Remortgages

A Remortgage doesn't differ much from a normal mortgage. The only thing is that instead of buying a house, basically all you are doing when you remortgage, is replace your old mortgage with a new one, whilst shifting lenders of your debt.

There is no need for you to take on the hassle of arranging a remortgage. Let us find you one by using our remortgage enquiry form. One of our committed mortgage advisors with look after your remortgaging, making your remortgage no hassle at all.

No need to pay mortgage brokers fees

Unlike some brokers, we get our income from the companies we deal with rather than our customers. So we don't need to charge you any extra hidden fees.

Our mortgage advisors have access, to all the mortgage lenders in the UK, which includes high street banks and building societies as well as more specialised mortgage lenders, such as companies that specialise in remortgages.

Why Remortgage ?

Todays mortgage market is extremely competitive, and more and more mortgage borrowers are taking advantage of being able to remortgage - move their mortgage to another lender and the rates they can offer. The people that do not change could be wasting money and lose out on some benefits, such as paying less on the mortgage as a whole. There are a number of reasons why you would like to remortgage.

Save Money

Paying out the lender's Standard Variable Rate, your lender may be able to offer a better rate and more flexibility on the other products that they offer. This might save money on your monthly repayments or allow you to pay off your mortgage faster. IF your lender will not offer a better deal, then perhaps it may be best to look elsewhere such as another lender even if there are charges in swapping the mortgage, but it might be better for you in the long term.

Raise Money

Having a larger income or if your home's value becomes higher may mean you can increase your mortgage to help with things that will cost a lot of money, like weddings, a car, or university costs, rather than you borrowing the money for these things individually. Although rather than having a short term personal debt, this turns out to be a long term debt, and may cost more in time.

Avoid Moving Home

Rather than move home and have to find the place you want to live again, why not remortgage and add that extension to the house you always wanted, paid through the remortgage.

How do I remortgage?

Rather than having to go through the entire process of arranging a mortgage, remortgaging is a lot simpler because you already own the property and it is registered under your name. Choosing to switch your mortgage to another lender only requires a few steps, and by using one of our remortgage specialists to remortgage, we will try to make the process as easy and painless as possible by liaising with solicitors, valuers and lenders.

Lenders will need a valuation to make sure that the value of the property you own is adequate for them to lend to you.

Your application for a remortgage must be underwritten by the lender. Evidence may need to be produced to show that the mortgage loan you have to date has been maintained. They will then make you an offer.

Conveyance must be completed. Through conveyancing, local searches will be done. A title and report will be send to your new mortgage lender.

Your solicitor will make sure that your previous lender is paid back once the new lender releases the new mortgage funds. If you have arranged to borrow extra money on top of this, your solicitor will release the funds to you after or on completion.

How much cheaper is a remortgage compared to a mortgage?

The costs involved when remortgaging are outlined here. The ongoing monthly outgoings have the potential to be a lot less than the outgoings required for a mortgage.

For example:

If the mortgage holder was paying a Standard Variable Rate of 7.5 percent on a 25 year mortgage of £100,000, their outgoings would be around £750 per month dependant on any discounts that were initiated.

If they decided then to switch to a new 25 year tracker mortgage that is currently charging at 3.3% then their outgoings per month would fall to about £495, saving £3060 a year.

If you are interested, then please have a look at the current mortgage rates and use our monthly payment calculator to work out what your monthly outgoings should be on a new mortgage.

Is it costly to Remortgage?

Compared to a mortgage there are generally less costs when remortgaging. This is due to some of the charges that are either reduced or not required to pay such as:

Stamp Duty - No fee at all when you remortgage

Legal Fees - Since the legal process is much simpler when you already own the property, legal fees could be lower.

Homebuyer's report of full structural survey - If you've already done this when purchasing the property, then it is unlikely to require repeating this when you remortgage.

Bear in mind that if you decide to remortgage and switch deals on an existing mortgage that early repayment charges probably will be required. This may or may not hinder the amount of savings that you may get from remortgaging.

What Reasons are there not to Remortgage?

Many mortgage borrowers will probably benefit from remortgaging. But there are some cases where remortgaging really is not an option.

It is wise not to apply for remortgage is you have changed your employment status recently. If you are self employed, but do not have a good enough or long enough account records, then you may run into difficulties remortgaging.

A remortgage may not be the best option for you if your current mortgage has early redemption penalties. This may make taking your mortgage to a different place very costly in the first few years of having the mortgage. These penalties can be attached to the mortgage after initial fixed-rate or any discount has finished.

If your mortgage is below about £25,000 then you may have problems finding somewhere that will remortgage for you. Many mortgage lenders will only accept remortgages over that amount. The fees required to be paid on properties like these may outweigh the slight saving that a remortgage could offer.

If you find yourself in one of these circumstances, then you could try going for a homeowner loan if you need extra capital. There are many deals available for a range of circumstances such as defaults or people with mortgage arrears.

Let us find the best Remortgage for you

	Find Remortgages at Ask.com Whatever type of remortgage you're looking for, find it with Ask.com. Browse a wide range of lenders and find a great deal in seconds.
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YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.