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Remortgaging your home

For most people, a mortgage is a long-term financial commitment, but you don’t have to stay with the same product or provider for the entire term of your mortgage. You should regularly review your mortgage and check whether it is still the right mortgage for you, and that your rate remains competitive.

Remortgaging can help you to either; save money on your monthly repayments, shorten your current mortgage term, free up some cash for your long awaited home improvements and purchase additional property.

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These figures are only illustrative. An assessment of your needs will be confirmed before a recommendation can be made. A Key Facts Illustration, which is personal to your circumstances, will be provided if a recommendation for a mortgage product is made.

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Frequently asked questions

Most people are able to remortgage their home to get a new mortgage deal. There are many reasons why remortgaging could be a good option for you including:

  • Getting a better mortgage rate
  • Having the option to make overpayments
  • Enjoying a more flexible mortgage
  • Freeing up cash for some long awaited home improvements
  • Purchasing additional property
  • Saving money on your monthly repayments
  • Reducing your current term

If you would like to know which remortgage options are available to you, get in touch! Our expert remortgage advisors will provide you with a free mortgage review and compare thousands of deals to find the remortgage deal that best fits your needs.

The first thing you will need to consider before you remortgage is how much you can afford to pay. You can do this by collating your mortgage paperwork and recent bank statements together, to see what your current interest rate is and how much your monthly outgoings are.

You will also need to check if you will need to pay any additional costs such as; an arrangement fee to your new lender for setting up the mortgage, an exit fee and/or early repayment charges for leaving your current lender, and valuation and legal fees. Some fees can be added to your mortgage.

Remember, if you choose to do this, you will have to pay interest on them. Luckily, most remortgage deals have no or low set up costs. But, it’s important to make sure you check first before committing to a new mortgage deal.

Part of our service in ensuring that you get the best remortgage deal, is to check whether a new mortgage deal would be the best option for you, based on the interest rate and any potential fees involved.

If you are thinking of remortgaging your home, you may find that there are some charges for doing so. The exact fees and precise amount you will pay are dependent on your current mortgage deal and the value of the property you are buying. The typical fees you could be expected to pay are as follows:

Mortgage arrangement fee: Can be paid upfront or added to your mortgage debt. Remember, if you choose to add the Mortgage Arrangement Fee to your mortgage, you will ultimately pay interest on this.

Estimated cost: £1,000 – £2,000

Mortgage broker fee: If use a mortgage broker to help you remortgage, you will need to pay a fee for them to arrange this for you.

Estimated cost: £95 – £495

Valuation and survey fees: Your new mortgage lender may request for your home to be re-valued. The cost for this varies, depending on the survey the lender requests:

Estimated cost: £250 – £600

Legal costs: You may need to use a solicitor to take care of any required legal work for you.

Estimated cost: £850 – £1,500 plus VAT

If your current mortgage deal is due to expire, then you should ideally start to look for a new mortgage at least three months prior to this, to ensure that everything is in place when this happens.

If you feel that your current mortgage deal is restricting you however, and are considering switching to either get a better rate, reduce your term or simply want a more flexible mortgage, then it has never been a better time to do so, with interest rates at an all-time low.

To check whether now is the right time for you to remortgage, get in contact and see if you can take advantage of the fantastic remortgage deals available.

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