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Needing to remortgage is an essential part of your mortgage journey. When this time comes, getting the best deal possible is a must. With varying interest rates and many thousands of options open to you, this is both an exciting and daunting time. That’s where The Mortgage Broker comes in. Let us do the hard work for you. Our expert mortgage advisors will search lenders big and small, from John O’groats to Land’s End to find the best deal for you.

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There are plenty of reasons why people remortgage and our mortgage specialists can support you across all areas. Whether you want to release cash, do home improvements, find a better rate or just avoid paying more on a standard variable, our team are on hand to assist you. If you are concerned about debt, please don’t be, The Mortgage Broker have many debt consolidation options and lenders that look favourably on bad credit or complex income scenarios.

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Are you:

  • Coming to the end of your current mortgage term?
  • Wanting to switch to a new lender?
  • Looking for a better interest rate for your current mortgage?

Then look no further.

Giving you remortgage advice and getting you the best mortgage deal possible is our fundamental goal. We won’t stop until you’ve got the best mortgage deal. No matter your current financial situation, whether you have bad credit, a change in circumstances or just looking to do some home improvements, it doesn’t matter. We make it our business to help those in need.

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Our straight forward approach to ensure you get the right mortgage.

Speak to one of our remortgage advisors.

Click on our contact form or call us on: 0800 0320 316. Our friendly team are waiting for your call.

We find the best rate for your exact circumstances.

In as little as 20 minutes you get the perfect rate.

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What is a Remortgage?

If you want to switch to a new lender, or get a different rate with your current lender, then you need to remortgage.

Remortgaging is basically the process of finding the new mortgage product that better suits your current circumstances. It is a good way to find a more favourable interest rate, change the length of your mortgage term or move to a different type of mortgage altogether.

You don’t have to wait until your current term is up either; you can review your mortgage options at any stage if repayments start to become a drain, your financial situation changes or you want to switch lenders. Though if you wish to end your current deal early, you may face early repayment charges.

When should you remortgage your home?

If the option is open to you at any stage, when is the best time to remortgage? As mentioned, ending your current deal early can result in hefty early repayment charges, so it’s not something we recommend unless absolutely necessary.

If you are on a fixed rate mortgage, as most are, this means you are tied to a particular interest rate until the end of the fixed period of time for that mortgage.

How long does it take to remortgage?

In general, you should start to look for a new mortgage three to six months before the end of your current term. This way you get a good lay of the land, as it were, when it comes to the current market and interest rates.

Using a mortgage advisor for this task greatly improves your chances of finding a better deal. We want to get you remortgaged onto a better rate, and have access to a much wider resource and raw experience to hunt down those better deals.

Also, if unfortunately, the market is unfavourable, it will give you months to prepare before moving onto the new interest rate. Like with most things in life, preparation is key.

A good way to see if now is the right time is to use our remortgage calculator. This handy tool will tell you in a few seconds how much a new mortgage will cost in monthly repayments.

Reasons to remortgage your home

There are lots of situations that will lead to you needing to remortgage your home.

You have a high interest mortgage

If you happen to be on a variable rate mortgage, you will be left vulnerable to any rise in the interest rates by the Bank of England. If you got a fixed rate mortgage when the rates were high, the end of your term is a great time to start shopping around for a better deal.

Current deal expiration

When your current mortgage term comes to the end of its fixed period, usually 2, 3 or 5 years, you will need to start thinking about remortgaging. If you don’t get a new deal you will be put on your lender’s standard variable rate (SVR) which usually has a higher interest rate.

Equity release

Releasing equity from your property when you remortgage is a fantastic way to give you some extra cash to pay for home improvements. Before deciding on equity release, it is best to consult a mortgage advisor so we can go through all of the implications of accessing the wealth tied up in your home.

Mortgage overpayments

If you are able, finding a lender that offers more flexible repayment terms will allow you to overpay on your mortgage with no penalty. Overpaying is a great way to chip away at your mortgage quicker than standard monthly payments.

Increased property value

When your property increases in value, looking for a new provider for your mortgage can offer you better interest rates due to your lower loan-to-value (LTV) ratio. This is the ratio of the amount of the mortgage you have paid off compared to what remains.

Offsetting savings

If you happen to have come into an inheritance or simply saved up a good chunk of cash, you can use this to offset against your mortgage by switching to an offset mortgage deal. This will bind your mortgage to your savings account, the value of which is deducted from your overall mortgage balance. The more money you have in your savings account, the lower your repayments will be and the less interest there will be on the mortgage.

Remortgage to pay off debts

Similar to releasing the equity in your home to free up cash, taking a remortgage to consolidate debt is possible. This is especially useful to combine several debts into a single debt and then pay it off with monthly repayments, making it a much more manageable debt and lowering your overall interest rate in the process.

No matter what has led you to needing to remortgage, we’ll be able to help. Don’t hesitate to get in touch and we’ll give you a no obligation, free remortgage quote, as well as discuss your needs in depth.

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Mortgage types to consider when you remortgage

There are many options to consider when remortgaging. With so many types of mortgage available, finding the right one to suit your needs is important. The options might make your head spin but by breaking these options down, you’ll find there may be options you didn’t know would fit your situation better than others.

Great for stability. If you can get a good interest rate then going for a fixed rate mortgage ensures your payments will remain the same for the entire term (2,3 or 5 years), and won’t be prey to any volatility as interest rates rise and fall.

The obvious downside being that you are stuck with whatever rate you manage to get, so if the interest rates fall, you won’t be able to take advantage.

Somewhat of a double-edged sword. The interest rates of these mortgages change to reflect the rates of your lender, which will usually follow those set by the Bank of England but can differ. The main downside is that your repayments are likely to change from month to month, going up or down depending on what the market dictates. The difference in your payment won’t be extreme but may be enough to make budgeting difficult.

A good thing about variable rate mortgages is that you have no fixed term and can ride out a period of time while you decide to move on to another fixed term mortgage with a more favourable interest rate.

If you have managed to gain a substantial amount of savings, these mortgages are great for helping to lower your monthly payments. An offset mortgage connects your savings account to your mortgage and the more money you have saved, the better an interest rate you are likely to be able to get.

Similar to a variable rate mortgage. The main difference is that they will follow the interest rate set by the Bank of England, not those set by your lender. Again, this may not be advisable during periods of volatility in the market but could be a viable short term option should the need arise.

When choosing the type of mortgage to go for, it’s best to speak to one of our advisors as we are experts and after a short discussion will be able to show you which mortgage type will best suit you.

 

How much will it cost to remortgage?

Remortgage fees are thankfully, pretty minimal. This is because, unlike a house move, there are few bills to pay and the work will mostly be done by us and your lenders. Most lenders offer remortgaging with no upfront valuation fees or additional application fees.

You may also be wondering: do you need a solicitor to remortgage? If you are planning to switch your mortgage lender and have a new mortgage deal, then you will need a solicitor to help with the conveyancing process.

Providers will offer you a lower rate with an added mortgage product fee, or a higher interest rate with no fee. We’ll go through the different options with you. Most of the time, even if there is a lender fee, we can add it to your mortgage to pay off over the months.

Finally, there is the broker fee, which we’ll be completely upfront about with you before you engage our services.

The best ways to improve your remortgage deal

There are a number of things that will be looked at to determine the deals that will be available to you. There are also a number of simple things you can do to improve your odds and ensure the deals you can get are more favourable.

Improve your credit rating

Perhaps easier said than done; lenders will look at your credit history. To have good credit, you need to have made regular repayments on products and services bought with a credit card.

You can use your credit card to buy smaller things, such as fuel and food, to help build-up a better credit score. Basically, you’re showing that you can be trusted to make payments on time. Focus on paying off debts with regular payments and not going over your overdraft.

Seek deals with low interest rates

The bread and butter of remortgaging; use us to help find and compare remortgage rates and thousands of mortgage products with various interest rates. You can search yourself of course, but we do have a huge amount of access and information in the industry. Naturally, being a mortgage broker, finding the best remortgage deals for you is why we’re here.

Find ways to reduce your LTV

The loan to value of your mortgage is the difference between the amount you’ve paid off of your mortgage and the amount that’s left. If you have a 100k valued home and you’ve paid off 20k, you have 80% left to pay, therefore, you have 80% LTV. Having a lower LTV means you will likely be able to find remortgage deals that are cheaper.

Shop around to find lower fees

This is something we can help with also. There are many lenders that have legal, administration and valuation fees added. Through our remortgage comparisons of many different mortgage products, we can cherry pick those that offer the most competitive fees to ensure that your fantastic new remortgage deal stays fantastic after you’ve decided to go for it, with no outrageous additional fees slapped on by the lender.

Remortgaging with bad credit

Don’t let bad credit stop you from thinking you can remortgage and also get remortgage deals that will improve your monthly repayments. Often we can secure exclusive rates from lenders that are adverse friendly, so no matter your financial situation, don’t hesitate to get in touch.

We are proud that one of our main focuses is to ensure we secure mortgages for those with bad credit. We believe the best way to reach the best outcome is through working together, providing you with support throughout your entire mortgage journey.

Affordability of remortgaging with bad credit.

There are so many reasons you may have bad credit. From having poor credit history, missing loan payments, to having county court judgements (CCJs). CCJs make it more difficult to get a mortgage but there are specialist remortgage deals available that take this into account. We provide non-stop support through the entire process and will find the most competitive rates for you even if you have a CCJ in your name.

When not to remortgage

Okay, so we want to stay positive but it wouldn’t be fair if we didn’t mention that there are some times when it won’t be advantageous to consider remortgaging. We want you to make a considered, thoughtful, informed decision before coming to us, and believe that complete transparency is vital.

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Can I remortgage early?

You can remortgage before the end of your fixed term. If you have a fixed term mortgage, you will normally see a large penalty to leave your mortgage before your current terms end. We wouldn’t recommend leaving your fixed rate mortgage early unless you have a good reason to do so, such as finding a better interest rate when wanting to remortgage to release equity in your property for some extra cash.

What about the state of the current market?

As we’ve all been too aware in recent times, the economic climate can, at times, be quite volatile, with interest rates increasing to unsustainable levels. These sort of things tend to follow a pattern, with times of high interest and times that interest rates decrease.

When choosing to remortgage, it doesn’t hurt to be aware of the larger economic landscape and take into account the direction of the market as a whole. Unless you are on a fixed mortgage that is about to end, we wouldn’t recommend choosing to remortgage when interest rates are higher, as you’ll be unlikely to find a better deal than you currently have.

What if I’m close to repaying my mortgage?

If you’re close to paying off your entire mortgage, with a small remaining mortgage, hunting around for a new or better deal might be entirely unnecessary. True, it is always better to save money, no matter how much there is left to repay, but if you are close to completing your mortgage, switching lenders or finding a better interest rate will not be as vitally important as before.

Have you or your partner recently become self-employed?

This is an unfortunate reality, but not an impossible one to overcome. If your employment status has changed recently, it is harder to find better remortgage deals. This is because for the self-employed, you have to show two years’ worth of stable, regular income and in the lenders eyes, if you don’t have that, then you may be more of a risk to them. If this is the case and you are needing to remortgage, don’t hesitate to contact one of our mortgage advisors who will be more than happy to go through your options. If possible, avoid remortgaging close to the time your employment status changes, though we understand that sometimes, this is unavoidable!

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.

Having a broker to help demystify the mortgaging process, explaining all of the quirks and tips of the industry gives you a huge advantage when looking at how to remortgage your house, and the support we offer is unbeatable.

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