Remortgage

Expert Advice for Remortgage Seekers

If you are interested in finding the perfect deal for you, I imagine you are used to shopping around. Well, why not do that for your mortgage? Essentially, remortgaging is when an individual takes out a new mortgage on a property they already own. This can be done with their existing lender or a new one. Does remortgaging sound like something you’d be interested in? Well then, you’ve come to the right place.

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Why Choose to Remortgage?

There are many reasons as to why a homeowner would choose to remortgage such as:

– Reducing monthly payments by extending their mortgage term
– Finding a better deal
– Paying off their mortgage sooner
– Debt consolidation
– Home improvements

I am here to help you with remortgaging for a plethora of reasons. This includes if you are trying to raise a large sum of money, consolidate debts or to pay for an extension to your existing home rather than having to move.

You have us as a professional advisor to help you navigate a remortgage as there are a few things to think about first.

Our advisors are just a phone call
away for any queries or advice.

When Can You Remortgage?

Maybe you signed up for a pretty fantastic bargain when you initially got your mortgage. But as the mortgage industry evolves, new offers become available. This suggests that you could be able to find a better offer right now, saving you hundreds of pounds.

You can remortgage at any time. However, ideally, you should start looking at your options three to six months before your current deal ends. If you’re not at the end of your fixed rate term, you may have to pay an early repayment charge.

Is Remortgaging Possible for Everyone?

To find out your eligibility for remortgaging, the first thing that will be assessed is how much money you make in comparison to what you owe.

Lenders who offer to refinance will carefully examine your credit rating, to determine if you have a decent credit score. You will probably be given a lower interest rate and better terms if you have strong credit and a track record of making on-time payments. Also, The loan-to-value ratios are another aspect that affects remortgaging eligibility.

So, if the following applies to you then remortgaging may not be your perfect option:

– You’re tied into an existing deal

– Your financial status has worsened

– You do not have a decent credit score

– The value of your property has fallen

How Long Does Remortgaging Take?

There is no set time. However, it generally takes between four to eight weeks after you’ve applied. This is the average time frame following the application date. However, it is not always a guarantee. If there are delays along the road, the timeline may change and take longer.

Also, you will need to speak with a professional mortgage advisor, who is qualified and competent to provide you with advice on the perfect deal for your needs.

How Does Remortgaging Work?

Remortgaging is a fairly simple process with the help of our experts at Bespoke Home Finance. However, it depends on whether you stick with your current lender or switch to a new one.

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Sticking With Your Current Lender

Transferring from one mortgage to another with the same lender is usually straightforward as your current lender knows everything about you and your property. There won’t be any added legal work or fees involved. You simply move onto a new deal with the same lender on the fixed-term start date and you begin paying your new monthly fee.

Switching to a New Lender

If you are planning on switching to a new lender, things can get a bit trickier. Similar to your first mortgage, you will need to provide up-to-date personal and financial information such as proof of income, documents related to outstanding loans, etc. Your new lender will check your credit history to confirm everything is correct and then arrange a property valuation.

You may need to hire a conveyancing solicitor to handle all documents about this, although many remortgage deals offer free property valuation and legal work. I am here to guide you through the process to ensure that you get the perfect deal possible. With our years of experience in the industry, I can secure better rates than most. For every remortgaging opportunity, speak to me today.

Looking for a First-Class Plan for your Mortgage?

Advice From Bespoke Home Finance

If you are looking for trustworthy and professional expert advice to guide you every step of the way, then look no further than Bespoke Home Finance.

Furthermore, if you are looking to move home or even buy your first, I am here to help. Call me today on 0330 111 2477 or fill in the contact form below. I look forward to hearing from you and remember, there is no obligation or no high-pressure tactics on ours.

Based in Scotland, I offer our mortgage advice services in Edinburgh, Glasgow, Scotland and all across the UK too!

company note
  • Bespoke Home Finance Ltd is an Appointed Representative of Primis Mortgage Network, a trading name of Advance Mortgage Funding Limited which is authorised and regulated by the Financial Conduct Authority.
  • This firm usually charges a fee for mortgage advice. The amount of the fee will depend upon your circumstances and will be discussed and agreed with you at the earliest opportunity. YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
  • The guidance and/or advice contained within this website is subject to the UK regulatory regime and is therefore primarily targeted at consumers based in the UK.
  • The Financial Conduct Authority does not regulate all Buy to Let mortgages
  • AN EQUITY RELEASE PRODUCT WILL REDUCE THE VALUE OF YOUR ESTATE, WILL NOT BE SUITABLE FOR EVERYONE AND MAY AFFECT YOUR ENTITLEMENT TO STATE BENEFITS. TO UNDERSTAND THE FEATURES AND RISKS PLEASE ASK FOR A PERSONALISED ILLUSTRATION.
  • A LIFETIME MORTGAGE WILL REDUCE THE VALUE OF YOUR ESTATE, WILL NOT BE SUITABLE FOR EVEYONE AND MAY AFFECT YOUR ENTITLEMENT TO STATE BENEFIT
  • TO UNDERSTAND THE FEATURES AND RISKS, ASK FOR A PERSONALISED ILLUSTRATION.