A remortgage refers to the process of switching your existing mortgage to a new one, typically with a different lender. It involves paying off your current mortgage with the proceeds from the new mortgage.
Remortgaging is often done to:
The reasons you might consider a remortgage include:
On average, the remortgage process can take anywhere from 4-8 weeks, but it can be shorter or longer depending on the circumstances. The duration of the remortgage process can vary depending on factors such as the complexity of your financial situation, the lender’s processes, and the level of preparation beforehand.
Yes, unless you are just getting an advance (i.e. borrowing more on your existing mortgage deal with your existing lender). If you opt to change your mortgage rate or deal with your existing lender, it is referred to as a “product transfer,” which typically does not involve any additional legal work. In other cases, however, you will need legal help. (Source)
At Deedle, we understand the anxiety that often accompanies the process of remortgaging your home, and we are here to provide our support. Our team of mortgage advisors is committed to assisting you every step of the way, starting from the initial consultation and extending until the successful completion of your mortgage.
We take charge of all the essential paperwork, maintain communication with lenders, and ensure a streamlined experience, allowing you to save valuable time and stress. Regardless of your credit history, employment situation, or retirement status, our team of experts is fully devoted to helping you secure a mortgage that perfectly suits your distinct requirements.
Maybe. Remortgaging when your property’s value has decreased can be challenging, as it may affect the loan-to-value (LTV) ratio. However, some lenders may consider the equity you have in the property or offer specific remortgage products designed for such situations.
A product transfer is when you switch to a new mortgage deal offered by your current lender without moving your mortgage to a different lender. It is a simpler process compared to remortgaging since it does not involve changing lenders or obtaining a new mortgage. You will also avoid legal fees.
The best time to remortgage depends on various factors, including:
Yes! Remortgaging with poor credit can be difficult, but it is not impossible. Deedle considers people of all credit histories, so you can apply even if you have a poor credit score. However, you may face higher interest rates or more limited options.
Yes, it is possible to remortgage early. Reasons you may wish to change your mortgage include if you want to move house, the relationship with your joint owner has broken down or there is a significant drop in interest rates. Just bear in mind that there will be early repayment charges.
