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What is a Remortgage?
A remortgage is where you take out a new mortgage on a property that you already have a mortgage on. This might be more against your existing property or to replace the current mortgage (usually when you’ve move from a fixed fee to a variable).
Why would you remortgage a house?
There are a number of reasons that you might consider remortgaging your property. These are the most common reasons.
- A current deal on a fixed-rate mortgage might be coming to an end and therefore moving over to a more expensive variable rate.
- You are overpaying on your interest and wish to bring this down (likely when you are on a variable rate mortgage).
- You want to borrow more but your current provider isn’t flexible.
- You want to move from interest-only to repayment
– The value of your property has increased and therefore you are in a lower loan-to-value band and therefore warrant a lower interest rate.
FAQs – Frequently asked questions
How does remortgaging work?
Once you have an initial mortgage you are not obligated to stay with that lender, you can switch the agreement to a different product or lender. This is possible at almost any point of the mortgage, but you may have to pay an exit fee if you are within a fixed term. Remortgages work the same as mortgages, you approach a lender via a broker or directly and provide the neccessary details to get the mortgage transferred.
Will my remortgage be approved?
This is dependant on the circumstance of the individual(s) taking out the remortgage. These are some of the criteria a lender will look at to consider whether they will lend the money.
- Credit score
- LTV – loan to value of the mortgage
- Affordability (income)
- Employment status
What are the costs of remortgaging?
This varies from lender, some will have a product fee, which will need paying, but can be wrapped up in many cases with the remortgage payments. If you are working with a broker they might also charge you a fee.
How to apply
Fill in a few simple questions, through one of the buttons dotted around this page.
Once you have answered the questions and filled in your details, we will pass you on to a professional advisor. Your advisor will then work with you to generate a quote.
If you are happy with the quote then you can start paying towards your policy on a monthly or yearly basis.
Note: Life cover policies are not savings and investment products and have no cash value unless a valid claim is made.
Who are we and how do we help?
We work with a range of highly trained specialists in their field to deliver you highly efficient and professional advice, regarding the solution you are interested in.
clearkeyfinance.co.uk is an independent marketing website that acts as an introducer to FCA regulated companies. The guidance provided within this website is subject to the UK regulatory regime and is therefore primarily targeted at consumers based in the UK.
The content of the site is for information purposes only and does not constitute advice. Actual available rates will depend upon your circumstance. By filling out this form you agree to be contacted by an FCA regulated advisor who will help create a quote for you based on your criteria.