Is It Easy To Get A Remortgage?

 

Remortgaging is when you switch your current mortgage to a new deal with your current lender or a new lender, often to get a better interest rate. You can even remortgage your property to raise funds for home improvements or debt consolidation.

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Why Should I Remortgage?

Obtaining a better interest rate before the current mortgage deal ends is usually the reason for remortgaging. However, there are other reasons people decide to remortgage.

Reasons to remortgage:

• Your current deal is about to end,
• You want a better interest rate,
• Your home’s value has increased significantly,
• You're concerned about interest rates increasing,
• You want to overpay but your lender won’t let you,
• You want to switch from an interest-only to repayment mortgage,
• You want to borrow more,
• You want a more flexible mortgage.

Reasons NOT to remortgage:

• Your mortgage debt is small,
• Your early repayment charge is large,
• Your financial circumstances have changed,
• Your home’s value has decreased,
• You have very little equity,
• You’ve had credit problems since taking out your existing mortgage,
• You’re already on a great rate.

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 When Should I Remortgage?

The best time to remortgage is when you have no early repayment charges to consider on your current mortgage. This is normally when you’re at the end of your current mortgage deal. It’s a good idea to research the remortgaging process around 3-6 months before your current deal ends.

This means that you will be ready to switch to the new deal and avoid paying any payments on a higher interest rate with your current lender. If your current deal has ended, we can still help you at any stage in the process.

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How Do I Remortgage?

If the best option for you is to remain with your current lender on a new deal, then this is a straightforward process known as a product switch or product transfer. However, if a better deal is obtainable with a different lender or you want to raise funds, the process is the same as taking out a new mortgage, with an application process needing to be followed.

Credit checks and affordability assessments are done and your current mortgage is repaid when the new lender has accepted your application.

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Should I Use A Mortgage Broker To Remortgage?

There are many benefits to using a mortgage broker like Quealy & Co Financial Services Ltd. to remortgage. We have access to exclusive mortgage deals which cannot be obtained by going directly to lenders. We also handle the mortgage application for you, saving you precious time and money.

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How Much Does It Cost To Remortgage?

There are possible lender fees when remortgaging, but these are usually worth it when you could be saving thousands of pounds per year with a new mortgage deal.

At Quealy & Co Financial Services Ltd. we explain the costs involved and go through how much you could save compared to staying on your current deal or doing a product switch with your current lender.

The list below are the possible fees involved when remortgaging (you may not have to pay all of these as your new lender may cover some of them):

• Valuation Fee
• Solicitors Costs
• Lender Product Fee (not all mortgages have these)
• Mortgage Broker Fee (good news: we don't charge this!)

All the costs involved will be explained to you and shown on your personalised illustration from your new lender. We can help you to understand this and answer any questions you may have.

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Get Free Advice About Remortgaging

Remortgaging is a vital process of owning a home that has a mortgage secured against it. Getting advice on the right mortgage for you could save you lots of time and money in the long run.

Get in touch with our friendly team at Quealy & Co Financial Services Ltd. for a free, no obligation chat to find out how we can get the best mortgage deal for you and answer any questions.

01795 505761

john.king@quealy.co.uk

hayley@quealy.co.uk 

Try our handy mortgage calculator here.

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Disclaimer:

This article is for information purposes only and should not be used as a substitute for professional financial or mortgage advice. Always consult with a qualified professional to make any decisions for your specific circumstances.

**Your home may be repossessed if you do not keep up repayments on your mortgage.**

Quealy & Co Financial Services Ltd. is authorised and regulated by the Financial Conduct Authority No. 919693