What are remortgages? In short, remortgaging is where you switch your existing mortgage to a new deal, either with your existing lender or a different provider.
There are so many lenders, products, interest rates and moving parts to the whole process. Our remortgages guide helps to break this down so you can feel confident in how you can move forward.
Your remortgage knowledge hub
What is a remortgage?
Can I remortgage to pay off my personal debts?
Can I remortgage to by another property?
Helped us secure our forever home
As existing homeowners, we didn’t really understand our options when it came to a new mortgage. We had only had experience with one lender. Warrington Mortgage Centre was able to give us a comprehensive review of our options and during the process, even managed to help us secure our forever home, something we thought would not be possible for quite some time!
Mike & Alexandra
How do I Remortgage?
We’ll find the mortgage – Made for You!
Simply give us a call or book your appointment on our website. Tell us how we can help you with remortgages, and we will set you up with your own Mortgage Hero (that’s what people call us!)
Your local mortgage advisors
We’ll be there, holding your hand throughout the process. We’ll make sure that we take care of all your paperwork, and make sure you’re kept up to date with your chosen lender, surveyor & solicitor.
Stress-free remortgage advice
Before you know it, our entire team and your dedicated mortgage advisor will have found the perfect solution and we’ll be calling to say congratulations.
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What is a remortgage?
In short, remortgages are when you switch your existing mortgage to a new deal, either with your existing lender or a different provider. You’re not moving house and the new mortgage is still secured against the same property.
The more equity you have and the lower your loan to value (LTV), the more competitive the rates you’ll qualify for.
There can be a large number of reasons for making the switch, including:
To reduce the interest rate on your mortgage – one of the most common reasons
To fix your monthly payments for a longer period of time
Raising money to carry out home improvements
Consolidate your personal debts
Taking a new interest rate could really save you money by taking advantage of a new offer. Another popular reason to remortgage is the option to consolidate all of your debts into one payment – however, be aware that as this means securing more debt against your home it may cost more in the long run, and it’s something you should seek advice on.
How long do mortgages last for?
No matter who you ask, they will all likely tell you that they have had mortgages for different lengths of time.
A typical mortgage term is usually around 25 years, however, lenders can offer you a mortgage much longer than this depending on your age and personal circumstances.
Good to know!
If you choose a longer the mortgage term, the lower your monthly repayment will be, as it will take longer to pay off, however, you’ll end up paying more interest to the lender over a longer period of time.
If you choose a shorter the mortgage term, the higher the monthly repayments will be, but you ill clear your mortgage quicker and pay less interest to the lender.
When choosing how long you want your mortgage to be, think carefully of you monthly budget, because you’ll be committed to pay this, every single month!
When should i speak to a remortgage advisor?
Always be prepared when making any changes to your mortgage, so a good time to consider your options can be up to 6 months before your current deal ends.
This will give you enough time to plan your next steps, in good time, before your mortgage moves onto the Standard Variable Rate (SVR).
How long will it take to complete my remortgage application?
The length of time for the remortgage to complete is typically quicker than if you were to buy a new home. After all, you are staying in the home and you are moving from one lender to another.
Typically, from Application to securing your mortgage offer, the process is around 3 to 6 weeks.
Good to know!
If you have remortgaged with plenty of time to spare, the acting solicitor will arrange for your mortgage to complete on a specific date. This usually falls on the day that your existing introductory deal comes to an end with your current lender.
Your new mortgage will continue and you will receive confirmation from both lenders that the remortgage has completed.
This process can be repeated each time until you have repaid your mortgage, in full.