Remortgage

`Jump to section

When Can I Remortgage? >

How Long Does it Take to Remortgage? >

What if I Have Credit Issues? >

Make a Remortgage Application >

Request a Chat About Your Remortgage >

Remortgage

When you remortgage you are simply refinancing the existing mortgage on your current property  – either to replace your existing mortgage like for like , or to ‘release equity’ and borrow additional money against your property.

Why and When Would You Remortgage?

• Your current mortgage deal is about to end and you don’t want to pay the lenders variable rate
• You want to switch to a better rate than your existing mortgage and save on your monthly payments
• Your home has gone up in value and you wish to release some equity
• You want to raise cash to consolidate existing loans or credit cards
• You want to switch from interest-only to a repayment mortgage
• You want or need to borrow additional money for projects or events e.g. home improvements, a wedding or property development
• You want a more flexible mortgage

If you would like to chat to one of our advisors for independent and unbiased advice call us today

When Can I Remortgage?

The majority of borrowers remortgage at the end of a deal term. This is to avoid moving onto higher standard variable rate (SVR). The SVR from a lender is often much higher, sometimes double the amount of the fixed rate.

It’s important to start preparing for a new mortgage a few months before your current deal expires. We recommend planning for a remortgage 3-6 months prior to the end of your fixed rate mortgage end date.

In some cases, you can switch your mortgage earlier; however, fees may apply.  Speak to a mortgage broker, and they can advise you on whether it’s worth changing your mortgage early or not, and tell you how much you can save.

How Long Does It Take to Remortgage?

This really depends on whether you’re staying with the same lender or changing. If you are staying with the same lender it can be very straightforward and quick, for a new lender six to ten weeks is more likely.

Friends Capital Tip: “To avoid delays, start looking for a new mortgage in advance – two to three months before your deal expires is ideal.”

Either book an appointment online or request a call back below.

Request a Chat About Your Remortgage