MORTGAGES
REMORTGAGE
- You'll experience an unrivalled customer service
- We offer a comprehensive range of products from across the market but not deals that you can only obtain by going direct to a lender.
- You can contact us 24/7, we're always available to help
Think carefully before securing other debts against your property. Your property may be repossessed if you do not keep up repayments on your mortgage.
Some buy to let mortgages are not regulated by the Financial Conduct Authority.
All you need to know about Mortgage refinance
Remortgage is just the term for changing your mortgage. Whether you decide to go with a new lender or to choose a different mortgage with the same lender (known as a product transfer), you will be applying for a new mortgage product.
Â
In order to benefit from remortgaging, getting the timing right is critical. There are a range of circumstances whereby remortgaging is a good idea and equally as many circumstances where it’s not and can actually be detrimental.
When is a good time to Mortgage renewal
If any of the below circumstances apply, the likelihood is you will benefit from remortgaging:
Â
Your current fixed rate is ending
If you took out a fixed rate deal for the attractive low introductory interest rate, the likelihood is, your fixed term will end in between two and ten years. When your product term ends, your mortgage repayments will default to the lender’s standard variable rate of interest (SVR).
Standard variable rates are often higher than fixed interest rates, are changeable and set by your mortgage provider. Remaining on a standard variable is almost never your best option.
Â
You’re concerned about a rise in interest rates
Should you have a variable rate or tracker mortgage, a change to the bank of England base rate of interest may impact your monthly repayments. Whilst currently very low, the UK base rate could, of course, change at any time, so it’s worth staying aware. Remortgaging to a fixed mortgage, could help you gain security in your monthly payments to protect against future interest rate increases for a period of time.
Â
Your home has significantly risen in value
If your home is worth much more now than when you took out the mortgage, your loan to value ratio will have fallen. A lower loan to value amount gives you access to better mortgage rates from most lenders which will save you money, as well as presenting the opportunity to increase your borrowing if needed. The increased equity could potentially also allow you to raise additional money out of your property to fund home improvements of other personal financial needs.
Â
Your mortgage terms do not allow for overpayments
If affordable, making overpayments on your mortgage can be very beneficial. It can help you to reduce either the term of your mortgage or the monthly payments over the existing term. Most lenders will allow limited amounts of overpayments without penalties, but if you are looking to make large overpayments then it may be beneficial to remortgage to a product with unlimited overpayments. It’s important to consider, however, whether early exit fees on your current mortgage would outweigh the benefits as you pay off your mortgage.
Â
You want to increase your loan
Remortgaging can sometimes be used to facilitate the purchase of high value items, such as cars. You could also use it for home improvements or to consolidate debts, although it’s often not the cheapest option and a personal loan alongside other financing options such as Further Advances should be fully considered.
Â
You want a more flexible mortgage
If you’re looking for a mortgage with flexible options, such as payment holidays, or the ability to offset your savings against the interest, you may benefit from remortgaging.
Â
You want to change your mortgage type
Although on rare occasions you may need to remortgage, most lenders can change your existing mortgage from an interest-only to a repayment mortgage without the need to remortgage. However if looking to change property use from residential to Buy To Let or visa versa a remortgage may be required.
When is remortgaging not a good idea?
Even where you have a good reason to apply, if any of the below circumstances apply to you, it’s unlikely that remortgaging will be the right choice.
Â
There are high early repayment charge on your existing mortgage
Even though many remortgage offers would result in savings, where the exit fees on your current mortgage are very large, they can outweigh these benefits.
Â
Your remaining debt is very small
If you have less than £50,000 left to pay on your existing mortgage, the fees involved with remortgaging will often outweigh your savings.
Â
Your financial circumstances have worsened
If your financial circumstances are worse now than when you took out your original mortgage, whether as a result of loss or reduction in income or recent adverse credit, it’s likely your application for a remortgage options may be impaired.
Â
You have low or negative equity in your property
If your home is valued at a lower price now than when you took out the mortgage, your loan to value amount will be higher. This will usually result in very little or even negative equity available in your home (you owe more than your home is currently worth). Again, lenders will not accept a remortgage application in these circumstances. Lower equity in the property could also lead to being offered higher interest rates for a prospective lender.
Â
You already have a great mortgage rate
Whilst you should always look out for better deals, if you already have one of the best mortgage rates on the market, it’s unlikely you will benefit from remortgaging. Where the savings are minimal, fees are likely to outweigh them.
What happens if I don’t remortgage after my deal expires?
You are under no obligation to remortgage and all that happens where you choose not to remortgage is that you will transfer to your lender’s standard variable rate.
Â
Standard variable rates are almost always higher than other mortgage deals, so your repayments will often increase with this change.
What fees are associated with a remortgage?
You can expect to pay similar fees to the ones for your original mortgage when you apply to remortgage. Arrangement fees, booking, and legal fees are standard and in some cases, you will have additional valuation fees.
Â
You won’t need a deposit in order to apply for a remortgage, but it can improve your chances of acceptance if you offer one.
Â
It is now more common for lenders to offer a range of fee-free remortgage products where they will cover any property valuation and legal conveyancing costs associated with the remortgage application.
Your home/property may be repossessed if you do not keep up repayments on your mortgage.
Some Buy-To-Let Mortgages are not regulated by the Financial Conduct Authority.
Happy Clients
Sharmila Rumpa2024-05-28Excellent and professional service, wanted to call out Bhavna Gover especially, she helped me to sort out a Ltd Company buy to let mortgage. She's very thorough in her work. Please ask for Bhavna if you need a mortgage in future, she will be happy to help for sure.
Kash Anis2024-05-23We approached Mortgage matchmakers regarding to get an options as we alreday tried few brokers before.Mohit introduced Bhavna which helped us out through out our journey.We felt it was difficult as our situation was bit tricky, but Bhavna worked out the best resoultion and sort this out. We have no words to say thank you, as it was amazing support from Bhavna and got the mortgage offer. Bhavna was fantastic,friendly and very passionate person, she is very professional Mortgage Advisor. Once again I would like to say Thanks so much for helping through out my journey to get mortgage for my new house.
Larushhh O2024-05-18It was a pleasure working with Paul over the last few months with my remortgage. He took away the stress of remortgaging with his professionalism and patience till the deal was finalised. I highly recommend him as a broker. Thanks for your support and help once again.
Aromes Bienmaison2024-05-15Paul was very helpful and provided a great guidance throughout the whole process
Shalaka2024-05-14We couldn't have asked for a better mortgage advisor! Mohit has been an absolute asset, always there when we had a question, and believe me, we had plenty! Being first-time buyers, his guidance was invaluable. What we appreciated most was his honesty and the fact that he never made us feel rushed into any decision. We're still in the process, but we already feel confident with his support. Totally recommend him to anyone in need of mortgage advice!
Dinesh Johnson2024-05-13Mohit was simply brilliant and helped us to understand all the options available in the market and choosing the best and importantly the right product for our need. Mohit is very efficient, he goes out of his way to help his clients and keep his client’s interest at top of his priorities. He was very professional and knowledgeable, would certainly don’t think twice to get his service in the future. I would highly recommend him to anyone who needs advice and support in sorting their mortgages. Thank you soo much Mohit for your hard work and support in sorting our both residential and BTL mortgages! Tharaka & Dinesh
Bagya P2024-04-30If anyone looking for hassle-free mortgage process, then I would suggest to discuss with Mohit. Mohit explained the process more in detail, assessed the situation very well and gave perfect suggestions to get the process done. Also, he closely connected with Solicitor and made the whole process easy. Additionally, I would like to thank Bhavana for her exceptional work. She tried many options to get the better deal from different Vendors. She explained all my queries on time and appreciate her professionalism. Thanks a lot once again Mohit and Bhavana for all your support.
Oliver Harris2024-04-24Mohit was a great help with finding my first mortgage. He talked through all options clearly and found the best deal to suit my needs. I'd thoroughly recommend using his services.
Veronica Ihonor2024-03-03The team was very professional with spontaneous delivery in line with agreement. Well done guys
Ogechi Eke2024-01-14If you’re looking for a professional mortgage broker who actually goes above and beyond his role then look no further. Ankur Daru is your main man. He is extremely helpful and knowledgeable. Even when the interest rate dropped for my lender, without prompting, he sent me an updated deed. There are so much more I could write but I’ll sum him up in a few words: Professional, knowledgeable and helpful. Thank you for securing the deal for me Ankur! I look forward to the next one! Ogechi