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If you are looking for a better mortgage rate, you can explore a number of remortgage deals with Proper Finance today.
We work with expert mortgage advisors who cover the whole of the UK market. So whether you are looking for a lower rate, LTV, better terms, fixed rates, to borrow more money or release some cash, our mortgage brokers have a number of options for you at great rates and ways to save thousands of pounds per year.
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What Does It Mean When You Remortgage?
A remortgage is where a borrower changes the mortgage deal on their property. This can involve either switching to a different rate with the same lender, or moving to a new mortgage with a new lender entirely.
When you remortgage, you’ll move to a new mortgage deal, but continue to live in the same property.
Speak to us for:
Remortgages for home improvements
Remortgages for debt consolidation
Why Would You Remortgage Your House?
There are numerous reasons why you may want to remortgage your house, including the following:
- Your current mortgage deal expires soon – after your current mortgage deal ends, you’ll most likely be put on the mortgage provider’s Standard Variable Rate (SVR). This will typically be higher than the previous mortgage deal you had, and therefore may be a good time to remortgage to lower the rate and avoid being put on this higher SVR.
- Your property’s value increases – if the value in your property increases, the lower LTV (Loan-to-Value) may be able to help you in qualifying for better interest rates. See 20% LTV and 30% LTV mortgages.
- If you want to make overpayments – your current mortgage provider might not let you overpay on your mortgage or imposes penalties when you do. Switching to a more flexible mortgage that allows overpayments may be a better option for your current situation.
- For equity release – when you remortgage you can also release equity from your property. This equity release can be used for numerous things, including paying off your other debts, or for home improvements.
Sometimes, major changes in your life can stop your current mortgage deal from properly meeting your needs. Whatever comes your way, a remortgage can help to adjust the way you manage repayments on your property, and improve the way they work to better suit your new change in circumstances.
How Does Remortgaging Work?
As with any mortgage deal, there are a number of steps to the remortgaging process, detailed below:
Understanding the full cost of this – remortgaging is typically done to put borrowers in a more ideal mortgage plan. Therefore, it’s important to consider all the costs that could be associated with remortgaging, checking whether your chosen lender will charge fees such as solicitor’s fees, valuation fees and application fees. If your current mortgage is about to expire, it’s important to ask your lender for the closing balance on your mortgage, so that you know how much you’d need to borrow if you were to remortgage.
When discussing a potential new mortgage deal with any prospective lender, it’s important to check what the fees are for moving to this new plan.
Get an Agreement in Principle (AiP) – an AiP is a way for borrowers to find out if a mortgage lender is willing to loan you the amount you require for the remortgage. While this agreement isn’t guaranteed, it can help borrowers to get a fuller picture of the options available to them.
Applying to remortgage – once you’ve fully understood the costs for this remortgage and have an AiP you’re happy to move forward with, you can then apply for a remortgage. When making this application, as with any type of mortgage, you’ll have to provide a number of documents and personal information, including details about your current mortgage.
Finalising the remortgage – once you’ve applied for this new mortgage, the lender you apply with will carry out a credit check, as well as organise a property valuation. You’ll also need a solicitor to help you manage the transfer of the mortgage deal.
How Do I Get the Best Remortgage Deal?
There are a number of ways you can improve your eligibility for the top remortgage deals out there, including the following:
- Reduce the LTV (Loan-to-Value) – the less you can borrow, the cheaper the remortgage deals available can be.
- Improve your credit score – mortgage lenders use applicant’s credit score when assessing how risky they’d be to lend to. By having a good credit score, you can increase your chances of success with a mortgage application.
- Try to look for lower fees – when remortgaging, the fees associated can add up, including valuation, administration and legal fees. Looking for low fees for these charges can help get you a better deal overall on your remortgage.
Can I Remortgage With Bad Credit?
Yes, there are remortgages available for people with bad credit, however these types of secured loans are more difficult to arrange.
While you can still remortgage with bad credit, it’s worth noting that you won’t be likely to get the same competitive rates as someone with a good credit score, as lenders typically use an applicant’s credit score when assessing how risky they are to lend to.
However, just because you have a bad credit score doesn’t mean you can’t get a remortgage deal that suits your needs.
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Is Remortgaging a Good Idea?
Remortgaging can be a good idea for those in certain types of situations with their current mortgage. One of the most common reasons people remortgage is because their current mortgage deal is coming to an end, and they’re wanting to switch to a better deal than the standard variable rate their current lender may put them on after this. In this situation, it could be worth exploring the other mortgage options out there to try and find yourself a better deal.
Another reason homeowners may consider remortgaging is when they want to make improvements to their home.