Remortgaging

Generally speaking, the best time to start the remortgaging process is up to six months before your existing deal ends. If you don’t remortgage before your current deal expires, you will be moved to your lender’s Standard Variable Rate (SVR), which is likely to be higher.

A remortgaging offer is usually valid for between three and six months from the date it was issued, but this will vary from lender to lender. If you choose to accept the offer, you can arrange with your lender for it to begin as soon as your current deal finishes.

If you’re remortgaging with a new lender, the process will normally take between four and eight weeks from when you apply. This is because your new provider will need to assess your affordability and complete a thorough property valuation, which typically takes up the most time.

If you’re remortgaging with your existing provider, the process will be much quicker. This is because there are no legalities involved with a product transfer, so you won’t need to provide the same amount of paperwork to support your application.

Yes, there are a number of options for borrowing more money when you remortgage.

If you’re remortgaging with your current provider, you can ask for what is known as a further advance on your existing mortgage. A further advance will allow you to increase the amount you owe to your current lender.

Most lenders will impose a minimum further advance amount of £5,000 to £10,000. The maximum amount you can borrow will depend on your financial circumstances and the amount of equity you have built up in your home.

If you’re remortgaging with a new lender, you can increase the size of your loan as part of the process. If this is the case, you will probably be asked what the additional money will be used for – for example, to fund home improvements or buy a second property.

Yes, you can. However, if you’re on a fixed-rate mortgage, you may be faced with an early repayment charge if you choose to remortgage before your fixed-rate period ends.

If this is the case, it may still be cost-effective to pay an early repayment charge to secure a lower rate sooner, but this will depend on your individual circumstances.

If you’re considering paying an early repayment charge, it’s a good idea to get advice from a Specialist Mortgage Adviser. They’ll be able to take the cost of the charge, add it onto your loan, see what the new rate is and provide you with a projected monthly cost.

If you’re remortgaging with your current provider, you won’t usually require a solicitor. This is because there are no legalities involved in the transaction.

If you’re remortgaging with a new provider, you will need a solicitor to assist with the legal side of things. This typically includes carrying out ID verification, property valuation, conveyancing searches and money laundering checks.

Yes. Like residential homeowners, many landlords remortgage their buy-to-let properties to find a better deal or fund refurbishments (for example, a kitchen or loft extension).

Remortgaging also offers the opportunity to generate the funds you need to expand your property portfolio. If this is the case, your lender will carry out a valuation of your existing properties to see how much equity you’ve built up. This will determine how much they can lend you.

Please note that most buy-to-let mortgages are not regulated by the Financial Conduct Authority (FCA).

Seeking advice from a mortgage broker isn’t a requirement when it comes to remortgaging, but it is highly recommended.

A specialist mortgage broker can provide expert advice on your remortgaging options, search the market to find the best deal for your circumstances and manage your application at every stage.