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Do You Need to Find a New Mortgage Deal?
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Factually speaking, if you go direct to your current mortgage lender, or any other lender for the matter, they can only offer you the products that they have. You should go to a Mortgage Broker to remortgage as you can get access to thousands of products, and search the market for the best rates available to you.
The Mortgage Broker has access to over 130 Mortgage Lenders and therefore, 25,000+ Mortgage Rates.
Not without checking the market. No.
A mortgage broker can search and compare available remortgage rates across the market. If your current lender is offering you the best deal, then your broker will just tell you that, and you can continue. However, you should absolutely search the market for the best remortgage rates, and compare all the options. The Mortgage Broker can lock in any rate for you without any commitment, and if a better one becomes available, then no problem, we can simply change it.
How to remortgage is a common question. And the answer really is simply. You can either go direct to your current lender and see if they can switch you to a better deal, or let a mortgage broker do the work for you and search the market for the best rate and hopefully reduce your monthly payments, or increase the amount you borrow should you want access to cash.
A mortgage broker can do a lot more than a lender and you will save money, even if the mortgage broker charges a fee to remortgage. The Mortgage Broker do charge a fee, but with this you are guaranteed to get the following:
- An adviser that works for you, and advises on the best mortgage products
- Access to 130 Lenders and 25,000 Mortgage Rates – meaning you could immediately save money
- Advice longer term and a dedicated service
- 24/7 Mortgage Monitoring – before and after your remortgage – if a better rate is available, we will tell you.
- Search & Compare the market – if your current lender is the best rate, then we will tell you and you won’t pay a fee.
Can you remortgage early is a common question. The answer is Yes, you can remortgage early.
Whether you want to or not, depends on your individual mortgage circumstances and timing is important. Most lenders allow you to start looking around 3 to 6 months before your current deal ends. Remortgaging early may involve early repayment charges (ERCs) but if the new rate is worth it, it may be worth considering to make a saving overall.
A mortgage can be switched pretty quickly. Typically though, a remortgage can take anywhere between 2 to 8 weeks. If you are looking in advanced of your rate increasing (possible up to 6 months before) then your mortgage broker can lock in a rate, and monitor the market right up until your remortgage date to check for the best deals.
It also depends on your lender, property type and complexity of your income and requirements. The Mortgage Broker will keep everything moving smoothly and update you every step of the way.
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Compare remortgage rates and check out the deals available to you. Easily start an application once you’ve found what you’re looking for.
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How to Remortgage Your House
Remortgaging your home is one of those things everyone has to deal with at some point in the home-owning journey. Switching your mortgage from one lender to another, and gaining a more favourable interest rate while you do it, is easier said than done.
Factors outside of your control dictate the interest rates on a national level, but that doesn’t mean you will be stuck with higher monthly repayments, on the contrary, there are many factors that affect the rates we can find for you and with our expertise and access to specialist lenders you’ll be amazed at the deals we can offer you.
We offer step-by-step support for finding the cheapest remortgage rates. Remortgaging a home usually follows these steps:
Knowing why you want (or need) to remortgage is important. It isn’t always simply a matter of reaching the end of your current product term. Be aware of your current interest rate, your remaining balance, and any charges you may incur if leaving your current term early.
To get a better understanding of remortgage comparisons, use our remortgage calculator to find the best deals available to you. We find the best rates and deals, and have extensive industry knowledge and connections to make sure we give you deals that you’ll find nowhere else.
A Decision in Principle (DIP) helps to lock in an interest rate and tells your lender that you are serious about using them for your mortgage deal. The DIP acts as a preliminary agreement detailing the amount you can borrow and what your repayments will be. It allows you to gather the necessary documents and sort out your finances as well as anything else pertaining to your mortgage, without having to worry that the perfect deal is going to slip through your fingers.
As part of the remortgaging process, being able to prove your current financial situation is paramount. Before applying, you will need proof of income, bank statements and any other documents detailing your current mortgage.
Once submitted to your chosen lender, they will assess your financial situation and consider the cost of your property itself. If everything checks out, which we’re sure it will, then the lender will offer you the new mortgage deal.
There will also be legal work and solicitor’s fees to consider; this will mostly depend on your lender, with some of them even covering the cost.
When all of this has been completed and the legal documentation processed, your new mortgage will take effect. Check out our complete guide to remortgaging, for a more in-depth look at the entire process.
Three steps to a cost-effective remortgage
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Why Do You Want to Remortgage?
Reaching the end of your mortgage term is the most common reason people decide to remortgage, though it isn’t the only reason. A regular mortgage usually has a fixed term between 2 and 5 years (sometimes up to 10 years); when this term ends, unless you remortgage, it will revert to the Standard Variable Rate (SVR) and you will end up spending much more in your repayments every month.
There are many motivations for wanting to change your mortgage deal and remortgage, these include:
Better rate
Interest rates have fluctuated a lot over recent years. Volatility in worldwide economies has led to interest rates rising around the world. Depending on when your term ends and you are able to secure a remortgage deal, could considerably impact the interest rate you are able to get. However, by using a mortgage broker, you will be able to access more favourable rates that aren’t available on the high street.
Debt consolidation
If you have credit card debt or many loans spread across different providers, consolidating your debt is a useful way of turning those multiple stress-inducing repayments into a single monthly sum that is much easier to deal with. This works by using the money gained from remortgaging to pay off the various disparate loans, allowing you to have only one payment to make every month. Think carefully before choosing this option; it does make it easier to pay back loans by spreading the amount, but over the long term, you will be paying back more because of the interest rate.
Additional repayment options
Many choose to remortgage in order to gain more flexible repayment options. These could include the option to overpay on your mortgage, allowing you to pay off the mortgage sooner. You could even find lenders offering payment holidays which would be of great help if your financial situation were to change drastically in a short amount of time, due to unemployment or divorce, allowing you the time to get back on your feet and suffer no consequences from these unexpected events.
Home improvements
Remortgaging to release equity is a great way to free up funds for improving your home. This may sound odd, but it is a fantastic way to raise the value of your home in the long run. This does involve borrowing more money, though the benefits usually outweigh the costs, depending on the remortgage deal you are able to get.
How to get a more favourable interest rate
We carry out a lot of the work to find you the best remortgage deal but there are certain things you can do to increase your chances of getting the remortgage rate of your dreams. To begin with, we recommend using our remortgage calculator to get a sense of the deals open to you.
A lower interest rate leads to lower monthly repayments and eases the financial burden of paying off your mortgage over time.
Start looking early – It is likely that you will be on a fixed-term mortgage, with a term anywhere from 2 to 5 years. Knowing when your current mortgage term ends gives you the ability to plan ahead and start looking for a new remortgage deal well in advance of when your current one ends. This gives you more time to research the market thoroughly and find the perfect deal for you. We’d recommend looking 6 months before your current mortgage product rate ends.
Lock-in rates if possible – One of the major advantages of looking early (sevensix months to a year before your current term ends), is that if you find a very favourable rate, many lenders will give you the chance to lock in the deal, freezing it in place ready for when your current term ends. This locked-in rate means that if there are fluctuations in the economy leading to increased interest rates, you are kept safe from those changes, with your agreed rate being used for your remortgage no matter the broader national interest rate.
Factor in the fees – It’s an unavoidable fact of remortgaging with a new lender; there could are going to be fees, although some lenders offer ‘fee free’ remortgages. If you plan enough in advance you can mitigate much of the impact of these fees simply by saving money over the months leading up to the time you need to remortgage. We have broken down the costs of remortgaging below and as you’ll see, knowing the amount you need to save, it is completely possible to gain a better deal. without it impacting your bank account.
Do you need a solicitor to remortgage? is a common question. Yes, but don’t worry, it is usually straightforward and we can recommend a solicitor depending on the requirements. If you are switching lenders, legal work is required but can often be free with many remortgage lenders. If staying with the same lender, known as a product transfer, you may not need a solicitor.
Of course. A product transfer or remortgage for home improvements is one of the most frequent reasons our customers look to change. Remortgages are really effective ways to access equity in your property should you require funds. However, it is very important to understand the rates and affects of doing this, as if you are on a really good mortgage rate, there may be better solutions available to you.
Having poor credit doesn’t stop you changing mortgage, and there are many bad credit remortgage options available. This is of course dependent on the circumstances, but don’t worry, this is very normal. In fact over 8m people have had some sort of adverse credit or default in the last 3 years.
The Mortgage Broker has access to many bad credit remortgage options and will search a range of lenders, offer advice and ensure you get the solution you need.
It depends on your lender. We can tell you pretty quickly, but generally speaking it is between 3 to 6 months before your mortgage end date. However, when you remortgage is a really important decision and depends on the availability of rates, so you should absolutely speak to a remortgage broker.
Yes, you can. However, please be mindful that your current lender will only have a small handful of options available to you. If you contact The Mortgage Broker, you will have access to thousands of remortgage deals, best remortgage rates and advice on the best mortgage to go for.
If you current lender is the best option, we will simply tell you that.
How to Remortgage with The Mortgage Broker
A mortgage broker looks at mortgage rates a hundred times a day, we eat, sleep and breathe mortgages. A broker will find be able to secure a rate for you far quicker than you will be able to do on your own.
We get constant notification from lenders across the entire country if rates are going to change. We can even switch you onto a lower rate after the initial rate of a remortgage has been secured. If the rates happen to increase then it doesn’t matter, because we will have secured you on a lower rate initially.
The benefits of working with someone who makes it their business to know the ins and outs of the mortgage world ensures that you’ll get the absolute best rate possible, every time.
FAQs
Many factors will determine this:
Loan-to-Value – The lower your LTV is, the better the interest rate you are likely to get. It is the amount you want to borrow (usually the remaining balance of the mortgage) expressed as a percentage against the total value of your property. The lower your LTV, the more you have paid off of your home, and therefore the lower your interest rate is likely to be.
Current mortgage balance – You can remortgage for up to 90% of a property’s value. This is great if you want to release the equity in your home, as it is most likely to have gained value over time.
Personal finances – If you are in a good financial position, lenders will generally look favourably on you as a prospect. Many lenders will take your income, credit rating, and monthly outgoings into consideration.
Use our remortgage calculator to find out how much you could remortgage your home for now.
The cost of remortgaging with a new lender could be higher than if you switch mortgages with the same lender, however, the reason most people switch lenders is that you will gain a better deal with better interest rates. If the initial cost is more it may still be beneficial if you get more favourable terms and interest rates to bring your monthly payments down.
The fees to remortgage are as follows:
Mortgage advice fee – The advise a mortgage broker gives you in finding the best remortgage deal more than makes up for the fee they charge.
Legal fees – These include the cost of transferring the mortgage between lenders and any other paper work needing the attention of a solicitor.
Arrangement fee – This is charged by the new lender to cover their admin costs. Many lenders will offer you the opportunity to add this fee to the loan itself so that you can pay it off over the months with your mortgage if needed.
Valuation fee – This does depend on the value of your property; it is charged by the new lender and ranges from £200 to £500, though many lenders offer free valuations.
All together, these fees can add up to a fair amount, but it is important to remember that though the initial cost is higher than staying with your current lender, the benefits over the long term far outweigh the fees to get a better remortgage deal.
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The entire process, from start to finish, will take approximately 2 to 3 months. Depending on your lender and the type of mortgage you opt for this can change, and if you need to consolidate debt or are planning to borrow more than the value of the home it is likely the lender will require further documentation to process the loan. Any additional checks and document admin adds to the time you can expect for your remortgage to complete.
A good way to ensure your application is dealt with as speedily as possible is to be as prepared as possible. This means gathering all the documents you will need to present ahead of time; work with a mortgage broker, who can help with administration and will take most of the heavy lifting and stress off your shoulders to find the best remortgage deal; and ensure you have an up to date credit report and address any issues well in advance.
Yes, it is entirely possible to remortgage well before your fixed term ends, however, there are some caveats. If you remortgage early, you will likely face early repayment charges, which will be a percentage of your mortgage loan. Depending on your timing and how early you want to leave your current mortgage, this figure can be significant. It is best to weigh up the advantages you gain from a better interest rate over the long run and see whether they add up to the cost of having to leave a current mortgage early.