanding balance to pay, you can speak to us about your various mortgage options before you decide what to do.

You can still raise funds from your property while remortgaging it for other purposes.

You can change the ownership of your property at the same time as remortgaging it. You may add or remove people to the deed, or perform a transfer of equity.

You can stay with your existing lender and do a rate change only product transfer.

Are you looking for additional borrowing? You can borrow more money at the same time as remortgaging for various purposes like:

  • Debt consolidation
  • Home improvements
  • Helping a family member with a deposit
  • Buying another property

You can stay with your current lender and borrow money for other purposes, using a second charge.

You could change your existing residential mortgage to a Buy To Let mortgage if your circumstances have changed.

Increase your affordability or reduce your monthly payments by increasing your mortgage term.

You can decrease your term to pay your mortgage earlier, resulting in less total interest charged.

You can change your interest only mortgage to a repayment mortgage.

Frequently asked questions from our remortage customers

If you still have questions, check out our answers to common queries from our customers about remortgages.

When should I remortgage my property?

Most homeowners choose to remortgage when their fixed-rate mortgage deal runs out to avoid being moved onto their lender’s standard variable rate (SVR) which is typically more expensive. You may also want to remortgage when your lender offers a higher rate or becomes unable to offer you further lending for your specific needs.

Can I add someone to my mortgage to borrow more money?

Yes, you can add someone to your mortgage at the same time as remortgaging. If you need to add or remove someone from your mortgage deeds, we can do this as well. This can be for a variety of reasons, such as helping with affordability or responding to a general change of circumstances.

Can I transfer ownership of my existing property?

You can transfer the ownership of your property, whether it’s to your spouse, siblings, or children. We can support you through this and through using gifted equity deposits, helping you understand the process and requirements.

Can I change my existing residential home to a Buy To Let?

This is known as a “consumer Let to Buy” mortgage. With this mortgage, you are able to either remortgage your existing residential property to a Buy To Let mortgage, or ask your existing lender for permission to let the property out. Whatever your requirements and situation may be, speak to us to understand your options.

Can I raise money to buy another property?

If you are looking to raise money to buy another property, whether it be for investment purposes or to take the next step on the property ladder, we can help you understand your options and find the right solution.

What documents will I need to provide?

You will be required to initially supply the following documents, based on your situation and requirements:

  • ID documents for each applicant, such as a passport or driving licence.
  • Proof of address for each applicant, such as utility bills dated in the last 3 months, bank statements, or council tax statements.
  • Proof of income and expenditure, by way of personal bank statements from the last 3 months.
  • Proof of income for employed applicants, by way of P60 and payslips from the last 3 months.
  • Proof of income for self-employed applicants, by way of self-assessments from the last 2 years or the most recent set of accounts.
  • Proof of deposit from the last 6 months of bank statements, if the deposit comes from savings. Gifted deposits will require bank statements and ID for the person gifting.
  • Proof of UK residency, by way of residency card. You will need to share your code to prove your settlement status.

We have the right to request further information throughout the process, as and when it’s required.

If my existing lender can’t help, can I borrow money with another lender?

If your existing lender is unable to help, we have several options that may allow you to borrow the extra money you are looking for. If you’re unable to remortgage due to being on a rate with penalties, we can always look at a second charge option to allow you to borrow more money.

What will it cost me to remortgage?

Generally, the process of remortgaging will cost less than when you purchased your home. This is because there will be less legal work involved, and lenders can also offer incentives such as free valuations and free legal work carried out by their nominated solicitor. We will be there to discuss this with you to make sure you are getting the best deal.

Can I stay with my existing lender and get a better rate?

Yes! If you are not looking to borrow more money, or change anything on your existing mortgage, a product transfer with your existing lender could be a great option. This would involve minimal work and costs on your side, and you would still be able to save money.

If the value of my property has gone up, will it be revalued at the same time?

The good news is, when you remortgage, lenders will always look to do a new valuation on the property to confirm the value and any increase in value. This could mean you could get a much better rate than with your existing lender.

Can I increase my term to make my payments affordable?

Life changes, and during your mortgage term you may find that your payments are higher than you want them to be. When you come to us, we will look at your whole mortgage and your budget to ensure we offer a mortgage that works for you. This could result in increasing or decreasing your mortgage term.

Can I change from an interest only mortgage to a repayment and vice versa?

Yes, changing to a repayment mortgage is possible, allowing you certainty your mortgage will be paid off at the end of the term. If you are looking to change to interest only, this will require more information on your plans and how you would pay back the capital, but it’s still something we could help you with.

I think I am paying too much for my mortgage – can you help?

If you’re currently on a variable rate, you will be paying higher monthly payments then required. We will work with you to look at the best options to help you reduce your mortgage outgoings.

Fee information

Although our initial advice and consultation are free, we do charge a fee for our service. This is only payable at the Mortgage Offer stage, once you have received the mortgage offer from the lender. This is a lifetime fee to cover the advice and initial set-up, but also for our support through the mortgage term.

Our standard fee for a remortgage is £650, payable on the production of the Mortgage Offer. Should you have any specialist requirements, such as adverse credit or irregular income, we reserve the right to increase our fee accordingly to £1,200.

Specialist lending

Not everyone fits in the same box. If you’ve got special circumstances, you may need a more specialist approach for your lending requirements – we can help you find the right solution for your situation.

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Our insights

Whether you’re in need of guidance for a general concern about mortgages, or just want to keep up with our thoughts on interesting developments in the market, our blogs and news posts are here to lend a helping hand.

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