How To Remortgage Guide

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Monthly mortgage repayments can be a substantial amount of your monthly income, so you should check for better deals from other lenders that will allow you to make lower repayments on better terms. Now the interest rate starts to ease, most of the mortgage holder wants to save on monthly mortgage payments by finding the best remortgage rates.

Mortgage holders are always asking should I remortgage with same lender or new one ? To know more what is the best for your circumstances speak to remortgage advisor like MariannaFS and they could offer no fee mortgage advice.

In this guide we cover,

What is remortgage
When to remortgage
Remortgage type

What is Remortgaging and How Can It Save You Money?

Remortgaging means switching your existing mortgage deal to the other better deal with same or another lender.

Remortgaging with same lender called product transfer or rate switch.

Most people used to look for remortgage at the end of fixed term for better rate to save money on your mortgage payment.

But with current high interest rates most of borrowers looking at remortgage options before 6 months of their current rate finish.

Why should you remortgage?

Remortgaging is often seen as an effective tool to potentially save money on your monthly mortgage payments, especially if you are on a higher interest rate.

When fixed term is over, your monthly mortgage payment will go up as lender will start to charge you standard variable rate(SVR).

You could save on your monthly mortgage payment by remortgaging to a lower interest rate than SVR.

It is always a good idea to shop around as you may find a much better deal with a different lender than your current lender can offer you.

By remortgaging, you may be able to borrow additional funds from your lender against your property. For example, if you are thinking of home improvements, which can be very expensive you can remortgage to pay for home improvements, or if you think of buying another property remortgage can release equity, which can be used as a deposit for a new purchase or simply pay off your other commitments.

Some major factors that lenders are considering for remortgaging are purpose of the loan, value of the property, applicant’s circumstances and other underwriting factors.

See our Remorgage cost and saving guide.

When is the best time to remortgage?

Most of the fixed term deals are for 2, 3 and 5 years. You can start the process 3 months before the fixed term comes to an end, which allows plenty of time to secure the best mortgage deal and sort out all the paperwork.

But in recent market where interest rates are skyrocketed most of the lenders allow borrowers to secure new mortgage deal 6 months in advance. If the rates come down before the remortgage process completes, you can always request to change to a better rate.

To find the right mortgage deal always speak to a local mortgage broker or find online mortgage broker to find a better deal on remortgage.

How long does it take to remortgage?

Remortgaging process is faster as compared to the original mortgage when you purchase.
In most cases, it could take 4-8 weeks to complete.

An expert mortgage broker can make the process much faster and hassle free till you get the mortgage offer.

But, if you choose to stay with same lender and do a product switch or rate switch, it can be a lot quicker and easier compared to changing the lender. Always seek professional help from remortgage broker like MariannaFS who offer fee free mortgage advice and tell you what’s best option for you.

Some of the common type of Remortgage

1. Remortgage for home improvement.

If you are thinking of home improvement like new kitchen, extension or any other home improvements, remortgage can help you to raise funds. Home improvements can add value to your property, means it is a better investment for long term.

But do remember, more borrowing means higher monthly repayment. There is always limit on how much you could raise for home improvement, and other factor like income may have impact on borrowing.

It is always a good idea to get professional advice from expert mortgage adviser.

2. Remortgage to buy other property

If you want to buy another property as buy to let, second home, or just want to help family member with their deposit, you can remortgage and raise additional funds.

Buying additional property could be addition to your asset but borrowing more, could increase your monthly payment. Again, borrowing extra depends on many other factors like value of the property and your income.

If you want to buy a property to rent out, you may need buy to let mortgage.

Know more about buy to let mortgages.

3. Remortgage to add or remove someone on mortgage.

If you looking to add or remove someone from mortgage, you will require to obtain your lender permission.

Your lender will need to know reason of adding or removing someone. The process of adding or removing someone called Transfer of equity. lender will check the income, outgoing and credit worthiness to make a decision, if the loan is still affordable or not.

Most of the time adding and removing from mortgage leads to a remortgage.

Always check with local mortgage broker who may offer free mortgage advice.

4. Remortgage to pay Debt

Raising equity from home to pay off credit card, personal loan or any form of debt is called debt consolidation. The money taken against your home is added to the mortgage which could be less expensive.

Bringing all the debt under one roof to manage payments can be more expensive in the long run.

You may risk to lose your home by securing unsecured debt against your house.

5. Remortgage with bad credit

After getting a mortgage, people often lose track of finances or change in their personal circumstances leading to adverse credit. We been often ask, “can I remortgage with bad credit?”

Yes, you may still be accepted for a mortgage with a bad credit. Lenders will look at the overall case.

Some lenders do look at the case on merit basis and not on your credit report. Remortgaging with same lender called product transfer does not involve credit check.

It is always a good idea to get a copy of your credit report and get in touch with specialist remortgage broker.

Some of the factors could affect remortgaging.

If your current fix mortgage term coming to an end and if you looking for a better rate, you should consider remortgaging. If you manage to find a better mortgage deal either with the existing or new lender, remortgaging can save you on monthly payments.

If you are planning to remortgage your property, here are some of the factors that could affect your remortgage.

1 Your mortgage lender

There are two major ways in which you can remortgage your property – by working with the existing lender or by finding a new lender. If you are changing the lender, make sure your case fits with the lender’s lending criteria before making an application.

The mortgage rates in the country have gone through some major highs in recent times. We have seen higher rates in 2023 but luckily, the market is calming down and remortgage rates offered by lenders are changing quite a lot too.

It is, therefore, advisable multiple lenders providing multiple deals. Borrowers often end up assuming that they all provide more or less similar deals. However, every lender is different and has different lending criteria’s and it is important to acknowledge the same.

Make sure you engage with the mortgage broker who can compare correct mortgage deals and your circumstances to helps you to save money.

2 loan-to-value (LTV) ratio

As the name suggests, the loan-to-value ratio is the ratio of the amount you are looking to borrow to the market value of the property.

This is one of the most important factors that decide the nature of the mortgage rates offered by your lender.

The lower the LTV the better the rates are. We have seen 60% LTV remortgage gets the best rates from lenders.

Before you start remortgaging your property, the first thing you should do is determine the current market value of the property. This would give you an idea about how much you can save by remortgaging your property.

3 Early Repayment charges. (ERC)

With the recent higher interest rates, most of us are worried about remortgaging. Most common query was, can I remortgage before the fixed term ends? Whether you want to remortgage with your existing lender or look for a new lender, always make sure to look out for the early repayment charges, if any, that will be added by the current lender.

If you find the early repayment charges to be unreasonably high, you may want to think twice before remortgaging your property. These charges are very common for borrowers having a fixed-rate mortgage deal.

While there are many more other factors like income, credit history, but these were some of the aspects to consider while remortgaging your property. Especially, if you are remortgaging your very first property and do not have enough experience, avoid making hurried decisions and take help from a remortgage broker.

Some of the FAQS about remortgaging your properties.

Can I remortgage my house?

Yes, you can absolutely remortgage your house at the end of the fixed term. If you are on tracker rate you can switch the rate without paying any early repayment charges. Always get in touch with mortgage broker near you to find out your remortgage options.

Can I remortgage before fixed term ends?

Yes, remortgage before fixed term ends is possible. But you need to know the cost and saving with Remortgage. Your lender may charge you early repayment charges if you remortgage to different lender before current term ends. But remortgaging with same lender may save you from early repayment charges. Always speak to remortgage broker.

My current lender checks credit history while remortgaging?

While remortgaging to same lender does not involve credit check but if you have miss mortgage payment then it may stop you from remortgaging to same lender.

Do I need a solicitor to remortgage?

If you are changing to new lender which requires solicitor to do the legal work of transfer the property called Conveyancing.The work involve is a lot less compared to purchasing property. But remortgage to same lender does not need a solicitor.

How can mortgage broker help to remortgage?

Mortgage broker is experience professional who can compare the right mortgage deal for you. If you remortgage with the same lender or change to new lender, your mortgage broker can help you to decide and some of them offer fee free mortgage advice.

How many times of salary mortgage can I get for remortgage?

Most of the lenders are quite lenient if you do a like to like remortgage or called pound to pound remortgage and may lend you more than your income making sure it is affordable. Usually, remortgage for a like to like could get 5 time of your income and in some cases, it goes to 5.5 times of the income. That is subject to normal underwriting.

What ever reason you wants to remortgage it is good idea to seek advice form remortgage broker.

Compare Best Remortgage Rates

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Taking a mortgage for buying a property involves a range of legal considerations to make the process legitimate and smooth. Once you have selected the right property and the right mortgage for purchase, you will need to look after conveyancing for handling the legal matters. What is conveyancing? Conveyancing is the legal process while buying or selling a property that ensures that the ownership of the property is successfully transferred from the seller/owner to the buyer. If you are planning to purchase a property on mortgage, conveyancing helps you become the legal owner of the property once you have secured your mortgage all arrangements have been made.

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Your credit score arguably plays the most important role in finding an ideal mortgage . Lenders often turn down borrowers with poor credit scores as they are not willing to take any risks in lending them money. It is therefore important to make all your credit payments on time and maintain a good credit score as it is vital for remortgaging your property. However, if the damage is already done and you have acquired bad credit, there is no need to lose hope. People often feel that their chances of getting a remortgage deal go down to zero in the case of bad credit. This is certainly not the case. Rest assured that it is possible to remortgage with bad credit by working with the right Remortgage brokers.

Remortgage for home improvement

There are many reasons why people choose to remortgage their properties, one of the most common being is home improvements. Home improvements can get quite expensive and demand a lot of money out. Especially if you have growing family extra space is always needed adding a loft or rear, side extension will give a lot more space. How should you remortgage for home improvements? The process of remortgaging for home improvements is the same as carrying out a regular remortgage. You need to get in touch with your mortgage broker for remortgage and additional funds application. If you are planning to switch to a new mortgage lender or stay with the same lender, you will have to give valid reasons to your borrowing application is successful.

What is offset mortgage

Offset mortgage is a type of mortgage where your savings or current bank account is linked with your mortgage account. Here, the money you saved is used to offset your mortgage repayments. This savings account linked to your mortgage account is referred to as the “offset account.” One of the biggest reasons why borrowers opt for an offset mortgage is that it helps them cut down the interest to be paid on their mortgage. When you get yourself an offset mortgage, the lender would deduct money in your savings account from your outstanding mortgage balance to give you a net balance. Then, the mortgage interest is charged on this net balance instead of the total outstanding mortgage balance. This reduces the mortgage interest and helps you save more money.

What is variable rate mortgage?

As opposed to a fixed-rate mortgage, a variable rate mortgage is where the interest rate keeps fluctuating over time. Here, your monthly mortgage repayments are not fixed and keep changing as the interest rate of your lender keeps changing. With variable mortgages your monthly payment can go down if the interest rates go down, you may end up paying more interest over time if the rates go up. Applicant should be prepared for both scenarios if thinking of variable rate mortgage deal.

What is a fixed rate mortgage?

As the name suggests, a fixed-rate mortgage is a type of mortgage where the rate of interest remains the same for a pre-decided period of time. This period is known as the fixed term of the mortgage. While many lenders offer fixed terms between 2,3 and 5 years, some mortgage lenders stretch it as long as 10 years or more. One of the biggest benefits of getting a fixed-rate mortgage is that your monthly repayments do not change even if the interest rate in the market (and of your lender) changes. This helps you plan your monthly budget better as there will be no unexpected rise in your mortgage payments. You can compare monthly mortgage payments to See how much you will pay per month on latest mortgage rates comparison

What is a buy to let remortgage?

As the name suggests, a buy-to-let remortgage is a process of remortgaging our buy-to-let property. It involves switching one buy-to-let mortgage deal with another, provided the new deal provides you with more benefits. You may choose to remortgage with the same lender or switch to a new lender based on your requirements. How does buy-to-let remortgage work? Buy-to-let remortgage is like any other conventional remortgage, the only difference being that the property here is a buy-to-let property. As long as you have the required deposit for the new mortgage (which is often higher than other mortgage deals and ranges from 20% to 40%) and meet all the eligibility criteria of the lender, you can go ahead with a buy-to-let remortgage.

Guide to Gifted Deposit

Deposits often play a decisive role in finalizing a borrower’s decision especially in the case of first-time buyers, mortgage down payments are often highly important and worrisome factors. Mortgage deposit gifts reduce this burden to a great extent, making the process of getting a mortgage a lot easier. If you are facing a financial crunch while getting a mortgage for your property, a mortgage deposit gift from your family members can be a great relief. On the other hand, if any of your family members need help in making the down payment, you can gift them a mortgage deposit. What is a gifted deposit?

What is a transfer of equity?

There are many ways of changing the legal ownership of your property without putting it up for sale in the market. You may want to add the name of your partner as a joint owner after getting married. You may want to give your children stakes in your property. You may want to completely transfer the ownership of your property without selling it off. Whatever the case is, you will need to go through the process of transfer of equity if you are willing to change the legal ownership of your property. Before understanding the transfer of equity, let us briefly understand what equity means.

Leasehold property guide

If you are planning to purchase a new property with a mortgage, it is important to consider the type of home ownership you want to go for. Property ownership involves two major forms of ownership – freehold and leasehold In simple words, freehold property where you own the property and land it on. Leasehold property is where you own the property you live but not a land. Factors worth considering with leasehold property

What is an EPC

In current times energy and power consumption means a lot to normal household. With increasing cost of gas and electric homeowners preferred properties which retain more energy as opposed to the ones that don’t. To showcase the efficiency of energy consumption by the houses, every house is issued an EPC rating. Let’s understand what EPC is and how does it affect us.

Buying a leasehold property

One of the most common ways of property purchase is a owning leasehold property. If you buying a property for the first time, it is important to seek help from mortgage brokers and advisors. A skilled and experienced mortgage broker would scan the whole market and get you the best first-time buyer mortgage deals based on your requirements and circumstances. If you are planning to own a leasehold property for the first time, here is a small yet informative guide to buying a leasehold property:

Leasehold Vs Freehold

Leasehold Vs Freehold: When it comes to owning a house, there are two major forms of ownership involved – freehold and leasehold. This determines the extent of your ownership of the house you live in. In other words, freehold and leasehold properties determine whether the property (and land) you live in is your own or if you have a landlord for the same.

Are you mortgage-ready ?

Are you mortgage ready ? Buying a new home is, in equal parts, exciting and full of responsibilities. If you are planning to get a mortgage for your new house, it is important to be patient, alert, and precise in your approach. Moreover, it is advisable to work with a skilled and experienced mortgage broker in your city. For example, if you are looking forward to buying a property in Harrow, make sure you hire the best mortgage broker Harrow has to offer based on your requirements.

What can stop you getting mortgage

Purchasing a property through a mortgage is a significant decision that requires careful consideration, especially if you are not a cash buyer. Most of us fund the property purchase via deposit and mortgage. But what can stop you from getting a mortgage? There are several considerations one should keep in mind before going ahead and making the application. As the market is highly in demand and growing property prices, it is advisable to work with a reliable, dedicated, and experienced local mortgage broker.

Facts About Mortgages

Getting a mortgage is always an important event in an individual’s life. It is, therefore, common for people to get excited and confused at the same time. Especially if you are getting a mortgage for the first time, it is always important to be familiar with the manner in which the process works. Moreover, is important to seek help from professional advisors. For example, if you are looking for a property in Hounslow, look for the best mortgage advisor Hounslow has to offer before taking any action.

Remortgage cost and saving

Remortgage can take few months. we have cover in this guide the cost and saving related to remortgage. It is good idea to shop around 3 -4 months in advance. Compare the mortgage deals and know the cost involve. In this guide we will look at, Remortgage cost. How much you save.

No Fees Mortgage Broker

If buying your first property or remortgaging to better rate MariannaFS offer fee free online mortgage service. What is mortgage broker? In simple words mortgage broker are who acts as middle person between lender and client. Mortgage broker can find and help you to choose right mortgage for your circumstances.

Agreement in principle

Mortgage in principle, Decision in principle or Agreement in principal. MIP, DIP or AIP. With the current market situation house prices are at its highest many estate agents wants to know if you are mortgage ready. Estate agents will ask you for mortgage in principle before submitting your offer. what is mortgage in principal? A mortgage in principle is preapproval of your mortgage from lender which tells you roughly how much you may able to borrow.

Remortgage guide

Your monthly mortgage repayments can be a substantial amount of your monthly income, so you should check for better deals from other lenders that will allow you to make lower repayments on better terms. Our expert mortgage brokers will find you the best remortgage deals for your special needs and seamlessly move you to your new mortgage deal best of all our services are free we do not charge broker fee.

Btl buyer guide

Finding the right buy-to-let mortgage can be a daunting task. Our trusted mortgage broker can quickly find you the most exclusive deals, provide prompt, worry-free services and do all the hard work for you. In this guide we cover, Buy to let Buy to let mortgage broker Cost of buy to let

Home mover guide

Whether you are moving to a bigger property or downgrading to smaller property, moving home can be a busy and stressful time — and mortgage is the first thing you will worry about. Our experienced advisors will find the best value home mover mortgage for your needs and seamlessly move your mortgage to your new property. so that you can relax and focus on turning your new house into a home.

First time buyer guide

Buying your first house is one of the most important purchases of your life and can be equally exciting and daunting. Our experienced first-time buyer mortgage advisor at MariannaFS can guide you through the process. Remember getting a mortgage secure is main part of the buying process. You should always look at the mortgage options and try to understand how the whole process works. So here is all you need to know about your first mortgage.

NHS mortgage

What is an NHS mortgage? NHS mortgage is not a standalone mortgage product. It refers to a situation wherein a mortgage deal is offered to an NHS employee. NHS employees often struggle with hospital rotations, inadequate incomes, salary band restrictions, short contracts, and other relevant issues. NHS mortgages are initiatives to make property purchases easier for these individuals.

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As a mortgage is secured against your home, it may be repossessed if you do not keep up the mortgage repayments

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Marianna Financial Services is authorised and regulated by Financial Conduct Authority under the FCA financial services register number 925226 in respect of mortgage, insurance and consumer mediation activities only.

Company registration number 12485005. Register in England and Wales. Register office : WEST LINK HOUSE,981 GREAT WEST ROAD, BRENTFORD, TW8 9DN

The information contained within this website is subject to the UK regulatory regime and is therefore primarily targeted at consumers based within the UK.

How To Remortgage