The first stage will be to check whether you can remortgage, this requires looking at your own personal circumstances and also the mortgage you have now to check for any charges or restrictions. Then you are ready to choose an new mortgage deal and complete an application.

Our experienced mortgage brokers can do all of this for you. As we are independent of all lenders you get access to hundreds of deals and we will help with all of the paperwork and chasing.

When remortgaging you will apply for a new mortgage that will be used to ‘repay’ your existing mortgage. This all happens on the same day and a Solicitor is needed to co-ordinate the movement of money.

If you applied to borrow more money than you owe now the Solicitor will send this extra money to your bank account after the mortgage has been transferred.

Once you have applied for your new mortgage the process normally takes 4 to 8 weeks.

It is difficult to provide an exact answer to this question as there are so many variables.

For your current mortgage it is important to check whether there are any early repayment charges as these can be significant. In addition your lender will charge to release your mortgage, expect this to be between £100-£300.

For the new loan many lenders do offer a free legal service and a free valuation of your property. But there will likely be arrangement fees and broker fees to pay as well so check before you apply.

Our mortgage advisors can explain all of these costs to you before you apply.

Usually the best time to remortgage or make a product transfer is when the current mortgage product has finished and there are no longer early repayment charges (ERC) to pay.

That being said it is possible to remortgage at any point during the mortgage term, but it is more likely that ERC exit fees will need to be paid which could be substantial.

It is very easy to remortgage and the process is largely managed by the lenders and the Solicitor.

As you are not moving home there’s no chain, no removal people and no need to get everyone to agree on a moving day.

A Solicitor or Conveyancer is needed to make the switch legal and to correctly enter the lenders charge at the Land Registry. However, many mortgage companies will offer to use one of their approved Solicitors at a reduced cost or free of charge.

When applying for a remortgage it is an ideal opportunity to release some equity and borrow more money as this will also attract the new interest rate deal you have found.

After the remortgage has completed you will still have just one mortgage with the new lender.

The Solicitors will transfer the extra money to your bank account once the transfer is completed.

Qualifying for a remortgage is virtually the same as qualifying for a house purchase mortgage.

So the lenders needs to be happy with:

• Your credit status
• Your income and outgoings
• The type and value of your home
• The amount of equity in your home

We don’t think so but some people do inter-change the descriptions. We would explain them as follows:

PRODUCT TRANSFER – This is when you change the interest rate product you have for a new one but stay with the same lender. Generally, nothing else relating to the mortgage is changed.

REMORTGAGE – This is when you move your whole mortgage over to a new lender and at the same time choose a new interest rate product. You can also change the mortgage term, repayment type and mortgage amount with the new lenders agreement.

If you think that a product transfer is what you need we can help with that as well.

You don’t need a cash deposit to remortgage. The lender will not give you a 100% mortgage but will utilise your built up equity.

Yes you can.

A property without a mortgage is known as unencumbered. A remortgage is perfectly possible and could sometimes be called an unencumbered mortgage.

Yes, and this is a popular choice amongst landlords.

You can remortgage a buy to let to improve your interest rate, to fund property improvements or to raise funds to expand your portfolio.

Remortgaging can be difficult if you have bad credit. Just like the process of securing a mortgage for the first time, there are plenty of things to take into account, and this can become increasingly complicated if your credit history isn’t great.

Read more.

Is a remortgage based on income? Are you thinking of remortgaging your home but are unsure whether you need to show any payslips?

Before you get started, it’s important to understand what is required from both lenders and borrowers when it comes to proving income.

Read more.

A transfer of equity (TOE) remortgage is used to change who owns a property and also who is on the mortgage.

This could be used to add someone to the mortgage or to remove someone.

Read more about this – Transfer of Equity Explained and Do you pay stamp duty on a remortgage?

A Day One Remortgage is a very specialist type of lending situation.

We do offer day one remortgages with lending available upto 75-80% loan to value

The Council of Mortgage Lenders (CML) has provided guidance to UK lenders that they should not lend on a property until it has been owned for at least six months.

This can pose problems when a remortgage is needed shortly after acquiring a property. We can help clients who find themselves in this situation.

Read more about this – What is the 6 month mortgage rule?

Definitions for “Mortgage Prisoners” vary, but usually the term is applied to people that have tried, but been unable to switch lenders to get a better deal.

Lender’s affordability stress tests have historically been one of the main barriers to mortgage prisoners getting a better deal, however in recent times the tests used have changed.

You can use our affordability calculator to search over 50 lenders to see what you can borrow.