Our FAQs aims to answer any questions you may have relating to remortgaging and how our website works. For any further questions, please contact us directly and we will be delighted to assist you.
What is a remortgage?
Remortgaging is the process of switching your existing mortgage to a new deal, either with your existing lender or a different provider. You are not moving home and the mortgage is still secured against the same property, but the reason for remortgaging is typically to get better rates than before or raise money against your home for other purposes such as home improvements.
Are you a broker or a provider?
Remortgaging Quotes Online is a trading name of Mycasa LLC and we are a registered broker which is regulated by the Financial Conduct Authority, under firm reference number 812876, acting as an Appointed Representative of Everything Financial Ltd who is authorised and regulated by the Financial Conduct Authority, who is authorised and regulated by the Financial Conduct Authority, firm reference number 74281.
We provide competitive rates across the entire market including the UK’s largest banks such as Barclays, Lloyds, Nationwide, Halifax and Santander.
Can I borrow more money on a remortgage?
You can potentially borrow more money than your existing mortgage, depending on your individual needs and circumstances. For example, some homeowners may be interested in borrowing more money when they are taking out a new mortgage.
Why should I remortgage?
There are a number of benefits that come with remortgaging which should make you think if it could work for you
Remortgaging can provide more flexibility over the rates that you pay. With the market constantly changing, you can potentially access much better rates, borrow more money if you need it, make overpayments and have payment holidays.
For many people across the UK, remortgaging is a common way to secure a lower interest rate on their mortgage. With new deals and market conditions subject to change every few years, it is common to explore your options and see what is available. If you have been using a tracker mortgage, you can look at switching to a fixed interest rate to protect against future rate rises.
You could also be eligible for better remortgaging deals if your property value has increased over time and your loan - to - value has reduced.
How easy is it to remortgage?
Remortgaging is a very common process and most homeowners will start looking at changing mortgages every 2 to 5 years when their initial rate offered comes to an end and moves to a standard variable rate.
Using the services of a mortgage broker such as Remortgage Quotes Online can help guide you through the process and give you access to some of the most competitive rates on the market.
How much can I borrow?
Most lenders who provide remortgage will only allow you to lend a certain stipulated percentage of the property value. This exact percentage will depend on the provider in question. In some cases, you may not need to pay a deposit, or even borrow more than you currently owe on your existing mortgage. All these factors will be dependent on things such as the property’s valuation, the current amount owed on your existing mortgage, as well as how much we think you would be able to afford in monthly mortgage payments.
Will I have to pay upfront costs to remortgage?
Typically no, the idea is that mortgages are portable so that you can move from using one to another. However, prior to remortgaging, you should always check first with your current provider if you would need to pay any early repayment charges for leaving as these can sometimes run into thousands of pounds and make remortgaging a less financially sensible option to make.
What fees are involved for remortgaging?
Some providers may charge you an administration fee for remortgaging. This is typically added to the loan itself, and interest is not always charged on it.
Depending on the mortgage lender and product you choose, there could also be a product fee that you will incur – and these are added on completion of the mortgage.
You could also have to pay other charges and standard costs over the course of setting up your mortgage, and this will vary depending on the provider. This is why it is vital that you speak to a professional advisor beforehand and thoroughly research before choosing a new deal, to ensure that all the potential fees involved still make it worthwhile for you to consider changing.
What will I need for my remortgage application?
The application process on Remortgaging Quotes Online can provide a provisional quote and list of personalised mortgage results in 4 minutes. We require some basic information about your affordability (income, employment, outstanding mortgage value, monthly expenditure) and your eligibility (soft credit check) and then we can provide a list of viable options.
Do I need to arrange a solicitor or conveyancer for a remortgage?
This will depend on the lender you choose. A number of banks will provide a service that offers this on your behalf, and does not always charge for the assessment or legal fees. You also have the option to instruct your own conveyancer to arrange the mortgage, but you will have to pay for these services directly.
What insurance will I need for my remortgage?
As with any kind of mortgage, you will need to have buildings insurance in place. This policy type covers things like fixtures and fittings as well as bricks and mortar. Many providers also recommend you to take out contents insurance too, as this will protect all possessions in your property, such as furniture or jewellery.
Can I remortgage if I have a bad credit rating?
If you have a bad credit score, we work with a number of specialist mortgage providers who may be willing to assist you.
Can I remortgage if I am self-employed?
Yes, at Remortgage Quotes Online, we work with a number of specialist lenders who are willing to take a view and assist those that are self-employed, provided that they can show proof of income for a minimum of 2 years (sometimes 1 year is sufficient).
Can I remortgage with any lender?
Not every mortgage lender will necessarily lend to you on new or better terms since they each have their own eligibility criteria. For example, some lenders will not grant a remortgage if it is a property near commercial premises, on a council estate, a high-rise building or if it does not have a working bathroom or kitchen (even if you are planning to renovate).
As a result, it is vital that when making a remortgage application you declare everything upfront so you do not waste valuable time.
Can I leave my property and rent it to someone else?
This will depend on the mortgage provider. In many cases, it is allowed, but you will need permission from your lender before doing so, and this is called ‘consent to let’. You will usually be able to keep the mortgage you have, but the rate could increase, or you are moved to a buy-to-let mortgage, which can be more expensive than other kinds.