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17th April 2025
Remortgaging can be a strategic financial decision for some homeowners, but it's important to understand how the process works and whether it suits your circumstances. Whether you're reviewing your current deal, exploring ways to access equity, or seeking cost-efficiency, this guide will help clarify what remortgaging involves, what factors influence rates, and what you should consider before proceeding.
find me a mortgageA remortgage occurs when you take out a new mortgage on a property you already own, replacing your existing mortgage. You may remortgage with your current lender or switch to a different one.
Common reasons people consider remortgaging include:
Please note that remortgaging is not suitable for everyone and may incur additional costs, such as early repayment charges or arrangement fees.
The remortgaging process generally involves the following steps:
Many borrowers choose to remortgage at the end of a fixed-term period to avoid reverting to their lender's Standard Variable Rate (SVR), which is often higher. However, rates and terms vary and should be assessed carefully.
Remortgage rates depend on several factors, including:
Access to lower rates is generally more likely for borrowers with:
Rates and product availability can change frequently. Seek regulated advice before making a decision.
Upon completion of a remortgage:
The process typically takes 4-8 weeks, though this varies based on individual circumstances.
Financial Considerations:
Always ensure the mortgage product aligns with your future plans and financial situation.
Most lenders require a minimum of 10 - 15% equity, but better rates are generally offered to borrowers with at least 25% equity. LTV thresholds directly affect pricing.
This is possible through debt consolidation, but it involves securing previously unsecured debts against your property. This increases the risk of repossession if repayments are missed. Always seek advice from a regulated mortgage adviser before proceeding.
You can technically remortgage at any time, but doing so before the end of a fixed-rate deal may incur charges. It's usually most cost-effective at the end of your current mortgage term.
Your credit file may show a temporary dip due to lender credit checks, but this generally stabilises if repayments are made on time.
Risk Warning:Your home may be repossessed if you do not keep up repayments on your mortgage.
If you're considering remortgaging, speaking to a FCA-authorised mortgage adviser can help you understand your options based on your individual circumstances. An adviser will assess product suitability and compare offers from a range of lenders.
Contact WIS Mortgages for personalised advice tailored to your goals and financial profile.
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