How Much Can You Remortgage A House For?
Most homeowners need to remortgage at some point. Whether you’re looking to save more money, make some home improvements, or even consolidate your debts*, if you’re thinking about remortgaging by choice, you’ll want to know that it’s worth it. This is especially true if you’re looking to free up some cash each month by lowering your monthly repayments. So, for many, the real question is: how much can you remortgage a house for? In this quick guide, we’re answering exactly that.
How much can I remortgage my house for?
When you secure a mortgage in the first place, there are lots of considerations that go into deciding how much money you can borrow as well as the terms for paying it back. The same goes for a remortgage.
From your current loan-to-value ratio to your income, expenditure and credit score, while a mortgage advisor and lender will take into account your preferences, at the end of the day your remortgage will be calculated based on your current financial data and history.
Interest rates and the state of the housing market can also have a part to play. For instance, if your property has seen a significant increase in value over time, then this should place you in a more favourable position when it comes to remortgaging. Also, the more of your property you own outright the better.
Is there a quick way to calculate a remortgage?
The best way to find out how much you can remortgage your house for is to speak to a mortgage advisor. They will be able to assess all the criteria and match you with suitable lenders to give you a good calculation. From there, you can weigh up whether your new mortgage offers are worth it.
There are also remortgage calculators online which are a quick way to get an idea of how much a new mortgage may cost you, (or at least how much you’d need to borrow).
Don’t forget, there may be extra fees that you should consider, including conveyancing costs if you’re looking to switch mortgage providers, and early mortgage cancellation fees. A mortgage advisor can incorporate all your costs to ensure that a remortgage is affordable.
Speak to Agentis today
At Agentis, we help homeowners up and down the country find the best remortgage offers to either help them free up extra money each month or to help them pay off their loan sooner. Contact us to speak to our remortgage experts today.
*You may have to pay an early repayment charge to your existing lender if you remortgage. Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.
