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What is a remortgage in a nutshell?

Remortgage means you are changing your existing mortgages at your current property, either with new mortgage lender or changing the terms with your current mortgage lender. This also means you are not moviung to a new property and the mortgage is still scured againts your current property.

Reasons why you may want to remortgage

your current mortgage deal ending soon

If your current mortgage agreement ends, you’ll be automatically transferd on lenders standard variable rates, which are typically expensive. Remortgaging can help you find better mortgage interest rates.

You are paying high interest rates

If you are currently on a standard variable rate mortgage and affected by a raise in the Bank of England’s base rate, you can find better fixed rate mortgage by remortgaging and also have peace of mind that your rates are locked in for a fixed period of time

Equity release

You can take equity from your existing property if you looking to raise lump sum for paying other debts or home improvements. This will increase your mortgage loan, but if you have lived in your property a long time the value could have increased so the LTV may not have changed so you can still get great rates

Making over payments on mortgage

You might be able to find another mortgage lender who allowes you to make over payaments at a greater rate than yout current lender, this can help you save thousands on your mortgage because the interest that you pay on the overall mortgage will be cut because you will borrowing over a shorter period of time. Typically overpayments of 10% of your remaining balance per year is standard.

Property value

By remortgaging you can benefit if your property value has increased as the LTV (loan-to-value) would go down and can get better intrestet rates. Equally this is the same if you have been making repayment on the property for a number of years, the LTV will be reduced as you wouldn’t need the original amount you borrowed

Remortgaging Frequently asked questions

Switching to new mortgage deal when yuoe current one comes to an end know as remortgaging. You can switch to new lender or stay with same lender on a new mortgage deal with the same property.

It will depend on your own finalcial situation and lender criteria. Mortgage lenders usually look at your expenditure, income and credit history to decide howmuch they can lend you.

  • 1. Mortgage booking fees – Mortgage booking fees can range depending on the amount you are borrowing.
  • 2. Remortgage legal fees - It will depend on solicitor you work with. It is important to get a prices agreed before getting them to do any legal work required.
  • 3. Remortgage Valuation fees - A new lander will appoint a property valuer or surveyor to carry out property valuation in order to find out how much it’s the property worth. Lender might expect you to pay a fee for the valuation unless stated free valuation part of agreeing mortgage deal. Valuation fee can range from £250 to £1500.
  • 4. Mortgage exit fee – Widely known as mortgage completion fee. Frees applied to cover admin related charges when remortgaging with another lender. This is typically £300 - £1000

  • Mortgage interest rates are lower compared to your existing rate
  • Fixed term mortgage deal ends
  • When you have built up good equity to benefit from LTV and the interest rates.

  • 1. Repayment remortgage - Repayment remortgage means you pay off some of the initial loan and the interest every month. At the end of agreed terms (Typically 25 years), you would have paid of the whole mortgage and the interest. And you’ll own your property outright.
  • 2. Interest only remortgage – Interest only remortgage means you are only paying off interest on the borrowed amount. At the end of the mortgage terms, you’ll still have whole mortgage outstanding and will need to show provisions of how you will repay this money.
  • 3. Variable remortgages – Variable Remortgage means your mortgage interest rates will vary depending on the Bank of England base rate. Your lender can also decide when to change the rates. Variable rate mortgages can also sometimes known as tracker mortgages.
  • 4. Fixed rate remortgages – fixed rate mortgage means, your mortgage interest rates and monthly payment are fixed for an agreed period. Fixed rate mortgages can range from 1 to 10 years, typically 2 year being most popular.

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