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Thinking of a remortgage?

When you remortgage you are simply taking out a new mortgage on a property you already own – either to replace your existing mortgage, or to borrow money against your current property.

You can remortgage by taking out a new deal with your existing lender or move to a new mortgage with a different lender. If you are not looking to get a new deal, you can remortgage to release equity in your home and receive cash.

Why and when would you remortgage?

  • Your current mortgage deal is about to end and you don’t want to pay the lenders variable rates
  • 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
  • You’re concerned about rising interest rates
  • You want to raise cash to consolidate existing loans or credit cards
  • You want to pay back extra, but your lender won’t allow you to
  • You want to switch from interest-only to a repayment mortgage
  • You want or need to borrow 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

Read our advice article – Should you re-mortgage? – How to earn cash from your home >

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 four to six weeks is typical, for a new lender eight to twelve 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.”

What if I have credit issues?

While many lenders will not be forthcoming with offers for remortgaging with bad credit, it doesn’t mean you won’t be able to get the loan you need. Bad credit is an issue for banks because bad credit makes you:

  • Seem a higher risk to lenders
  • More difficult to get loan approval
  • Additional work is required for bad credit remortgage offers

Although bad credit does make banks cautious, some financial institutions are willing to look past this. Bad credit history doesn’t always mean you can’t handle remortgage payments. Some lenders are able to consider these problems and still offer remortgaging services.

Independent financial advisors will be able to point you in the right direction. They will know which banks specialise in remortgages for people with bad credit.

You can check your credit score by signing up for a free trial with our credit score checker.

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Two Steps to Contacting Friends Capital

Step 1

Either call us, email us or request a call back using our call back submission form.

Step 2

One of our friendly advisors will either call you back within 24 hours (usually the same working day), or will take details from you in order to best deal with your situation.

When you speak with us, we will take a ‘fact find’. At this stage we take basic details about your situation. We will then search the whole of the market and find you the best deal available.

If you are happy with the deal that we offer, we will then contact the lender for you and get you what is called a ‘decision in principal’.

If you’re happy with the decision in principal then we will secure this deal for you and deal with the application for you on your behalf.

Request a Chat About Your Remortgage

No. The equity you have in your property essentially acts as a deposit. Equity is the percentage of the home you own yourself. You can, however, add any additional money you have saved when you remortgage to get a smaller mortgage.

It depends on your circumstances when considering whether it’s better to remortgage or get a personal loan. The equity in your property will be a significant factor and how long you want to borrow the money for. Mortgages tend to be longer-term but aren’t as flexible as personal loans. Get advice from a financial advisor; ultimately, you want to pay as little interest as possible and reduce the risk of additional financial pressures. 

If you do a full remortgage, you’ll refinance your entire mortgage either with your existing lender or a new one. A remortgage can be as simple as keeping the same loan size but moving to a new deal, or you can take on extra borrowing, releasing the equity in your home. Don’t forget releasing money when remortgaging is increasing the size of your loan and often the repayment time.

Why choose Friends Capital?

Service

Friends Capital work with all of the UK’s top insurance companies and financial institutions meaning we represent the very best the market has to offer but brought to you with independent and impartial advice.

We will explain the pros and cons of different products and make sure that the solution you end up with will be the right one for you.

Trust

Our reputation is our bond. Friends Capital guarantee to deal with everyone with total understanding and empathy of your needs and circumstances. We do not prejudice anyone and work hard to bring you the best possible deal and outcome, regardless of your situation.

Put your trust in Friends Capital and contact us today for all of your financial and protection needs.

Value

Friends Capital is one of the UK’s leading brokers with over 30 years experience of finding the best possible policy to suit your needs at the lowest possible price.

We search the market with all the best providers so that you don’t have to.

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