Remortgage

Remortgaging is when you take out a new mortgage on your home, either with a new lender or the same one.

It’s typical to remortgage at the end of a fixed-rate deal to get a new offer. Remortgaging may also allow you to release equity in your home – the balance between your home’s value and the remaining amount on your mortgage.

While generally a more straightforward process than the initial one when buying a new home, using a remortgage adviser can help you get the best deal possible.

Why do people remortgage?

• Your fixed-term deal is ending and you want to avoid going onto your lender’s standard variable rate (SVR), which often means paying more.
• If you’re on an SVR mortgage and want to save money or get control and clarity over your finances.
• To change your mortgage term. You may be able to reduce your payments by extending your term (although it’ll likely mean paying more overall). You may be able to shorten your mortgage term too. While this may mean your monthly payments increase, it helps you clear your mortgage faster and potentially pay less in interest overall.
• To release equity in your home. This may help you pay for home improvements or pay off debts.
• You may need to remortgage to remove or add someone to the deed – for example, if you separate from your partner.

How does remortgaging work?

Our remortgage brokers handle every step for you, deal with all the paperwork and take away the hassle. Here’s a quick overview of how the process works and how we’ll help you:

• We’ll talk to you in detail about your situation and what you’re looking to achieve with your remortgage. This can help us find the most suitable products from our pool of lenders. Our mortgage calculators will give you an idea of how much you could borrow or how your payments might change to help with this process.
• We’ll explain all the documentation we’ll need to put together to support your application.
• We’ll find your ideal new mortgage deal and manage the application process for you. We’ll make it as simple as possible and keep you informed every step of the way.
• The lender then carries out a survey to assess the property, and their underwriter will review it all to confirm it’s affordable for you. This might include asking for a reference from your employer or accountant.
• Once the lender’s happy with all the checks, they’ll make a formal mortgage offer. We’ll then help you complete the legal details. We’ll be there to talk you through every single piece of paper, so you don’t need to worry about a thing.

How long does it take to remortgage?

Remortgaging is typically a shorter and simpler process than taking out a mortgage to buy your home. Once your application has been submitted, it generally takes four to eight weeks to reach completion.

This may change in line with your personal circumstances, but your Alexander Hall remortgage adviser will be there to keep you fully informed every step of the way.

Remortgaging with a new lender may take slightly longer than sticking with your current one, which is known as a product transfer.

Can you remortgage with the same lender?

A product transfer generally means less paperwork, as the lender already has your information and has accepted you on your current mortgage. However, it’s worth seeing what else is out there so you don’t miss out on a more competitive deal

We can help you with everything, whether you want to borrow more from your lender or switch to a new one. We’ll do all the analysis for you, comparing what your existing lender can offer with other deals on the market.

We’ll keep it simple, streamline the whole process and offer straightforward advice on the benefits and risks of switching. For example, many lenders offer a free legal service with their remortgage deals, saving you money. However, if you need to complete quickly, you may be better off selecting your own solicitor. We can help you with that.

For great advice on every aspect of remortgaging and what it means for your situation, contact us.

When can you remortgage: Can you remortgage at any time?

The simple answer is yes, you can remortgage at any time. However, some factors can make remortgaging at different times more suitable.

A major consideration is what fees you’ll need to pay to exit your current deal. If paying them will wipe out any potential savings, your remortgaging adviser should suggest waiting until the terms fall more in your favour.

If interest rates have fallen since you took out your mortgage or your house has increased in value, this may offset any exit fees you would need to pay.

Get in touch with us around six months before your existing mortgage deal expires, or well before you need additional funds. That gives us plenty of time to find the right arrangement for you and lock in the rate and terms.

Do I need a mortgage adviser or broker to remortgage?

It’s easy to navigate the remortgage process when you have a broker that understands your situation and budget. We’ll pull together all the information you need, spending time with you to get everything just right.

We’ll ask you questions like:

• What are your plans for the future?
• What type of job do you do?
• What’s your income and pay structure?
• What are your family circumstances?

We’ll then research the mortgage rates on offer and look at the market to provide you with clear, relevant information you can use with confidence.

That way, when you’re ready to make a decision, you can do so knowing that you’ve got all the facts.

What can a remortgage broker do for me?

Our remortgage advisers work closely with you to save you time and give you the very best chance of a successful application.

During the process, we’ll:

• Talk you through all your options with a free consultation
• Recommend the right mortgage for your situation
• Check how much you can afford to borrow
• Help you gather the information and documents you need for your application
• Help you prepare your application for submission
• Submit your application to the lender
• Liaise with the lender and solicitors

Once your mortgage has been offered, we’ll support you through to completion.

We’ll work hard to build a lasting relationship with you, so you’ll always have someone you trust to help with any queries or requirements in the future.

Why choose Alexander Hall for remortgage advice?

Whether you’re aiming to secure a better rate, release equity or adjust your loan terms, here’s why you can rely on our remortgage brokers:

• Impartial advice: We offer unbiased guidance tailored to your remortgaging goals. We can secure exclusive deals tailored to your situation, but our focus isn’t on a specific lender – it’s on you.
• Extensive network: We search over 100 lenders to find the best remortgage deals for you. Plus, we liaise directly with key contacts to speed up your application.
• Hassle-free experience: Unsure where to start? We simplify the remortgaging process, handling the paperwork in the background so you can get on with everyday life.
• Outstanding service: Don’t just take our word for it – thousands of clients rate us ‘Excellent’ on Trustpilot. We’re committed to delivering the same high standards of service for your remortgaging journey.
• Award-winning expertise: With over three decades of experience and numerous accolades – including the Best Broker for Customer Service in the 2024 Legal & General Mortgage Club Awards – you can trust us to navigate your remortgage with excellence.