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Getting any kind of mortgage can be stressful enough. Working with a specialist mortgage broker can help you get access to unique deals, as well as expert advice.

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What is a specialist remortgage?

A remortgage is when you take out a new loan on a property that you already own. This could be to replace your current mortgage to take advantage of cheaper interest rates, to lower your monthly payments, to release equity from your home to fund a new home project, or to assist with financial needs.

You may need a specialist remortgage if your financial situation has changed since you remortgaged. You may have received a CCJ, missed a few credit card payments, or your credit score has taken a hit. When you use a specialist mortgage broker, we can help you find a product from specialist lenders that you won’t find on the high street.

 

Benefits to remortgaging

There are many benefits to remortgaging, whether it’s to improve how you make your repayments or to release money for a project:

– Reduce the term of your mortgage – this could help save you money over the course of your borrowing

– Secure a more favourable interest rate than on your current mortgage – this could reduce your monthly repayments

– If there is equity in the property, you can release some of its value, using the surplus to embark on a project or consolidate debts

– Release equity to undertake another project or venture

Why use a broker to remortgage

It is not a legal requirement to remortgage using a mortgage broker, although doing so has a whole host of benefits. Not only does it take the majority of the work off your plate, a broker could help you save money in the long run. A specialist mortgage broker, such as ourselves, can take a look at your situation to firstly establish whether remortgaging is the best financial option for you. Should you choose to proceed, they will have access to exclusive deals from lenders you won’t find on the high street – finding the very best product for you.

A personal approach to your remortgage

With a Mortgage Experience adviser on your team, you can sit back and relax, safe in the knowledge that we will be doing all the heavy lifting to find you a suitable remortgage with the best rates available. This gives you more time to pack, and well, do the actual physical heavy lifting (should you wish) as you move into and enjoy your new home or the financial benefits of your remortgage.

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Remortgage FAQs

When can I remortgage?

You can remortgage at any time, however you may have to pay an early repayment fee if you have not reached the end of your fixed rate term. Fixed rate mortgages can last for two, three, five or – in some cases – 10 years. Once that fixed rate ends, you will be placed on your lender’s SVR (standard variable rate), which will often have higher interest rates.

Remortgaging can help you secure better interest rates than those on a SVR.

Is there a bad time to remortgage?

Sometimes, it isn’t financially viable to remortgage. When you work with Mortgage Experience, one of our experienced brokers will look into your circumstances to see if it is worth your time and money. Early repayment charges can cost you several thousand pounds if you choose to switch to another lender. 

Can I remortgage with bad credit?

Using a specialist broker can help you remortgage if your circumstances have changed since you first applied. It is still possible to remortgage if you have a bad credit score, although traditional high street providers may be less likely to consider you. When you work with a specialist remortgage broker – such as Mortgage Experience – we pair you with an experienced specialist who can help you get access to lenders you won’t find elsewhere.

What is LTV, and how does it impact remortgage deals?

LTV (loan-to-value) refers to the size of your mortgage compared to the value of your property.

For example, if your property is worth £200k, and you have £150k remaining on your current mortgage, then your LTV is 75%.

Typically, the lower the LTV the better the deals.

How to remortgage to release equity

When you first took out your mortgage, it would have been based on the value of your home at that time. With house prices in the UK generally increasing over the years, there is a good chance that your property has increased in value.

With house prices on the rise, you will likely have more equity in your home (reflected in the increase in valuation). But, how do you unlock that if you don’t want to sell?

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