Independent Mortgage Broker

Take roulette out of remortgage

Taking the guesswork out of remortgaging and finding you the better deal.

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Remortgage to refresh

Remortgaging is the process of securing a new mortgage on a property you already own, whether it’s a residential home or a buy-to-let property. It’s a strategic financial decision that requires careful planning and informed decision-making.

Our mission is to help you avoid unnecessary costs while ensuring your mortgage adapts to your current financial needs, through regular reviews

Why Should You Consider Remortgaging?

Remortgaging offers several significant advantages:

Home Improvements: Utilize your property’s equity to fund renovations, increasing both its functionality and market value.
Debt Consolidation: Streamline your finances by combining multiple debts into a single, manageable mortgage payment.
Investment Growth: Reallocate resources to invest in buy-to-let properties and opt

The Costs Involved.

Although remortgaging can save money over time, it’s important to consider potential costs, such as:

Valuation fees
Broker or lender fees
Legal fees

Some lenders may offer free legal services and valuations, but this isn’t guaranteed. We meticulously analyse the market to ensure you receive the best deal while accounting for all associated costs to avoid unexpected expenses.

Remortgage with us

Ensuring a Seamless Transition

Planning ahead is key to a smooth transition from one mortgage to another. Your original mortgage was likely designed to meet your needs at the time, but circumstances evolve. We’ll reassess your financial goals and adjust your mortgage to align with your current situation.

Comparing All Your Options

Lenders often provide enticing retention offers to retain clients. We’ll compare these offers with the broader market to identify the most advantageous solution tailored to your needs.

When Should You Start the Process?

If we arranged your current mortgage, we’ll reach out well before your term ends to discuss your options. Otherwise, we recommend starting the remortgaging process at least four months in advance to allow adequate time for preparation and execution.

Common Reasons to Remortgage

Secure Lower Interest Rates: Transitioning to a lower rate can significantly reduce monthly payments and save you money over time, even if early exit penalties apply.
Release Equity: Unlocking a lump sum from your property’s equity increases your borrowing amount. Be aware that this may also raise your monthly payments and, depending on your loan-to-value (LTV) ratio, your interest rate.
Consolidate Debt or Finance Projects: Mortgages typically offer lower interest rates compared to credit cards or personal loans. However, spreading payments over a longer term may increase overall costs. Careful calculations are essential.

By adhering to these steps and collaborating with our team, you can navigate the remortgaging process with confidence. Together, we’ll secure a mortgage that aligns with your evolving financial goals and delivers optimal benefits.

Things to prepare

Check your credit file
Verify your credit report for accuracy and address any discrepancies.
Make sure the required documents are all together
• Identification,
• 3 months pay slips (or 3 years tax returns/company accounts if self employed),
• Latest P60,
• 3 months bank statements.
Allow sufficient time
Start preparations at least four months before your current mortgage deal ends to ensure a smooth transition.

Quick Quote

A snapshot of today's rates. Change the value, amount and filters to get an idea of current remortgage deals. Ask us about our exclusive rates.

Your Top Questions Answered

Are there any costs remortgaging?

When remortgaging, you're switching to a new lender for a better deal.

Here's a detailed look at the possible costs:

Lender Arrangement Fee: This can range from £500 to £2,000. You can add this to your mortgage, but remember – you’ll pay more interest over time.
Broker Fee: Some brokers charge for remortgages, ranging from £200 to £600. However, not all brokers do!
Valuation Fee: Your new lender might want a property valuation. This can be free, depending on the lender’s offer.
Legal Fees: Remortgaging usually requires a solicitor. Many lenders offer free legal services, but these cover only basic transactions. If you’re borrowing more or changing names on the mortgage, expect additional costs.
Cashback Legal Services: Some brokers, like us, can offer cashback legal services, which often provide better quality than standard free options.

So, the key costs to look out for include arrangement fees, broker fees, valuation, and legal costs. But, with the right lender and broker, some of these fees may be covered, saving you money!

Why consider remortgaging?

One of the most common questions is: Why consider remortgaging?

Reason 1: Fixed rate ending

When your fixed rate ends, your mortgage moves to astandard variable rate (SVR) – around 8-9% now. This can increase payments significantly.
Avoid the SVR by exploring better rates from other lenders.

Reason 2: Home improvements or big expenses

Need funds for a loft conversion, extension, or even a wedding or holiday?
Remortgaging allows you to borrow extra by releasing equity.

Reason 3: Consolidating debts

Got high-interest debts like credit cards or loans? Remortgaging can combine them, lowering monthly costs.
Note: Consolidating could cost more in long-term interest, so always get advice.

Tip: Avoid remortgaging mid-term to prevent penalties.

Can I save money remortgaging?

It depends on your unique situation.
Here’s the breakdown:

Existing Low Rates: If you locked in a low rate (under 2%) around 5 years ago, a new mortgage might mean higher payments, as current rates are higher.
Avoiding the Standard Variable Rate (SVR): When your fixed rate ends, you’ll move to your lender's SVR, often 7%+. Remortgaging now could secure a rate below this, preventing a huge payment hike!
Debt Consolidation: Want to roll other debts into your mortgage? While this can lower monthly costs, stretching short-term debt over a long mortgage term means you’ll pay more in interest over time.

Key Takeaway: Remortgaging can help you save by avoiding the SVR and managing payments, but it’s vital to evaluate your personal circumstances first.

How do I avoid being trapped?

Interest rates are higher now than we've seen in the last decade – but that doesn’t mean you have to be locked into an expensive deal!

Here's what you need to know:

Why rates are high: Following recent economic changes, the days of ultra-low rates are over.
Rate predictions: While many hope rates will fall, there's no guarantee. So, what can you do to avoid feeling "trapped"?

Your Options:

Short-Term Fixes: Choose a 2-year fixed rate if you think rates might drop soon.
Trackers without Penalties: Trackers follow the Bank of England base rate and often have no early redemption fees. If rates go down, your rate does too! 🚀 But remember, if rates increase, so will your payment.
Longer Fixes for Stability: Prefer predictable payments? A 5-year fixed rate could be your best friend.

Which Option is Right for You?

It depends on your personal goals and financial situation. For budget control, long-term fixes are popular; if you think rates will fall, short-term or tracker options are worth considering.

My circumstances have changed?

If your fixed or tracker rate mortgage is ending soon, and you've experienced a change in your circumstances, you may be wondering if this will impact your ability to remortgage.

Here’s what you need to know:

Positive Changes:

Salary increase? New job? Additional income?
You’re likely in a better position and may have access to more lenders and products!

Negative Changes:

Lost your job, reduced hours, or health issues? Missed payments or bad credit?
It depends on the severity of the change, but you may still have options.

Worst-Case Scenario:

Can’t remortgage with a new lender?
Your existing lender will likely offer products from their range, without underwriting or credit checks. While switching lenders often brings better deals, staying put isn’t the end of the world.

Tip: Get in touch 6 months before your rate ends. This gives us time to assess any changes and put you in the best position to move forward.

What documents are needed?

Let's dive into the key points when you're looking to remortgage!

Options at the End of Your Fixed Rate:

Stay with your current lender (Product Transfer)
Explore the market for better deals from other lenders

Minimal Documentation for a Product Transfer:

If you stick with your existing lender, no need for further underwriting
No income or outgoing checks – just pick a new deal from their product range!

Full Documentation for a New Lender:

Payslips & P60s (if employed)
Tax returns & year overviews (if self-employed)
Limited company accounts (for directors)
Bank statements to verify income and outgoings

Why Choose a Broker?

Brokers can search the whole market
Tailored advice based on your unique circumstances
Thousands of clients helped over the years – you could be next!

How long does it take?

Let’s break down how long the remortgage process really takes and why timing is key.

Average Timeline:

The remortgage process typically takes 2 to 3 months from your first contact with a broker to the start of your new mortgage.

Key Factors Impacting the Timeline:

Lender Speed: Some lenders are quicker than others.
Personal Circumstances: If your situation is more complex, more documentation will be needed, potentially adding time to the process.

The Process:

Initial Consultation: Get in touch with your broker, explain your circumstances, and your goals.
Broker Research: We’ll find the right mortgage based on your needs.
Documentation: Submit necessary paperwork.
Lender Application: Once everything checks out, we submit your application.
Formal Offer: Within 2-3 weeks, you'll receive a formal mortgage offer.
Legal Work: Even for a remortgage, legal processes are required. This often takes the longest!

Top Tip: Always reach out at least 3 months before your current rate expires to secure the best deal!

Can I remortgage to get a lower rate?

Is your mortgage locked in at a high fixed rate, and you're wondering if you can remortgage to a lower rate?

Can you remortgage?

• Yes, you can move your mortgage to a different lender for a lower rate.

But the real question is: Should you?

Understanding the risks:

• Fixed-rate mortgages are contracts – you're committed to your lender for 2, 3, or 5 years (or more).

• Overpayments of 10-20% might be allowed, but moving your mortgage to a new lender means repaying it in full – which could trigger penalties!

Penalties vary by lender:

• A 5-year fixed deal may have a 5% penalty in year 1, reducing yearly (e.g., 4%, 3%).
• Other lenders may charge a flat 2-3% penalty for the entire period.

Do the savings stack up?

• The savings from a lower interest rate may not be as much as expected.

• Sometimes, penalties for leaving your lender can outweigh those savings.

So, while you can remortgage, should you? It depends.

Can I remortgage to consolidate debts?

Let’s get to the point: Can you consolidate debts as part of a remortgage?

Yes, you can, but whether you should depends on your personal circumstances and the type of debts involved.

Key Considerations:

Interest-Free Credit Cards:
Keep interest-free balances separate from your mortgage to avoid paying more over time. Focus on repaying these while interest remains at 0%.

Debt-to-Income Ratio:
Lenders check how much debt you carry versus your income. If your debt is high, options may be limited, but some lenders have higher thresholds.

Loan-to-Value (LTV) Ratio:
Lenders also consider how much you're borrowing compared to your property's value. Some limit LTV for debt consolidation, though others may allow up to 90%-95%.

Debt consolidation through a remortgage can be complex and specialist.

Before taking any steps, it's advisable to consult an expert like myself, with the experience to guide you through every option and find the right solution for your situation.

Remortgaging with Bad Credit

One of the most common questions I get asked is:

“Can I remortgage, even with bad credit?”

The answer is yes! It’s not as hard as you might think. Here's what you need to know:

High Street Lenders – If you have a few minor blips in your credit history (like one or two missed payments or a small default from years ago), you may still qualify for a mortgage with a high street lender at competitive rates—just like someone with perfect credit.

Specialist Lenders – If your credit history is more complex, you may need a specialist lender. While this could mean slightly higher interest rates, there’s still a solution for you.

Existing Lender Option – Even if your credit is severely impacted, in rare cases where a remortgage with another lender isn’t possible, your current lender may allow you to switch to a new product without conducting a credit check.

Next Steps: The first thing we’ll do is review your credit report in detail to find the best solution tailored to your unique circumstances.

Independent Mortgage Broker

Take roulette out of remortgage

Taking the guesswork out of remortgaging and finding you the better deal.

Remortgage to refresh

Remortgaging is the process of securing a new mortgage on a property you already own, whether it’s a residential home or a buy-to-let property. It’s a strategic financial decision that requires careful planning and informed decision-making.

Our mission is to help you avoid unnecessary costs while ensuring your mortgage adapts to your current financial needs, through regular reviews

Why Should You Consider Remortgaging?

The Costs Involved.

Remortgage with us

Ensuring a Seamless Transition

Comparing All Your Options

When Should You Start the Process?

Common Reasons to Remortgage

Things to prepare

Check your credit file

Make sure the required documents are all together

Allow sufficient time

Quick Quote

A snapshot of today's rates. Change the value, amount and filters to get an idea of current remortgage deals. Ask us about our exclusive rates.

Your Top Questions Answered

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