How much will it cost to remortgage?
Lenders often charge an arrangement fee when you select a particular product. The cost of these can be a fixed amount or sometimes a percentage of the loan amount. The arrangement fee can be paid on application and added to the loan on completion.
Booking fees are sometimes charged by lenders, these are usually charged upfront and non-refundable. Typically, they are £100-£200.
Legal and valuation fees are often free on a remortgage which can help keep costs down to a minimum when going through this process.
I own my house outright, can I remortgage?
Homeowners who have no mortgage on their home are in a very strong position to remortgage. This means you own 100% equity in your house. The mortgage deals available to you will be based on how much you want to borrow as a percentage of the current value. This is known as the Loan to Value. There will be criteria you need to meet in terms of credit file and income but you would likely qualify for a remortgage.
I’m over 60 or retired can I remortgage?
Some lenders are happy to offer mortgages to older applicants who are perhaps already retired but we would encourage you to speak to an adviser about your scenario.
Can I remortgage if I am Self-Employed?
Yes, you can remortgage if you are self-employed but the length of time you have worked in this capacity will be key to the success of organising this. Lenders typically ask for 2 years accounts or 2 years Tax Calculations but there are other lenders that are a little more flexible and may only seek 1 years figures which could provide you with options.
Can I remortgage before my current mortgage deals ends?
Yes, you can but should you complete on your new mortgage before this you are likely to incur early repayment penalties. We would encourage our clients to consider a remortgage deal 3 months before the current deal ends so that you have you new deal in place in good time.
I have a poor credit history, would I qualify for a remortgage?
We would ask to review your credit files before approaching any lenders as the issues on your credit file may not prevent you getting a mortgage altogether but may have an impact on the interest rate you can be offered. High street lenders tend not to offer mortgages to applicants with poor credit history which is why it can be advantageous to speak to a broker.
Can I raise money for home improvements with a remortgage?
Yes, it is likely you can raise funds for such a purpose. Some lenders will consider lending up to 90% loan to value although other lenders this is around 80%-85%.
Can I remortgage my help to buy?
Some lenders will allow you to remortgage a Help to Buy but there is likely to be loan restrictions. We would recommend speaking to an adviser for further information.
My mortgage is Interest Only, can I remortgage?
It depends on your loan to value and equity you have in the property. The repayment vehicle you have (if any) is very important. Each scenario is different but we would recommend speaking to an advisor.
I have missed payments can I apply for a remortgage?
If you have missed payments on your mortgage it may prove difficult to apply for a new one until a particular amount of time has passed since the event. We would suggest you obtain a copy of your credit file and we can review this with you to see if and what options may be available to you. Should you not be eligible at the time we would aim to give you an indication as to when you could apply in the future. If you have missed payments on unsecured items the above may still apply but depending on when the event/s were there may be some lenders that can consider you now.
How long will it take to obtain a remortgage?
This will depend on a number of factors. Having available and sending the documents needed to support your application. The volume of applications a lender has will increase the underwriting times. How quickly your mortgage broker sends the supporting documents to a lender. We tend to obtain all documentation from the outset which we anticipate a lender will require as this helps speed up the process as those items they ask for we already have.
Typically, a well-packaged application should be offered within 20 working days of submission. Sometimes and application may take longer when additional items are requested that are over and above what a lender may normally ask for.
What is APRC?
The term APRC Stands for Annual Percentage Rate of Charge.
It is important to understand the different rates quoted so you can establish how much a deal is going to cost you. The APRC shows how much your mortgage will cost you each year on the assumption you keep it for its full term.