Remortgaging your home

A remortgage is changing your mortgage to a different lender. This may be to secure a better rate or to raise additional funds.

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What is a remortgage?

A remortgage is changing your mortgage to a different lender, and this may be for a number of reasons. You may just be looking to get a better deal than your present lender can offer you, or you may want to pay an amount off your mortgage.

Alternatively, you might be wanting to change how long the mortgage is over, i.e. reducing or extending the term to suit your current situation, or you may be wanting to borrow additional money which is available for almost any purpose.

This can be more straight forward than buying a property, and will be considered based upon your current circumstances. In most situations the lender will pay the cost of a valuation, and also cover the costs of basic legal fees to transfer the mortgage.

With the current state of interest rates we would recommend that you start the process of finding a new mortgage 6 months before the end of your current deal, so that the new deal is reserved and ready to start as soon as the current rate ends.

Consolidating existing credit

If you have credit outstanding on high rates, then you might want to incorporate those within your mortgage to reduce the monthly payments. Debts on loans, hire purchase, overdrafts, credit and store cards can all be considered.

Raising money for business purposes

Many lenders will not lend additional funds to invest in a business, there are, though, lenders who will consider this. It will depend on whether you are using the money to buy a new business or expand an existing one which lender you should approach.

Do I have to change lender?

Generally, your current lender will offer you a new deal at the end of your current one. If this deal is the best available then there is no reason to move lender and you can just move the mortgage across. This is a really simple process, you are not changing the mortgage details so they will not need to underwrite it again, meaning that your income could have reduced from when you applied originally but it will still be acceptable.

Many lenders will let you start this process several months before the end of the deal, you will normally be able to apply to alter your mortgage term, or take additional borrowing at the same time, but it will be subject to your current circumstances being acceptable to the lender.


What is the best time to start looking for a remortgage deal?

Most mortgage offers are valid for 6 months, and so applying for and so if you reserve a rate prior to this it is unlikely to go through on the rate you thought. We would recommend looking at things 6 months before your current deal ends.

Can I raise additional money at the same time as a remortgage?

Most purposes are acceptable to lenders as a reason for borrowing additional money. Some acceptable reasons to raise money are to clear loans, home improvements, a car, and investing in a business.

Can I change the term of my mortgage when I remortgage?

Subject to criteria, yes you can. You can look to reduce or extend the term of the mortgage to reflect your current situation.

Think carefully before securing other debts against your home.

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

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