Remortgage Guide

A Remortgage is a transfer of mortgage from one lender (or product) to another lender (or product), with the aim of securing a more competitive or appropriate deal, raising extra money, paying off part of your mortgage or maybe to consolidate existing debts. Many mortgage lenders offer highly attractive incentives to pull customers away from other competing lenders. For example, attractive interest rates, free valuations or free legal fees. With regular independent mortgage advice you may be able to save thousands of pounds over the life of your mortgage.

With interest rates at the lowest level in many years, many homeowners are taking out remortgage loans as a way to save on monthly payments. There are a wide variety of lenders who offer remortgage loans, many of whom have special remortgage departments. If your home has risen in value or you're currently carrying a mortgage at a higher interest rate it might be worth considering a remortgage loan.

Remortgage advice for anyone with credit problems

Are you looking to remortgage your home to raise some cash? Has an application been declined? We specialise in remortgage and mortgages for anyone with credit history problems. Each remortgage enquiry is dealt with by a professional qualified advisor. To get things started all you need to do is complete our online enquiry - we will have a remortgage decision immediately.

This is how easy it is to arrange your remortgage?

Complete your Remortgage Details

All you need to get your remortgage moving is to complete your details on our online remortgage enquiry form; we will get you a remortgage Decision immediately

Our qualified remortgage advisor will then review your details, confirm any special remortgage requirements, before providing an expert remortgage decision.

We are Bad Credit remortgage experts

We specialise in any mortgage that requires specialist advice. If you've had trouble in the past getting a remortgage due to a credit mistake we may be able to help as we offer a range of specialist remortgage products that may match your needs.

Cheap remortgage Cost

A detailed explanation of all your costs will be provided so there is no hidden cost. We pride ourselves on our level of service with some of the lowest remortgage costs in the UK.

No remortgage Worries

Your remortgage is then approved by the lender. This gives you peace of mind over your remortgage. We complete as much of the remortgage paperwork as possible leaving you to only need to sign a couple of forms.

Are you satisfied with your remortgage? Are you sure you have the best remortgage rate available, following an initial rate that has now changed? Perhaps you would like remortgage to release some equity from your house to consolidate some more expensive loans? You may even require the security of a fixed rate remortgage deal to keep payments on your mortgage constant.

The remortgage process is more straight forward than people realise. First you need to know the amount outstanding on your current mortgage, or secured loans, including any redemption fees to pay this mortgage off. To remortgage you then need to decide if you need any additional funds, this may be to consolidate other debts or make some home improvements.

Based on some brief remortgage details such as the current market value of your property, basic income status and any credit mistakes in the past, we are able to provide you with an immediate remortgage decision in principle.

Remortgaging is all about moving your mortgage from one lender to another to achieve a better deal and the good news is this does not mean moving house!

Millions of people took advantage of the better rates in the market last year, took the lunge and opted to remortgage their property.

Whilst remortgaging your home sounds scary, most of us, when realising the potential savings that can be had would not think twice about it and in most cases, those with a mortgage who are paying the standard variable rate are always likely to save on their monthly repayments/

Don't increase the length of your mortgage term. It may seem cheaper but will cost you a lot more in the long run with years of extra interest.

How do you choose the best remortgage deal

The bottom line is you're looking for a remortgage with a cheaper interest rate.

However you have to keep your eye out for the usual catches.

Obviously you don't want to switch mortgages to supposedly save money only to find yourself trapped in an unnecessarily expensive remortgage deal.

The best remortgaging deal may be one that doesn't offer the lowest interest rate but doesn't tie you in beyond your own requirements.

Advantages of remortgaging

You will usually have to pay for a valuation, and solicitor's fees, some remortgages include these fees.

In addition, arrangement / application fees charged by your new remortgage lender may cost anything from a couple of hundred pounds to £500 or more.

In all, these costs could add up to £1000 and - like the tie ins - could cancel out the savings you're making by using remortgages.

It's a simple question of adding it up. One of our mortgage brokers could easily do this for you.

TIP: Make sure the costs of remortgaging are kept to a minimum e.g. go for a deal that offers free valuation and free conveyancing if possible.

TIP: Make sure that the new remortgage has no extended redemption penalties

Some of the more common reasons for a remortgage include:

• to get a better remortgage rate in order to reduce monthly outgoings
• to consolidate debt, such as outstanding credit card balances
• to meet home improvement costs, such as a new extension
• to finance a business loan

When deciding on a remortgage you should take into account a number of potential costs that you may incur as a result of the remortgage.

• Legal Fees
• aluation Fees
• Arrangement Fees
• Solicitor Fees
• Dead Release Fees
• Telegraphic Transfer Fees
• Early Redemption Penalties
• Mortgage Indemnity Guarantee

Why remortgage?

In today's competitive market, many borrowers choose to switch their mortgage every few years in order to take advantage of the new rates on offer. Those that remain on the same deal for the full term of their loan could lose out on a range of potential benefits, not least the opportunity to reduce the total amount paid back, which could be a significant margin in some cases.

In simple terms, remortgaging involves switching your current mortgage to a new deal, arranged either with your existing lender or with a new lender. As a current homeowner you may want to consider taking this step for a number of reasons, such as:

• To save money
  - If you're paying your lender's Standard Variable Rate (SVR), it's highly likely that your existing lender will offer a better rate and greater flexibility on other available products. This could allow you to save money on your monthly repayments, or to repay your mortgage sooner. And if your current lender doesn't offer better rates or greater flexibility on its other products, you may want to consider switching your mortgage to another lender, even if doing so would trigger early repayment charges payable to your existing lender, as this could still mean a net saving to you.


• To raise money
  Higher income or a rise in your property's value means you could increase your mortgage to help pay for major outgoings such as a wedding or your child's university costs, rather than borrowing separately, and in some cases more expensively, for the outgoing itself.


• To avoid moving home it can be cheaper and more convenient to adapt or add an extension to your existing home, paid for by remortgaging or a further advance, than to move home.


• To consolidate your debts
  Remortgaging can allow you to release some of the equity you hold in your home and consolidate other debts, such as a car loan or credit cards, which can attract higher rates of interest than that of your mortgage.

Advantages of remortgaging

If like most people you are paying one of the large banks or building societies standard variable rates, you can probably cut your mortgage costs by up to a third.

To remortgage will invariable involve an arrangement fee. When evaluating the costs and benefits of a remortgage it is important to consider this and any other fees. However if the mortgage is for a long time period the arrangement costs should work out to be a small % of the savings. If you are short of money you could even include the arrangement fee in the new remortgage.

Remortgaging will definitely enable you to cut costs considerably and also is an ideal way to partake of equity withdrawal. Equity withdrawal is when you take money from the increased value of your house. For example if you buy a house for £100,000 with a 100% mortgage; after 10 years your house might have increased to £200,000. This represents an increase in your wealth equivalent to £1000, 000 however at the moment this is just a paper increase and is not any good unless you were willing to sell the house. As this is something most people don't want to do what you can do is remortgage. Therefore you could go to a mortgage holder and ask to get a remortgage for £150,000. This means that they will lend you £150,000 but the house only cost £100,000 so you could spend £50,000 cash. However it is does mean that you will have higher monthly repayments.