Remortgages

There is no specific limit to the number of times you can remortgage your property. However, it is important to consider the financial implications of doing so, especially during a fixed-rate term where you might incur early repayment charges.

Yes, remortgaging to release equity from your home can provide you with extra funds, which can be used to consolidate and pay off other debts, such as credit card debts or loans.

The ideal timing for remortgaging can vary based on individual circumstances, but generally, it is advisable to start exploring your options and potentially secure a new mortgage deal before your current one expires to avoid moving onto the lender’s Standard Variable Rate (SVR). Speaking to a mortgage advisor in advance, approximately six months before your current deal ends, is recommended.

Yes, a remortgage application can be declined by a lender due to various factors. However, this does not mean all lenders will refuse your application, as different lenders have varying criteria. If you have been declined by your current lender, there may still be another lender that is willing to lend.

It is possible to remortgage with a poor credit history. The solutions may vary depending on the specifics of your credit situation, but there are often options available to those with less-than-perfect credit scores. You can check your credit rating and history for free at Check My File.

The remortgaging process varies depending on your situation and the lender, typically it takes between one to two months from the application date.

You have the option to remortgage with your current lender or to explore offers from new lenders. Each option has its benefits, and shopping around may help you find a better deal, though staying with your current lender might streamline the process. If you remortgage with your current lender this is called a product transfer.

A licensed conveyancer or property solicitor is required to complete the remortgage process. They ensure that the new mortgage is correctly registered against your property and that the previous mortgage is discharged from Land Registry.

The fees for remortgaging can include an arrangement fee for the new mortgage, an exit fee from your current lender, and charges for valuation and legal services. An early repayment charge may also apply if you leave your current mortgage early. Some lenders offer remortgage specific deals which offer low or no initial remortgage costs.

If you have changed jobs or your income has changed since your last mortgage application, you will need to provide updated employment details. Changes in your employment status or income can affect your borrowing capacity, and it’s important to discuss these changes with your mortgage adviser to understand the implications for your remortgage application.