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When you remortgage, you are changing your current mortgage deal.
There’s various reasons why you might want to remortgage, such as your existing deal coming to an end or you want to raise funds for home improvements.
We’ll give you some examples here of why you might remortgage, but we’d always recommend speaking to a professional before deciding whether either of these routes are right for you.
If your initial rate is expiring, it’s likely that you’ll end up on the lender’s higher standard variable rate.
You may be able to remortgage onto a deal to avoid paying more than you have to.
Do also consider that your existing lender may offer a new rate to switch to, but you may be able to save more money with a different lender.
If you have enough equity in your property, you may be able to refinance to raise more for various reasons, such as home improvements, to purchase another property.
If you are currently fixed in with your existing lender, a further advance may be an option, whereby you raise additional funds with the same lender.
You may be able to secure a better rate if your property has seen a big increase in value.
The lower the loan amount in relation to your property value, the more preferential the interest rate may be!
Does your current lender offer the terms you need?
If your circumstances have changed, you may find that a different mortgage product with a different lender would suit you better, for example a fixed rate with no early repayment charges to allow for more flexibility, or a mortgage product that offers an offset facility.
We’d recommend having an initial chat 4-6 months before your current rate expires to ensure we have enough time to talk through your options & get the process underway.
At Rosehill, we take pride in building long-term relationships with our clients. We don’t see ourselves as just a mortgage broker, but rather a trusted partner who will be with you every step of the way.
At Rosehill, we take pride in building long-term relationships with our clients. We don’t see ourselves as just a mortgage broker, but rather a trusted partner who will be with you every step of the way.
There’s no ‘one size fits all’ answer here.
It’s not just about securing the best interest rates available.
There’s so many options available, including fixed rate mortgages with no early repayment charges & offset mortgages to name a couple, which may suit you best.
Although you need to fit criteria with lenders, we want to find you a lender that fits your criteria!
Working out how much you can borrow isn’t the easiest task, particularly if you’re self-employed.
Lenders will assess your affordability when deciding how much they’ll lend, taking into account your income & expenditure.
There are many other factors that’ll be taken into account, such as your credit score, although a general rule of thumb is to multiply your earnings by 4.5 to get a good indication.
For joint applications, you can use your combined income.
A change in circumstances may make you struggle to secure the loan amount required to remortgage.
This can range from having a child, recently becoming self-employed or having some missed payments on a credit card.
This doesn’t necessarily mean you’ll need to be stuck on the lender’s standard variable rate.
There’s many lenders out there, and they all have different criteria – if you don’t fit the criteria with one lender, there’s other options out there.
Another option may be to switch rates with your existing lender too.
There’ll be some standard documents that you’ll want to gather, such as a proof of ID, proof of address, proof of income, proof of deposit and a credit report.
The main differences here will generally relate to proof of income.
If you’re employed, this may be as simple as 3 months’ payslips and a P60.
If you’re self-employed, check out our guide on what documents you should gather.
This will depend on a few factors, such as the type of bad credit, when this was registered and whether/when this was satisfied.
If it’s a case of a missed payment lenders may overlook this, but for heavier adverse credit you may not fit criteria with some lenders.
Even if you’ve been rejected by one lender, this doesn’t mean that you won’t be able to get a mortgage.
There’s lots of lenders out there & it may just be a case of needing a higher deposit (e.g. 15%) & potentially having a higher interest rate.
Getting you remortgaged in the most stress free way possible is our aim.
We advise on & arrange the most suitable mortgage, protection & general insurance products for you.
We’re here to help from start to finish, both now and in the future.
For existing clients, we make sure to contact 6 months before the existing rate expires to have an initial discussion, and again 4 months before to begin the remortgage process.
We focus on building long-lasting relationships with clients.
We therefore charge a reduced fee for our existing client remortgages.
Click here for more detail.
Access your credit report
As a mortgage is secured against your home or property, it may be repossessed if you do not keep up the mortgage repayments. Think carefully before securing any other debts against your home or property. The Financial Conduct Authority does not regulate commercial buy to lets and some forms of commercial mortgages. You may have to pay an early repayment charge to your existing lender if you re-mortgage
We typically charge a fee for our services, which is dependent on the amount of administration required. Please refer to our terms of business for further information.
The guidance and/or advice contained within this website is subject to the UK regulatory regime, and is therefore targeted at consumers based in the UK. The purpose of any content on this site is to provide technical and generic information and should not be interpreted as a personal recommendation or advice.
We aim to provide the best possible service to our clients. However, if you have a complaint that we’re unable to resolve, please see our complaints policy.
Rose Hill Financial Services Ltd is authorised and regulated by the Financial Conduct Authority. You can find us on the Financial Services Register https://register.fca.org.uk/ under reference 912303. Registered office address: 1 Bell Street, 2nd Floor, London, England, NW1 5BY. Registered in England and Wales. Company registration no: 11997519.
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