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What is Remortgage?
Remortgage is the financial procedure of transferring your current mortgage to a fresh arrangement while maintaining your property as collateral. You have the option to do this with your current lender or switch to a different one.
*The potential advantage of remortgaging? It can lead to substantial savings during your loan period by reducing your monthly payments or helping you pay off your mortgage more quickly.
Why should I remortgage?
Current Deal Nears Its End:
As your existing mortgage deal approaches its conclusion, remortgaging emerges as a compelling option to secure a fresh arrangement that aligns more closely with your evolving and unique financial needs.
Shift to a lower interest rate option:
If you’re currently paying a high interest rate, remortgaging presents the potential to uncover a more affordable rate. Since Monefi is committed to make sure its customers are not over-paying, book your free consultation today and get clarity.
Equity Release:
Remortgaging serves as the key to unlocking the equity you’ve saved in your home. You can use this cash for things like making your home better or paying off debts.
Freedom to Overpay:
Remortgaging allows you to make extra payments or reset your mortgage term without penalties.
Leverage Property Value Growth:
If your property value has risen, remortgaging can help you benefit from better loan terms or extra financing.
Claims History.
Previous claims can affect your premium. If you’ve made claims in the past, you may pay more.
Trim Interests with Savings:
Offset your mortgage balance using savings or investments, reducing interest payments and possibly shortening your mortgage duration.
When can you remortgage?
Time
You have the window of opportunity to secure a remortgage up to six months before your existing deal ends. This means you have the freedom to switch to a better deal if one becomes available before the new one begins.
Frequency
You have the freedom to remortgage as frequently as you like, as long as you meet the criteria.
Costs
It's crucial to consider the expenses involved with each remortgage. Even without Early Repayment Charges (ERCs), you'll encounter costs such as arrangement fees, valuation charges, and legal expenses each time.
*Note: Some deals may offer free valuations during a remortgage, but it’s unusual to avoid all fees entirely. Also, exit fees may apply; hence, it’s wise to weigh the costs carefully.
Improve your credit rating:
Maintaining a strong credit score is crucial. Pay bills on time, reduce outstanding debts, and rectify any errors on your credit report to boost your creditworthiness.
Seek out low interest rates:
Shop around for lenders offering competitive interest rates. Compare offers from multiple institutions to find the lowest rate available to you.
Reduce your loan-to-value (LTV):
Pay down your existing mortgage or increase the value of your home to lower your loan-to-value ratio. A lower LTV can lead to better remortgage deals.
Look for low fees:
Consider the fees associated with the remortgage, including arrangement fees, valuation fees, and legal costs. A remortgage with lower fees can be more cost-effective in the long run.
Improve your credit rating:
Maintaining a strong credit score is crucial. Pay bills on time, reduce outstanding debts, and rectify any errors on your credit report to boost your creditworthiness.
Seek out low interest rates:
Shop around for lenders offering competitive interest rates. Compare offers from multiple institutions to find the lowest rate available to you.
Reduce your loan-to-value (LTV):
Pay down your existing mortgage or increase the value of your home to lower your loan-to-value ratio. A lower LTV can lead to better remortgage deals.
Look for low fees:
Consider the fees associated with the remortgage, including arrangement fees, valuation fees, and legal costs. A remortgage with lower fees can be more cost-effective in the long run.
The lady who I spoke to was brilliant. She was lovely and pleasant whilst being professional and fully informative. She was not pushy at all. She certainly had the right attitude and was engaging. If everyone was like her it would be perfect.
Christine Notley
This was the easiest transaction I’ve had in a long time, the customer service was amazing and very helpful and nice to talk with, would highly recommend the company to friends family etc, fantastic customer service. 5 stars from me.
Zoe Mary Hall
Mr Gower was very professional and found the right cover for me. He was polite and engaged in conversation, explained everything easily.
Callum Dobson
Frequently Asked Questions
The remortgage process typically takes 4 to 8 weeks, but it can vary based on factors like your lender, the complexity of your application, and the need for a property valuation.
Remortgaging involves switching your existing mortgage to a new lender or a different deal with your current lender. You’re essentially paying off your current mortgage with a new one, often to secure better terms or access equity in your property.
Remortgaging costs can include arrangement fees, valuation fees, legal fees, and early repayment charges, if applicable. These costs vary, so it’s essential to consider them when evaluating a remortgage.
It’s possible to remortgage with bad credit, but it may be more challenging. Your options and interest rates could be less favourable. Working on improving your credit score before remortgaging may help you secure a better deal
The remortgage process typically takes 4 to 8 weeks, but it can vary based on factors like your lender, the complexity of your application, and the need for a property valuation.
Remortgaging involves switching your existing mortgage to a new lender or a different deal with your current lender. You’re essentially paying off your current mortgage with a new one, often to secure better terms or access equity in your property.
Remortgaging costs can include arrangement fees, valuation fees, legal fees, and early repayment charges, if applicable. These costs vary, so it’s essential to consider them when evaluating a remortgage.
It’s possible to remortgage with bad credit, but it may be more challenging. Your options and interest rates could be less favourable. Working on improving your credit score before remortgaging may help you secure a better deal
