Many of us are looking for a better mortgage deal, or would like to release some of the equity in our home but the process is often not as easy as it first appears.

So what do you need to know before you seriously consider remortgaging?

Where to Start

The first step is to contact us and we can advise you on the best remortgaging options.

We will work with you to check the terms and conditions of your existing mortgage. These will tell if you are tied-in to your mortgage deal or if there are any early repayment charges. You can then decide if it is worth switching to a different rate or stay put until the penalties have expired.

Which Deal to Choose?

There are broadly five types of deal on offer that we can talk you through in more detail and find out which option suits you best.

  • Fixed rate schemes – ideal for people who want certainty and must be able to regulate how much they will be spending each month
  • Discounted loans – offer a reduction off the standard variable rate for a set period. If rates fall, the rate you will pay will go down but if rates rise, so do your payments
  • Flexible mortgages – allow you to overpay and underpay (certain conditions may apply with regards to underpayments) when you choose, without penalty. This is ideal for people who have fluctuating incomes or who want to clear their mortgage early
  • Tracker -This is a variable rate mortgage where the interest rate is linked directly to the Bank of England Base Rate. Therefore when the Base Rate changes, the rate on your tracker mortgage changes by the same amount.
  • Offset - Offset mortgages let you link a savings account to your mortgage. Total balances of your linked account are offset against the amount you owe on the mortgage each month, and your mortgage interest is worked out on the lowered balance. You won’t earn interest on the savings account while they’re linked to the mortgage.

How do I Apply

We will of course guide you through the whole remortgaging process, which will include:

    • An early repayment statement will be needed from your existing lender telling you how much you owe.
    • An application form from your new lender will need to be completed, along with details of your income and proof of your identity
    • Your new lender values your home
    • Subject to lending criteria being satisfied and all supporting paperwork being provided, the lender will issue a mortgage offer which will contain the amount of the mortgage and the terms that they will offer you
    • Solicitors will need to be instructed at this point to arrange the legal documentation, leading through to completion of the loan

How Long Does it Take

The whole process should take about a month to complete however this may vary from customer to customer.

Once you have received a completion statement from your solicitor or new lender, the process has finished, and your new mortgage is in place.

What Can We Offer You

As we have access to hundreds of mortgages including exclusive deals with a huge range of lenders, we can source a wide range of remortgage offers with some special features:

  • Market leading remortgage deals available
  • The ability to raise extra monies to clear credit cards and loans
  • Fees free products available
  • The ability to raise capital for all purposes including business reasons
  • Offset mortgages

Whatever your mortgage requirements, we will search the whole of the market to help source a suitable mortgage for you.

So, if you want a better mortgage deal, or would like to release some of the equity in your home, talk to us today.

Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it.