Remortgages

Millions of UK mortgage borrowers are currently paying their lender's relatively expensive standard variable rate (SVR), Remortgaging to, for example, a discounted or fixed rate mortgage can often save you money each month.

  Find out how much you can save, and make a no obligation enquiry.

Why Remortgage?

There are several reasons why an existing mortgage borrower may wish to remortgage and consider switching to another lender such as:

• To release equity, taking advantage of house price increases
• Debt consolidation - paying off expensive loans and credit and store cards
• Buying out a former partner
• Looking for a mortgage with more flexible features
• Securing a lower and fixed rate of interest with peace of mind for the future
• Looking for a lower variable interest rate

You can also consider an approach to your existing mortgage lender to get a better deal.

Remortgaging Made Easy

Many UK borrowers are put off re-mortgaging because they think the process is too lengthy, complicated and/or costly. These days the process is easier than ever before - so why not take advantage of the situation?

A remortgage only requires around four hours of a borrowers' attention and paperwork, typically takes four to six weeks to go through, and can even be at no cost with a fees-free deal.

Four hours' work to save £100 a month, £1,200 a year, works out at a saving of £300 per hour of a borrower's time - lucrative work!

Moreover, a mortgage broker can handle much of the hassle and advise you on remortgage deals where savings will outweigh any costs. Even if you are tied in to your existing mortgage with redemption penalties, it can often be worthwhile to consider a remortgage and switching to a new lender.

Switching Your Mortgage: a step by step guide

1. Phone your existing mortgage company to ask what deals it is prepared to offer you for staying.
2. Shop around or use a mortgage broker and compare the results with what your existing lender will offer. Some remortgage deals pay all legal and valuation fees but others will charge you. There may also be an arrangement or booking fee, and a fee charged by your broker - so you will need to consider these costs as well.
3. You will need to provide proof of ID and, normally, income.
4. Once you have decided on the remortgage deal you will need a solicitor to help effect the transfer. Your new lender may provide and/or pay for a solicitor. The good news is that the legal process is much quicker for a remortgage than a purchase.
5. Your new lender will want to do a valuation of your property. This may involve a surveyor visiting your home. Or the surveyor may just do a 'drive-by valuation', which does not require entry to your home, or even a 'postcode valuation', which does not require any visit at all.
6. Once the new lender has valued your property and is happy with your ID and income, it will make formal offer, which will spell out any fees and the terms and conditions of the deal.
7. The remortgage solicitor will handle the completion of the remortgage and the transfer of funds from the new lender to the old. This may involve same-day transfers of the money costing up to £40 per transfer.
8. Congratulations! You have now remortgaged and can start saving money.

Cost Implications

Your mortgage broker should be able to arrange a remortgage at little or no cost to you. There are remortgage deals offering a combination of no arrangement or completion fees, free legal expenses and free valuation and no early redemption charges. And remember, remortgaging can reduce your mortgage interest payments by up to a third.

Call 0870 112 6236 now for mortgage and loan information.

Enquiry line open between Monday to Friday 8am-9pm and 9am-9pm over the weekend.

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