remortgages

A remortgaging decision should be considered carefully and based on your individual circumstances.

When your current mortgage deal is coming to an end, or your circumstances have changed, it may be appropriate to review the mortgage options available to you. Depending on the products and rates available at the time, remortgaging may allow you to access a different interest rate or mortgage structure.

However, a lower interest rate does not necessarily mean a lower overall cost. You should also consider any product fees, legal costs, valuation fees, early repayment charges and other costs associated with changing your mortgage.

There are several important factors to consider before deciding whether to change your existing mortgage. We can help you review your circumstances, compare the available options and understand the potential costs and benefits of each option.

The aim is not simply to find a new mortgage, but to establish whether changing your existing mortgage is appropriate for your needs and financial objectives.

If you are considering remortgaging, it is important to review your current mortgage and understand the options available to you before making a decision.

Our mortgage advisers will take the time to understand your financial circumstances, needs and objectives and review the mortgage options available through our whole-of-market service.

We will consider factors such as your current mortgage, outstanding balance, interest rate, remaining term, any applicable early repayment charges and the costs associated with changing your mortgage.

We will then explain the suitable remortgage options available to you and help you understand the key features, costs and potential benefits of each option.

Our aim is to help you make an informed decision about whether remortgaging is appropriate for your circumstances.

When considering a remortgage, it is important to look at the overall cost and features of the new mortgage, rather than focusing only on the interest rate or monthly payment.

You should consider any costs associated with changing your mortgage, including early repayment charges on your existing mortgage, product fees, legal costs, valuation fees and any other applicable charges.

Taking all of these factors into account can help you understand whether changing your mortgage could be financially worthwhile for your circumstances.

As a whole-of-market mortgage adviser, we will review the available options based on your needs, objectives and financial circumstances and explain the key features, costs and terms of the mortgages we consider suitable for you.

Our aim is to help you make an informed decision about whether to remortgage and, if appropriate, which available mortgage option may be suitable for you.

Once you have decided to proceed with a suitable mortgage option, we can help you submit your remortgage application to the recommended lender.

The lender will carry out its own assessment and underwriting of your application. You will need to provide relevant information and supporting documents about your income, expenditure, existing financial commitments, credit history and overall financial circumstances.

The lender will use this information to assess your affordability and whether you meet its lending criteria.

Depending on the lender and your circumstances, a property valuation and other checks may also be required before a mortgage offer can be issued.

We will guide you through the application process, help you understand what information is required and keep you updated as your application progresses.

Please note that submitting a mortgage application does not guarantee that the lender will approve the mortgage or offer the amount requested.

Depending on the lender and your circumstances, a valuation of your property may be required as part of the remortgage process.

The lender may arrange a valuation to assess the property's current market value and confirm that it provides suitable security for the proposed mortgage.

A lender's valuation is not normally a detailed survey of the property's condition. If you require a more comprehensive assessment of the property's condition, you may wish to arrange an independent survey.

Once the lender has completed its assessment and is satisfied with the application, it may issue a formal mortgage offer, subject to the lender's terms and conditions.

Your solicitor or conveyancer will also deal with the legal aspects of the remortgage. Depending on the circumstances and lender requirements, this may include checking the property's title, carrying out relevant searches and providing the necessary legal documentation to the lender.

The exact process and checks required can vary between lenders and individual circumstances.

Once all the necessary checks and requirements have been completed, your solicitor or conveyancer will arrange completion of the remortgage.

On completion, the new lender will release the mortgage funds. Your solicitor or conveyancer will use these funds to repay your existing mortgage with your current lender.

If you are borrowing additional funds as part of the remortgage, any remaining funds will normally be released to you in accordance with the agreed arrangements following completion.

Once the remortgage has completed, your new mortgage will be in place and you will begin making repayments to your new lender in accordance with the terms of your mortgage agreement.

Your solicitor or conveyancer will confirm when completion has taken place and provide you with the relevant details.