COMPARE REMORTGAGE RATES AND DEALS UK
Time to remortgage? Learn all there is to know about remortgaging, when to remortgage, and what the benefits of remortgaging your home are.
We’ve got all the remortgage advice you need. Explore the latest remortgage deals and discover invaluable tips in our FAQs.
Call our expert advisers now:
0333 090 3221
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What is remortgaging and how does it work?
Remortgaging is the process of moving your mortgage to a new one, either with your current or another lender. The new mortgage replaces the old one.
Remortgaging may be suitable if:
You’ve come to the end of an introductory or fixed rate
You' took out your mortgage when you had a poor credit score, and it has now improved
You want to bring together your debts into one monthly payment
Your property has increased in value and you want to benefit from a lower loan-to-value
You need money to fund home improvements
Your current lenders interest rates are high
You want to make changes to your mortgage, such as the length of your mortgage or the repayment type
Remortgaging may be unsuitable for you if:
You’ve taken out a new mortgage in the last 6 months
You owe less than £25,000 on your mortgage
You’re thinking of moving home soon - See our Home Movers page instead
If your current mortgage has high redemption penalties
In this applies to you, remortgaging might not right for you. You’re always best to check - Call our mortgage experts on 0333 090 3221 and we’ll be able to point you in the right direction.
What’s the process of remortgaging?
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Make and enquiry and we’ll give you a call to go through the details of your current mortgage and personal circumstances. We’ll get some documents from you and recommend a mortgage deal we think fits your circumstances and budget.
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Once we’ve found your perfect mortgage we’ll get you a decision in principle from the lender. This is a promise from the lender that they’ll lend you the amount you need, subject to a full assessment and valuation of your property.
If you’re staying with your current lender, this step doesn’t apply.
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Once we’ve got your decision in principle secured, we’ll go ahead in making your full mortgage application. We’ll let you know of any additional documents your lender will need and update you on the status of your application at all times.
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The lender will assess your mortgage application and supporting documents in full as well as instructing a valuation of your property to make sure they’re happy to lend the requested amount.
Once the lender has fully reviewed the case they will accept your application and send you a mortgage offer, we’ll also get a copy.
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After you’ve received your mortgage offer, you’ll go through conveyancing. This is where the solicitor arranges all of the legal work to move your mortgage from your old mortgage lender to your new one.
Lots of remortgage deals include free conveyancing, and others offer cash back which pays for the bulk of your legal fees.
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Once your solicitor or conveyancer has completed their legal work on the property, they arrange a date to draw down the funds on your new mortgage. They use these to pay off your old mortgage and send you any difference.
If you’re staying with the same lender, disregard step 2 and steps 4-6. This is because a bulk of this work was done by your lender when you originally took out your mortgage.
How we help remortgagers
Free initial consultation
Independent advice
We'll discuss your options and give you an idea of what mortgages you're likely to qualify for without charging you a penny.
We're independent to our lenders, our advice to you is in your best interests at all times. We’re on your team.
Flexible Appointments
Easy Application Process
We're committed to helping you get your mortgage sorted, no matter what day of the week it is.
Whether you’re staying with your current lender, or moving to a new one. Our remortgage process is simple and easy.
FAQ’s
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Remortgaging usually takes 4-8 weeks. If you’re staying with your current lender (known as a product transfer), this can be done straight away.
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You can remortgage whenever you like, but this doesn’t mean you should. The most common time to remortgage is when you’re on your lenders Standard Variable Rate (you move onto this at the end of any introductory offer).
Sometimes it makes sense to remortgage early, such as when you have no exit penalties or when interest rates have decreased. Your mortgage expert will be able to assess your current mortgage and go through the pros and cons of switching your mortgage.
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Remortgage deals are available from most mortgage lenders. We’ll look at your current mortgage and compare those available across the market, all to make sure you get the right new mortgage. We’ve also got access to some exclusive retention deals which you won’t get by going direct.
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If you’re changing lenders, you’ll need to have your house valued. This is often done remotely as your house would have been valued when you originally took out your mortgage. You likely wont need a valuation if you’re staying with your current lender.
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If your credit score has increased, you may be able to qualify for a better rate than your current lender can offer you. If your credit has worsened since you took out your original mortgage, your options may be more limited. You may need to use a specialist adverse credit lender.
Before we make any mortgage application for you, we’ll discuss your credit history with you and make sure you’re likely to be accepted for any remortgage we recommend.
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Your lender will request some documents from you as part of your remortgage. We’ll gather these when we first speak to you to make sure your new lender is likely to accept them. The documents you’ll likely need are:
A copy of your photo ID
Your most recent 3 bank statements
Your most recent 3 payslips
Last 2-3 years accounts if you’re self employed (some lenders may accept less)
Proof of address - Usually a council tax or utility bill
Get in touch
hello@hiyve.co.uk
0333 090 3221
We’re available: Monday - Friday 9am - 5pm
Head office: Dallam Court, Dallam Lane, Warrington, WA2 7LT
Looking for a mortgage appointment?
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