Remortgaging and remortgages

There are many reasons why you may be looking to remortgage your property. Maybe you want to secure a better rate, release equity for home improvements, plan a wedding or buy a second property. Whatever the reason, Integrity Mortgages can help.

If you’re at the end of your fixed interest term, are paying a higher rate than is available now, want to shrink your mortgage or want to release equity in your home, remortgaging makes it possible.

This page seeks to answer the most common remortgaging questions you might have. If you have any other questions, contact our team of mortgage experts. We would be happy to help!

How does remortgaging work?

Remortgaging is simply the process of replacing your current mortgage with a new one.

Using your property as security, you can use a new mortgage for all those reasons above. To release equity, to shrink your current mortgage, to access a lower rate or something else entirely.

Essentially what happens is, you apply for a new mortgage in exactly the same way you applied for your existing one.

The property is used as security and you have to pass the affordability check. Once passed, you use your new mortgage to pay off your old one.

If you are releasing equity, the balance will be paid to you once your original mortgage has been settled.

How long does it take to remortgage?

Remortgaging typically takes between 60 and 90 days. It can be done faster if required but you should plan on spending at least this long preparing the application and waiting for the various checks, valuations and inspections to take place.

Some lenders and conveyancers can work faster but they tend to be the exception and not the rule.

When is a good time to remortgage?

We cannot answer that specifically for you but there are some ideal times to consider remortgaging your home.

They include:

  • When a fixed interest term ends – When you come to the end of a fixed rate you will usually be switched to a standard variable rate. If you prefer the predictability of fixed payments, this would be a good time. Also, standard variable rates can be more expensive than fixed.
  • To get a better interest rate – If you’re at the end of a fixed term or are paying a higher rate of interest, you can remortgage to access a lower rate.
  • To release equity in your home – If you have paid off a portion of your mortgage and would like to free up that equity, remortgaging can help.
  • To lower the monthly payments – If you have paid off a significant portion of your mortgage, you can remortgage at the lower amount for lower monthly payments.
  • To switch to a better lender – If you have experienced poor service or inflexibility from your current lender, remortgaging with a different lender might be the correct course of action.

How to remortgage your home

Remortgaging uses a very similar application process as when you applied for your first mortgage. There are an extra couple of steps this time round though.

Check your current mortgage conditions

Make sure your current mortgage doesn’t include any early repayment penalties. These can be expensive so it’s a good idea to check early to see if you could face any.

Early repayment penalties are most common during any fixed interest period of a mortgage but can be levied differently by different lenders.

Check your mortgage paperwork or speak to your lender to find out if you’re tied to any specific conditions.

Check your credit report

If you’re considering different lenders, it makes sense to check your credit report to make sure all is in order. Check for any errors or mistakes, check for the amount of debt you currently have and check everything to make sure it’s accurate.

Checkmyfile is the best one to use as it checks multiple agencies all on one report. You are entitled to a 30 day free trial which can be accessed on the link below. Just remember to cancel the subscription within the 30 days of you will be charged a monthly premium.

Get a home valuation

Before you borrow against your home, you should know how much it is worth. Check a property website for average prices or have it valued by a couple of estate agents. Some properties in some areas increase in value more than others.

Knowing how much your house is worth should arm you with the knowledge of what you could borrow against it.

Contact an independent mortgage advisor

Working with an independent mortgage advisor like Integrity Mortgages can give you a full and accurate picture of your position and the products available in the market. They’ll also help you with the application process and take the hassle out of remortgaging your property.

The advantages of remortgaging with a mortgage broker

Mortgage brokers have several advantages. We have up to the minute information and a wider pool of lenders meaning you won’t miss out on a great mortgage deal from a specialist lender.

We can also tailor research and the approach to suit different circumstances. We have the time and expertise to take your individual situation into account and find the perfect mortgage for your situation.

If you’re planning to remortgage your home, it pays to work with the experts. Contact Integrity Mortgages today to see what we can do for you.

We have access to all major and specialist mortgage lenders (the whole of market) and can help you find a mortgage that best suits your financial situation and future needs.

Many lenders offer free legal fees, free valuations and no lender arrangements fee.

About us

Integrity Mortgages Limited is an appointed representative of HL Partnership Limited, which is authorised and regulated by the Financial Conduct Authority. You should be aware that the Financial Conduct Authority does not regulate some forms of Buy to Let mortgages.

A fee is payable for arranging the mortgage once your mortgage has agreed. This will be a fixed fee of £399.

The guidance and / or advice contained in this website is subject to UK regulatory regime and is therefore restricted to consumers based in the UK.

You voluntarily choose to provide personal details to us via this website. Personal information will be treated as confidential by us and held in accordance with the Data Protection Act 1998.

You agree that such personal information may be used to provide you with details of services and products in writing, by email or by telephone.

Fill out the form below and one of our expert advisers will get back to you as soon as possible.

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THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE.

Integrity Mortgages Limited is an appointed representative of HL Partnership Limited, which is authorised and regulated by the Financial Conduct Authority.

The guidance and/or advice contained in this website is subject to UK regulatory regime and is therefore restricted to consumers based in the UK. You voluntarily choose to provide personal details to us via this website.

Integrity Mortgages is registered in England and Wales with company number 08651906.  Registered office: - The Old Bank, 109 Rowlands Road, Worthing, BN11 3LA