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Debt Consolidation

Struggling with debt? You’re not alone. Our experienced remortgaging advisors are here to explain the options available to you.

Purchasing A Second Home

When it’s time to buy a second home, look no further than us for a mortgage adviser. We take the stress out of your mortgage deal.

For Home Improvements

Finding the funds you need to transform your home can be complicated. Our expert remortgaging advisors are here to take out the stress.

With The Same Lender

Looking to remortgage with your current lender? Our mortgage advisors are here to help you secure the right product for your needs.

What Is a Remortgage?

Basically, a remortgage is changing the mortgage deal you’re currently committed to. This works by signing a new deal with your current lender or switching your lender completely. Either way, through remortgaging, you can usually save money and improve your present financial situation.

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Finding The Best Remortgage Deal For Your Circumstances

Changing your mind about your current mortgage, or finding out it wasn’t your best decision is possible. If this is the case with you, you might want to consider a few remortgaging options.

As beneficial as a remortgage can be, it’s essential to have a comprehensive understanding of it before making up your mind. That’s what we’re here for.

We’ve prepared a complete guide about remortgages and how they work, but are more than willing to do the legwork for you to help you secure the right remortgage deal for you.

There are many reasons you may be thinking about remortgaging, usually because it will be financially beneficial to you. It is worth weighing up first whether switching from your existing lender will be advantageous, and then establishing where you can get the best mortgage deal for your circumstances.

Though many lenders may be unwilling to consider you for a remortgage, perhaps because you have adverse credit or not much equity on your current property, some lenders specialise in providing mortgage deals to those in these types of circumstances.

We have access to the whole market and can help you find deals available to you. As expert mortgage brokers, we’ll guide you so that you have the best chance of securing the remortgage deal you are seeking.

What are the different categories of remortgaging that we can help you with?

Even when remortgaging is proving tricky, When the Banks Says No are here to show you that that remortgaging can be easier than you think. Our mortgage advisors typically help with the following types of remortgage situations:

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When you think you’ve hit that brick wall and have all but given up hope of finding mortgage finance, When the Bank Says No are here to turn your ‘No’ into a ‘Yes’. We have access to a range of specialist lenders who are willing to help those that the High Street banks just won’t touch. Get in touch today and see how we can turn your dreams into a reality.

How Does Remortgaging Work?

When you remortgage, you simply apply for a new loan to pay off your existing mortgage. Consequently, the amount of that new loan should be equivalent to what you’re currently owing.

Additionally, you have the option to remortgage for an amount of money that’s more than you owe. This can happen when you release some equity and free up extra cash to use for other purposes.

As we previously clarified, you can either remortgage with your current lender or sign a new mortgage deal with a completely new lender.

Remortgaging With Your Current Lender

With competitive interest rates, you can always remortgage with your current lender. That’s especially if you’re approaching the end of your fixed-rate period. Even if this isn’t the case, remortgaging with your loan provider may cost you less than switching to a new one.

That’s because your current lender may offer to waive any fees and transfer you to a new deal, in exchange for tying you in for more years.

Remortgaging With a New Lender

If you’re thinking about finding a new lender to remortgage, you might expect that you’d need to do extensive mortgage market research first. Our mortgage advisors can take the strain in this respect.

We’ll help calculate whether the cost of switching lenders is less than remortgaging with your current loan provider, and ascertain if you are likely to face any penalties such as an early repayment charge. After all, your sole aim of remortgaging is to save money, so we’ll help you make sure it is the right move for you.

Why Consider Remortgaging?

Unlike what most people think, remortgaging isn’t expensive. Contrarily, in many cases, it can save you a great sum of money. In reality, there are many circumstances where a remortgage can be better for your financial situation.

Here are ten of the most common reasons you should consider remortgaging.

1. You’re Aiming for a Better Deal

With the competitive mortgage market, switching your current deal with a better one can save you lots. Even if it involves paying an exit fee or an early repayment charge, remortgaging can still be worth it.

While your current provider may request extra charges, the amount of money you’re saving with a better remortgage rate can be much more. That’s especially if your outstanding loan is somewhat large.

So, before you consider switching mortgages, you might want to weigh the savings of a new deal versus the cost of exiting the current one. When the Bank Says No will ensure that you get this decision right.

2. Your Initial Mortgage Deal Is Ending

Whether a fixed-rate, a tracker, or a discount mortgage, the initial mortgage deal is the first period of a long-term mortgage where you pay a fixed rate. This period usually ranges between two to five years long.

However, after this deal comes to an end, the interest rate automatically changes according to your lender’s Standard Variable Rate (SVR). This rate is much higher than what you’re currently paying, and, over time, it can cost you thousands.

So, if you’re considering remortgaging for that reason, you should ideally start looking for a new deal at least three months before the current mortgage deal ends.

3. You Want To Borrow Money for Any Reason

There are instances where you’d want extra cash to pay for many things. However, if your current lender refuses to give you the money, such as through a personal loan, you can always choose to remortgage.

Having said that, you may need to provide your new lender with proof of why you want the extra money. This could include the following.

4. You Own More Equity Now

The longer you have been regularly making your mortgage payments, the more equity you are likely to have in the property you own. Therefore, it can be a better option to consider remortgaging what’s left on a lower loan-to-value (LTV) interest ratio as this will usually mean lower monthly repayments.

5. You Want to Release Some Equity

You may consider equity release, especially when your fixed-term mortgage deal is ending. Remortgaging on what’s left of the property can help you start a new business or even buy a new home.

Nevertheless, you should consider how you’re going to use the money, and you need to have a backup plan in case your investment wasn’t successful. Otherwise, you end up with more mortgages to pay.

6. You Need To Consolidate Your Debt

If you have more than one debt, whether from a loan or credit card payments, remortgaging can help you with that. When you pay off all your debts and remortgage for a much more reasonable monthly payment.

Having said that, you need expert advice, which When the Bank Says No can provide, as there could be some downsides to debt consolidation, including:

  • Your current lender may consider this deal not worth the risk after seeing your financial mismanagement
  • Elongating the debt period can cause you to end up paying more interest in the long run
  • You may adopt this as a habit which results in further debts

7. You Worry About the Increase of Interest Rates

If you’re concerned about the interest rates the Bank of England sets, you may want to review your current mortgage. That’s to avoid any future increase that can cause you to pay more over the lifetime of your mortgage.

8. You Separated From Your Partner

If you’re having a breakup or divorce, then you would need to separate your finances from your ex-partner’s. That’s especially if you both have co-signed the current mortgage. In this case, there are a few options to work this out.

  • You can sell the property, pay off the debt, and split the profit with your ex-partner
  • You can buy your ex-partner out and pay the mortgage yourself (if you can afford it)
  • You can remortgage to raise money, pay your ex-partner out, and get a new mortgage deal, which is hopefully more affordable

9. You Experienced a Change in Circumstances

Your old mortgage deal may have restricted the range of options available at the time. If you experience a change in circumstances, income increase for example, this might qualify you for a mortgage deal with a much lower interest rate.

10. Your Property’s Value Has Increased Significantly

Your property’s value may have increased since the time you first signed your current mortgage. In this case, you may have become eligible for lower interest rates. That’s why remortgaging can be a great option to think about.

Other strategies could be getting a credit card and spending and clearing the balance each month. This demonstrates to lenders that you are proficient when it comes to managing your money. You should also keep your bank account address up to date to improve your overall profile and update your address and contact information with your credit reference provider.

Frequently Asked Questions

Can I remortgage with adverse credit?

Yes, remortgaging with adverse credit isn’t impossible to achieve. Nevertheless, you need to find the right lender, which is something our expert mortgage advisors can do for you. Overall, signing a remortgage deal is often easier than applying for a new mortgage, especially when you have bad credit.

Basically, there are six stages for remortgaging, during which you need to work with a conveyancing solicitor. So, to gain a better understanding of the process and understand how it all works, keep reading…

1. Instructing the Conveyancer

Instructing is a term explaining enlisting the services of the conveyancing solicitor you choose to work with. Upon agreeing to handle your case, the solicitor sends you all the required forms to fill in. We can help you with this. After you return all the paperwork, the conveyancer should be ready to start working.

2. Completing ID Requirements

To move to the next stage of your remortgaging process, the conveyancing solicitor needs to confirm your identity. That’s why they may request your ID.

3. Receiving the Mortgage Offer

At this stage, your conveyancing solicitor should receive a copy of the new mortgage offer from the lender of your choice.

After that, the solicitor may request details of the existing mortgage redemption figures (if applicable). In other words, the redemption figures are the required fees to pay back your current mortgage early, including:

  • The money you have left to pay on your mortgage
  • Any interest due
  • Any associated redemption or exit fees

4. Sending the Mortgage Deed

The mortgage deed is a legal document that you’re required to fill in and sign in the presence of a witness. Once you receive it from a new lender and sign it, your conveyancing solicitor returns it with a confirmation of receipt.

5. Establishing the Completion Date

After your conveyancer reviews all the documents, you can establish a date to complete your remortgage.

6. Completion

As a completion step, your new lender sends the loan money to your conveyancer, who, in turn, uses the money to settle your current mortgage. This includes paying any redemption fees or admin charges.

Furthermore, in case you remortgage with additional funds, your conveyancing solicitor sends you the extra money.

There are a few instances where remortgaging (although still possible) might not always be the best option, including:

  • You’re in negative equity, which means that your property is worth less than what you owe your lender
  • Your income has dropped considerably, and therefore, the available remortgaging options might not be great at this time
  • Your current rate is already low
  • You have a little amount of money left on your mortgage
  • You need to pay a large early repayment charge
 

The whole remortgaging process can take you anywhere from four to eight weeks depending on your circumstances, and also who you have handling it for you. If you’re not having drastic changes with your mortgage, or are looking to remortgage with your existing lender, the work involved can be minimal and the process much shorter.

When the Bank Says No ensures that you only ever apply to a specialist mortgage lender who is more likely to give approval to someone in your particular circumstances. This usually means that delays are kept to a minimum and your remortgage is achieved when you actually need it.

Theoretically, you can remortgage at any time. However, only a few lenders consider remortgaging within the first six months of moving into the property.

Whether you have a three or five-year fixed term, we don’t usually recommend remortgaging through this period, as it can be quite expensive to do so. Therefore, what’s often best for you is to wait this period out so that you don’t have to deal with early repayment charges.

If you have already paid off most of your mortgage, you might not need to remortgage. In fact, when your outstanding balance isn’t that large, most lenders would deem it too small for a mortgage.

Remortgaging made easy.

Remortgaging can be a great option to consider for many cases. Not only does it improve your financial standing, but it also can allow you to free equity and get extra cash for other needs.

Whatever your reasons for wanting to remortgage, we can help you assess the market and determine the most appropriate option for you. When the Bank Says No are specialist brokers who can help compare mortgage deals available to you and ensure that you avoid the frustration, delay and disappointment that can often come when choosing to remortgage.

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