Remortgage Guide

What is a Remortgage?

The remortgage guide below explains some of the criteria and recent changes to debt consolidation remortgage.

Remortgage or refinance mortgage is moving your existing mortgage to a new lender to receive a better rate of interest and or to release equity.

The full range of mortgage products are available for a remortgage with some remortgage lenders offering special remortgage packages.

Getting the Right Remortgage Products

The remortgage market is very competitive with many lenders offering free valuation and legal fees to you to make the switch hassle fee. Many Lenders offer these free remortgage schemes on exclusive products via mortgage brokers.

Remortgaging your mortgage to a new lender usually takes 4 to 6 weeks to complete from start to finish, although this can be done in a shorter period if the remortgage is urgent.

Some of the more Common Reasons for a Remortgage Include:

• to get a better mortgage 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

Is the Lowest Remortgage Rate the Best?

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
• Valuation Fees
• Arrangement Fees
• Solicitor Fees
• Dead Release Fees
• Telegraphic Transferee Fees
• Early Redemption Penalties
• Mortgage Indemnity Guarantee

The good news is that no stamp duty is payable on a remortgage.

How does Debt Consolidation Remortgaging Work?

Debt consolidation is not always the most suitable option, consolidating debts must be carefully considered. It will usually mean more interest over a longer repayment term and there may also be early repayment penalties on your current mortgage, you should think carefully before securing other debts against your home. There are other ways to manage debt such as free debt advice charities, you can find out more by contacting the Money Advice Service  these services may be more suitable for you.

Do you want No Fee Remortgage Advice?

After looking through the re mortgage schemes if you would like remortgage advice, complete our mortgage inquiry form and we will contact you to discuses your mortgage requirements. We normally do not charge a fee for mortgage advice, however this is dependent on your circumstances such as complex cases or debt consolidation. Our typical fee would be £399.