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Written by:
Alison Gibson
Ascot Mortgage Expert
Last Updated:
29.10.2024
Written by:
Alison Gibson
Ascot Mortgage Expert
Last Updated:
29.10.2024
Why Does Remortgaging Mean?
With more exclusive mortgage conditions, you will be able to operate your money more efficiently. A remortgage plan can bring a positive change to your financial circumstances and enable you to satisfy the requirements of your mortgage credit sooner. Aside from paying it off sooner, UK homeowners also take a closer step to more flexible, advantageous, and secure mortgage rates.
In comparison, it might be one of the most important and actually most demanding monthly expenses. Given the hazy nature of the economy’s future in the UK, taking control of the repayment amount definitely contributes to your feeling of comfort and contentment.Whether you are trying to get a more beneficial deal or searching for funding to improve your home conditions, remortgaging is one of the most advantageous scenarios to consider. Understanding how this type of bargain can help you expand your possibilities will surely come in handy and let you obtain cheaper remortgage deals and reduce your monthly payments.
Remortgaging is applied when you keep living in your present property while applying for another mortgage deal with a new lender. Before finding out how to remortgage and get the best offers from experts like Ascot Mortgages, you have to check meeting what parameters of the deal that can help you succeed the most. The range of background factors varies a lot — from the recently changed loan-to-value ratio or your existing agreement coming to an end.
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Why Might I Want to Remortgage My Home?
With more exclusive mortgage conditions, you will be able to operate your money more efficiently. A remortgage plan can bring a positive change to your financial circumstances and enable you to satisfy the requirements of your mortgage credit sooner. Aside from paying it off sooner, UK homeowners also take a closer step to more flexible, advantageous, and secure mortgage rates.
In comparison, it might be one of the most important and actually most demanding monthly expenses. Given the hazy nature of the economy’s future in the UK, taking control of the repayment amount definitely contributes to your feeling of comfort and contentment.
Your Current Deal Is About to Expire
You don’t have to wait for your current agreement to come to an end. To secure your new rate, don’t hesitate to apply for the next deal three-to-six months prior to your deal being over. You could desire to remortgage for a number of reasons:
- If your home renovation project has exceeded your expectations in terms of its price, you might need to borrow extra money.
- Unexpected scenarios are possible as well, including cases when you have to cover expensive bills or debts.
It is not recommended to remortgage solely by pursuing lower interest rates — you risk facing huge early repayment penalties, which will eliminate any savings of monthly mortgage spending.
You’re on a High Interest Rate
Another criterion to reconsider your current mortgage deal is the increase in interest rate. After several consecutive rises of it by the Bank of England, which has already resulted in the highest rates since 2008, numerous homeowners have to face a spike in their monthly mortgage payments. Deciding on remortgaging results in acquiring a better rate and lowering the repayments to make.
High inflation is expected to fuel this hiking phase and might increase interest rates even more. Compared to the downfall to 3.5% in July 2003 and the rise to 5.75% in July 2007 in the UK interest rate history, the current tendency is worrying and requires taking action for both variable rate mortgages and fixed rate deals to expire soon.
Based on a mortgage of £300,000 at 75% LTV and 25 years Today’s best buy mortgages
Latest mortgage best buys
See all mortgage best buysSpeak with Us Interest Rate Mortgage Type Monthly Repayment Amount Total Fees Max LTV 
3.79% Fixed £1,174 £30 75% 4.09% Fixed £1,198 £0 75% 4.12% Fixed £1,210 £1,499 75% 4.24% Fixed £1,224 £1,025 75%
Alison Gibson
Ascot Mortgage Expert
Remortgaging: A Smart Move for Homeowners
What Our Expert Says...
You don’t have to complete your existing mortgage before exploring new options. Many remortgage deals are valid for three to six months after approval. By getting your next mortgage ready early, you can move from one deal to another easily, avoiding a jump to your lender’s usual rate. Whenever you’re in doubt, don’t hesitate to consult a professional. We are always ready to assist you.
Why Might I Want to Remortgage My Home?
With more exclusive mortgage conditions, you will be able to operate your money more efficiently. A remortgage plan can bring a positive change to your financial circumstances and enable you to satisfy the requirements of your mortgage credit sooner. Aside from paying it off sooner, UK homeowners also take a closer step to more flexible, advantageous, and secure mortgage rates.
In comparison, it might be one of the most important and actually most demanding monthly expenses. Given the hazy nature of the economy’s future in the UK, taking control of the repayment amount definitely contributes to your feeling of comfort and contentment.
What Fees Will I Have to Pay to Remortgage?
In the majority of cases, a percentage of the loan or a flat fee takes place in covering the cost of professional mortgage broker services. However, a lot depends on what mortgage brokers you cooperate with. Thanks to Ascot Mortgages, you always access the best available rates and can consult with expert advisors to find the best path to save money. Your first consultation is free and lets you analyse your remortgaging case in more detail.
Your Current Deal Is About to Expire
You don’t have to wait for your current agreement to come to an end. To secure your new rate, don’t hesitate to apply for the next deal three-to-six months prior to your deal being over. You could desire to remortgage for a number of reasons:
- If your home renovation project has exceeded your expectations in terms of its price, you might need to borrow extra money.
- Unexpected scenarios are possible as well, including cases when you have to cover expensive bills or debts.
It is not recommended to remortgage solely by pursuing lower interest rates — you risk facing huge early repayment penalties, which will eliminate any savings of monthly mortgage spending.
How Can I Get the Best Remortgage Deal?
Your preparation analysis and comparison of different mortgage products in the market will contribute to the deal’s overall efficiency. Stay tuned to check what actions to take to improve the palette of available remortgaging options.
You’re on a High Interest Rate
Another criterion to reconsider your current mortgage deal is the increase in interest rate. After several consecutive rises of it by the Bank of England, which has already resulted in the highest rates since 2008, numerous homeowners have to face a spike in their monthly mortgage payments. Deciding on remortgaging results in acquiring a better rate and lowering the repayments to make.
High inflation is expected to fuel this hiking phase and might increase interest rates even more. Compared to the downfall to 3.5% in July 2003 and the rise to 5.75% in July 2007 in the UK interest rate history, the current tendency is worrying and requires taking action for both variable rate mortgages and fixed rate deals to expire soon.
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FAQ
The loan to value (LTV) rate determines how much you can borrow. A lower LTV typically results in better interest rates and more choice of lenders for remortgaging, as it represents lower risk to lenders.
Yes, you can choose to remortgage with a different lender. However, this should be based on factors such as interest rates, fees, and the terms and conditions of the potential new mortgage. Contact us today and we can help you to find the best option to suit your needs.
Most lenders will require a valuation of your property when you remortgage to ascertain its current market value. Some lenders may use an automated valuation model instead of a physical appraisal. Need help navigating this? Reach us today to discuss your mortgage needs.
Yes, when remortgaging a solicitor is required for both the mortgage lender and the applicant. Some mortgage lenders offer mortgage products that have a free legal facility. They handle the legal paperwork and advise on potential issues.
The amount you can borrow with a remortgage depends on multiple factors including your income, outgoings, credit score, the value of your property, and the lender’s criteria. Easy contact us to discuss your remortgage borrowing capacity.
The remortgaging process typically takes between 4 to 8 weeks, but can be quicker or slower depending on your circumstances and the lender’s processes. For help in understanding what you can expect, contact us today!
To improve your chances of being accepted for a remortgage, maintain a good credit history, ensure your income is stable, and reduce your overall debt. It can also help to have a clear purpose for remortgaging. Need advice? Reach us today.
It is possible to remortgage with bad credit, but options may be limited and interest rates may be higher. Some specialist lenders provide services for people with poor credit histories.
Applying for a remortgage will likely require a credit check, which can leave a footprint on your credit file. However, the impact on your credit score is usually minimal and temporary.
If your remortgage application is rejected, seek to understand why. It could be related to your income, property value, or credit score. You may need to consider alternative lenders or improve your financial situation. Contact us today for a free consultation and guidance on your options.
Yes, self-employed individuals can remortgage. However, you’ll need to provide more evidence of your income, usually in the form of HMRC documents for the last two or three years. If you’re self-employed and considering remortgaging, feel free to reach out to us whenever you’re ready to discuss this further.
Seeking advice on remortgaging can be beneficial to understand the costs, benefits, and potential risks. Professional mortgage advisors can guide you to make the best decision based on your circumstances. Need professional advice? Easy reach us and we always here to help!
Yes, there are fees involved in remortgaging. These can include exit fees from your current lender, arrangement fees for your new mortgage, valuation fees, legal fees, and broker fees. It’s important to factor these in when considering a remortgage.
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Ascot Mortgages authorised and regulated by the Financial Conduct Authority and can be found on the FCA register (www.fca.org.uk) under reference 776062. The FCA do not regulate some forms of mortgages. The guidance and advice contained in this website is subject to UK regulatory regime and is therefore restricted to consumers based in the UK. There may be a fee for mortgage advice. The precise amount will depend upon your circumstances but we estimate it will be £599 per mortgage account. Ascot Mortgages Ltd give you the option to pay a non-refundable fee of £1299 payable with the application. If this option is taken, Ascot Mortgages Ltd will refund any procuration fee received by the lender.
Ascot Mortgages Limited is registered in England and Wales and have their registered office at 8 Webster Court, Westbrook, Warrington, WA5 8WD. The company’s registration number is 06764971.
We are a credit broker, not a lender. We work with the whole of the lending market. We may receive commissions that will vary depending on the lender, product, or other permissible factors. The nature any commissions model will be confirmed to you before you proceed.
YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY DEBT SECURED ON IT
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