Remortgage In Mansfield

There is no right or wrong answer to this as it's dependent upon your circumstances. In most cases, it's after your initial rate ends & you move onto your lender standard variable rate. You may find that when your current deal ends, your payments can rise if the standard variable rate is higher than the rate you were on previously. This is when we see most people remortgage. However, you can remortgage during the lifetime of your mortgage subject to meeting a lender's policy and criteria.

You may be eligible for a lower interest rate when you remortgage if the value of your property has risen and your mortgage balance is lower than at the start of the mortgage. This means that you have more equity in your property. Equity is what we call the difference between the market value of your home and the balance of your outstanding mortgage. The more equity you have, the lower risk you may be for a mortgage lender. If you are lower risk for a mortgage lender, this means that you may be eligible for the most competitive deals available at the time you remortgage. This means you may well get a lower rate if rates have fallen, which means you could save money. The only way to know is to contact us, and we'll be able to tell you.

When you remortgage, a new mortgage effectively replaces your existing mortgage. A new mortgage lender agrees to a new deal with you depending on what type of remortgage it is you're after. They then repay your existing mortgage, and the remortgage becomes your new mortgage lender on a new and usually better deal, saving you money every month.

A straightforward remortgage can take between two to four weeks; however, it can take up to 8 weeks or longer if it is more complex. A remortgage is much quicker than purchasing a property because there isn't as much legal work to complete. You can speed your remortgage up by providing all the requested documents on day one and completing the legal questionnaire as quickly as possible. We aim to complete remortgages between two and three weeks and make it as quick and painless as possible.

The cost of remortgaging depends on many factors, such as if you need to pay a penalty to leave your existing lender, if you need to pay a Help To Buy loan off, or if you've got a complex situation. However, as a guide, a remortgage will likely cost up to £500 for legal fees. On top of that, fees may be payable to the lender, which will be outlined before an application is submitted. In addition, many mortgage lenders offer cashback incentives when you remortgage to help cover some or all of the cost of remortgaging. 

Yes. A mortgage lender will always want to establish the current market value of your home. However, they often don't charge a fee for this. In addition, a mortgage lender will want to revalue your home to determine which deals are suitable for you, dependent upon how much equity you have in your property. Often these types of valuations are conducted remotely and don't require a full internal inspection of your property; however, the mortgage lender decides which type of valuation is most suitable when we apply to them.

Yes, absolutely. We always encourage our customers to consider reducing the term of your mortgage, especially if you are comfortable paying the level of payments you are used to. This means that we reduce the number of years your mortgage has left rather than lowering your monthly cost. This means you are mortgage-free and debt-free sooner, which also has the effect that you save interest costs.

The majority of mortgage lenders allow six-month mortgage offers on remortgages. We always recommend you start the process up to six months in advance to make sure that we can lock in a new deal for you; however, given how quickly we work, if you are currently on your standard variable rate, then you should get in touch with us as soon as possible so we can start the process of your remortgage. 

The answer is often yes. However, it depends on your circumstances. For example, if you are on a higher rate and we can reduce the rate you are currently paying, then this will mean that your payments are lower, and therefore you will be saving money. However, if rates are rising your payments could increase.

Yes. Most mortgage lenders allow you to raise capital to work for your home, such as a new kitchen and bathroom. However, it may be that you'd like to fully renovate your home or build an extension to give you more living space and get your home exactly as you want it. We help many homeowners who have wanted to do extensions and refurbish their homes whilst getting a better deal and adding value to their current property.

Yes. Most mortgage lenders allow you to raise capital to repay existing debts. The debts most commonly consolidated into a mortgage are outstanding balances on credit cards, personal loans, and hire purchase agreements. There are very strict rules set out by the financial conduct authority about debt consolidation. You should always carefully consider the implications of adding debt to your existing mortgage. 

You can read more about debt consolidation on our specific debt consolidation remortgage page