Remortgaging your home
There are some incredibly competitive remortgage rates available on the market today, many of which benefit from free valuations and no lender arrangement or legal fees to move your mortgage to a new lender. What's more, with uncertainty looming over the Bank of England's decision as to when rates should rise, it could not be a better time to lock in a market leading rate.
Remortgaging need not be just to secure a better rate. Other reasons may include (but not limited to):
- A large purchase - this could include buying a new car
- For home improvements - a new kitchen, extension, conservatory etc.
- To raise a deposit for another property
- To add or remove a name from the property
- For any other change in personal circumstances.
Of course a remortgage is the very much the same as a mortgage to buy a house - you will still need to prove your income and satisfy the lender's criteria. Many things may have changed since you took out your original mortgage so everything will need to be re-assessed. Criteria has changed dramatically even in the last year since the Mortgage Market Review and you need to quickly identify those lenders most willing to help you - that's where we can help.
What if my remortgage application is declined?
We always aim to speak to our existing clients before they reach the end of the mortgage deal to make sure that they still have the best mortgage to fit their needs and circumstances, but we also get many people contacting us having met a problem after being declined by a high street bank or building society because they don't fit criteria now for reasons such as:
- Failing credit score
- Affordability calculations do not meet your required lending
- The type of property is unacceptable - e.g. specialist construction types
- Employment or pay is unusual - e.g. dividends, overtime, bonuses, stipend, bursary, second jobs, benefits and allowances
- Rental properties.
Our experience and expertise can quickly identify a lender willing to overcome most scenarios and we can secure a decision in principle swiftly after explaining the different schemes and rates available to you.
- You may have to pay an early repayment charge to your existing lender if you remortgage