Your home may be repossessed if you do not keep up repayments on your mortgage
You remortgage by moving your existing mortgage to a different lender, or by switching to a different deal with your current one.
It really depends on your personal circumstances and requirements.
But you might want to consider remortgaging to consolidate debt into your existing mortgage, though bear in mind you might pay more for this debt over the mortgage term.
A remortgage can save you money by providing a better deal than what you are currently paying. For example, if you're on, or about to be moved onto a Standard Variable Rate (SVR) by your current lender, a fixed rate remortgage deal is often much cheaper and provides the certainty of fixed monthly payments.
Remortgaging also allows you to raise extra capital (if you have enough equity in your property) for a home improvement, car purchase, or to start a business.
There's no initial credit check. Your advisor will usually be able to confirm if you will qualify for a remortgage just by looking at your credit report. A further credit search will only be carried out if and when you are happy to proceed to a full application to the lender.
This depends on your individual circumstances and the amount of work involved to secure you a competitive remortgage deal.
There is no upfront fee. Your advisor will agree the broker fee with you in advance, after gathering all relevant information, including your credit file. There is no-obligation at this point and the broker fee will only become payable after you've received your formal mortgage offer.
As long as you provide your credit file promptly, your advisor should be able to provide a Decision in Principle within 48 hours of your initial enquiry. Sometimes the same day!
The time from initial consultation to release of funds is typically 4-6 weeks, though it can be quicker depending on your circumstances and the lender involved. Your advisor will notify you of the likely turnaround period and update you throughout the mortgage application.
Typically around 80-85% loan to value (LTV), though there are a few mortgage providers happy to lend up to 95%.
The lower the LTV, the better the deals and rates available to you. Your credit rating will also have a bearing.
Yes. Our expert advisors work with specialist lenders happy to provide remortgage deals to people with a poor credit rating.
Once your advisor has studied your credit file, he or she will usually be able to advise you very quickly on your chances of securing a remortgage deal.
You have a couple of options here. To remortgage or get a secured loan (a.k.a second charge mortgage or homeowner loan).
Depending on your circumstancs, a secured loan can sometimes be more affordable. Your advisor will go through the deals available for both options so you can make an informed decision.