How remortgaging works

Finding a new mortgage lender

Big changes in your life, planned or unexpected, could mean that your current mortgage no longer suits your needs. Remortgaging means moving your mortgage to a new lender while staying in the same property.

Whether you’re starting a family, expecting a significant change to your income or just want to save money, remortgaging gives you a chance to find a deal that’s a better fit for you now and in the future.

Our guide can help you decide if it’s right for you.

Is it time to remortgage?

Has your property increased in value since you bought it? Or perhaps you’ve made overpayments to your mortgage balance which may have changed your loan-to-value (LTV) ratio?

Both of these mean you could have access to a wider range of deals, so it’s definitely worth checking the latest offers if your current mortgage deal is about to end, or has already moved to a follow-on rate.

Remortgaging can also help you raise money for home improvements or a special purchase. It’s important that you think carefully about whether you can afford the higher payments over the full mortgage term though. If you’re planning to consolidate other debts, don’t forget that independent financial advice is available. The rules around how much you can borrow may be slightly different if the money being raised is to repay other debts. Your home could be at risk if you can’t make the payments.

Get ready to remortgage

The remortgaging process typically takes four to eight weeks after you apply. For most applications, you’ll need to speak to one of our mortgage advisers. They’re qualified to advise you on the best deal for your needs and are experts on your local area. Before you get to this stage, think about the following five questions to help you get a clear idea of your situation and needs before applying.

1. What will it cost to leave your current mortgage?

Some mortgages charge you when you leave under certain circumstances, with an exit fee or early repayment charge for example. This could be thousands of pounds if your current mortgage deal hasn’t ended, so check the documents from your current lender or contact them for details.

2. What do you want from a new mortgage?

Do you want to lower your monthly payments or fix your rate so your payments won’t change for a set period? Think about what you need now and how your needs might change in the future.

3. Is your credit score in good shape?

When you apply to move your mortgage, we check your credit score with credit reference agencies. Before you apply, you can check your credit score and make sure all the details in it are correct by using a credit reference agency.

4. How much can you borrow?

To find out how much you could borrow and what your monthly payments may be, make an appointment with one of our industry qualified mortgage advisers.

5. Which remortgage deals are available?

Once you know what you want and how much you can borrow, you can start comparing our mortgage deals.

How the remortgage process works

Make an appointment to see a mortgage adviser

Our mortgage advisers can let you know how much we can lend you, without a full credit check. You won’t need to choose a specific remortgage product at that time and it’s not a guarantee you’ll be approved for a remortgage – but it will help you understand your options.

Consider all the costs

To make sure remortgaging is the right decision for you, check whether any of the following charges will apply:

  • Application fee – a charge to set up your new mortgage. Also referred to as an arrangement, product or booking fee.
  • Valuation fee – to confirm the value of your property.
  • Legal fees – a solicitor will need to manage the transfer of your mortgage. There may be other costs too, such as bond and document charges, depending on the island you live on.

As part of the process, our mortgage advisers will advise you on whether you’d need to pay an exit fee or early repayment fee to remortgage again in the future.

Apply for your new mortgage

Once we’ve assessed your situation, you can apply for your remortgage. You’ll need to give information on your personal and financial circumstances and current mortgage. Make sure you have documents to prove what you earn for any loans or other credit commitments.

Completing your remortgage

The final steps of a remortgage are pretty much the same as a buying a new property. We will assess your application, carry out a credit check to confirm your current circumstances and arrange for your property to be valued. You’ll need a solicitor or conveyancer to handle your mortgage transfer.


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