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What Remortgage Information Do I Need to Know?

Remortgaging is something that most homeowners will consider at some point. Whether you’ve come to the end of your current mortgage term or you’re hoping to secure a better deal, learn more about your remortgage options in our expert guides.

Posted On: January 26, 2022
Updated On: January 16, 2023

Guide To Remortgaging Your House

How to remortgage a house: Your step-by-step guide

Once you’ve established that you need or want to remortgage, you’ll want to know how to get one. If you follow these simple steps below, you should be able to make your remortgage goals a reality.

Why are you looking for a remortgage?

To speed the process along, you should have a clear idea of why you’re looking to remortgage*.

One of the most common reasons for remortgaging includes finding a better mortgage rate, or one with more favourable repayment terms. Other popular reasons for remortgaging include:

  • Your current mortgage term has ended.
  • You’re looking to release funds for a deposit on an investment property (Buy to Let*).
  • You want to free up cash to afford home improvements or even consolidate debts*.
  • You want to release funds to help a family member purchase a house.

Going to a mortgage lender or advisor with a clear reason will help them match you with the right type of mortgage and repayment plan.

Speak to a mortgage advisor

A mortgage advisor can help you decide the best course of action and guide you through the process. A broker will also help you find the best remortgage deal that works for you.

You may think that remortgaging is a good idea, but with volatile interest rates, it’s important to get professional advice. A mortgage advisor can help calculate whether you could make considerable savings from a remortgage, or whether you’d be better off sitting tight for now.

Other factors that will be taken into account include your current loan-to-value ratio. Your property will need to be professionally valued and the amount you own outright taken into consideration.

Apply for a remortgage – what’s the process?

Your first port of call is to find a trusted, local mortgage broker. Finding a broker that also offers a comprehensive advisory service is highly recommended. Whole of Market brokers will be able to review options with your current lender and look at a host of other lenders to find the right remortgage for your circumstances.

If your broker finds a mortgage offer that you’re happy with, all that’s left to do is apply and your broker will take care of everything else involved in the process to see it through to completion with minimal fuss.

If you’re choosing a different mortgage provider, you will need to speak to a conveyancer to deal with the legal side of switching mortgage lender. If you’re leaving your current mortgage before the end of the contracted length, you may have to pay an early repayment fee. Your broker will take these extra costs into consideration when calculating affordability and suitability of the new mortgage.

How to prepare for your remortgage consultation

  • Current mortgage deal coming to an end?
    Booking an appointment with a remortgage broker 3-6 months in advance will help you avoid having to make any hasty decisions.
  • Review your finances
    Every little helps when it comes to securing the best mortgage deal. From cutting down on monthly expenses to checking your credit score, there are many steps you can take to place yourself in a more favourable position to remortgage.
  • Does your current mortgage have an early repayment fee?
    If you’re looking to switch to a new lender before your current mortgage has come to an end, you should check if you have an early repayment fee. Sometimes this can amount to thousands of pounds. A broker will be able to weigh up whether this cost can be justified with a new more favourable mortgage rate.

Take the hard work out of getting a remortgage with Agentis

Speak to Agentis today to start your search for a remortgage. Our dedicated team will ensure that you’re not only being offered the best remortgage deal for you, but that you also feel fully supported in your journey. We’ll fill out your application and keep you informed every step of the way. Contact our expert team today.

*You may have to pay an early repayment charge to your existing lender if you remortgage.

* Not all Buy to Let Mortgages are regulated by The Financial Conduct Authority.

*Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.