Remortgage

We’re here to help you make the most out of your home.

There are over 70 lenders available, many more insurance companies and lots of decisions to make when you buy a property for the first time.

You’ll receive clear, precise, advice and we won’t charge you a fee.

What does it mean to remortgage?

To remortgage, simply means to change the mortgage you currently have on your property. It is most common for people to take out a mortgage and not revise the terms or the rate of it for many years. Remortgaging is an option that allows people to get a better mortgage rate or consolidate any debt they may have – but people can remortgage for other reasons, like raising capital to fund home improvements. Remortgaging has been on the rise recently due to an increased cost of living in 2017, which saw a lot of people seeking a better mortgage deal.

How We Help
Find out how you will get your mortgage with Chetwood Lloyd in six simple steps.
Why Us?
Find out more about our company ethos and why we’re the Mortgage Advisor for you.
Make an Enquiry
Leave us a message and we’ll come back to you as soon as possible.
Call Back
Book now to receive a call back on a day and at a time that is convenient for you.

Reasons to remortgage

If you are looking to remortgage, there may be a number of reasons for doing so.

To get a better interest rate

For the majority of people, a mortgage is one of their biggest financial commitments, with regular repayments taking up a large chunk of their outgoings. Therefore, if the option of getting on a better rate arises, you are likely to jump at the chance, as this would have a significant impact on your monthly outgoings. In any case, remortgaging can be seen as a risk but when you are changing to a better rate, it is particularly important that you do your research.

It is also worth bearing in mind that you may be charged a fee for exiting your original mortgage deal which in some cases can be costly, so this all needs to be weighed up before making any decision that is set in stone.

If you are looking to get a better rate, you could look at reducing your loan to value. Your loan to value (LTV) is essentially how much mortgage you have in relation to how much your property is worth. When it comes to remortgaging, the lower your loan to value, the more deals there will be available to you.

To consolidate debt

A common reason to remortgage is to consolidate any debts you may have. Instead of approaching other means of debt consolidation, such as high street lenders, you may want to consider remortgaging. Remortgaging to consolidate debt works by essentially changing your mortgage in order to release equity that is tied up in your home, which you can put towards consolidating your debts.

To fund home improvements

Making changes to your home can be costly, and like many of us, you may not have the funds readily available to carry out all the home improvements that you would like to make. Therefore, you can change your mortgage deal to release some equity in order to pay for your desired changes. Perhaps you would like a new kitchen, or you want to extend, providing you have enough equity in your home, you can fund these changes by remortgaging.

To buy another property

Some people consider changing their existing mortgage, in order to purchase another property. If you are looking into a buy to let property for example, then you can remortgage in order to fund a new one. Again, the main thing to remember is that you need to have enough equity in your current home in the first place and you also need to consider whether you will be able to afford the costs of another property on top of the one you already have.

Remortgaging with bad credit

Having bad credit can often seem as though you have nowhere to turn and when it comes to getting a remortgage deal, you may assume that you don’t have a chance. While it is not easy to remortgage with bad credit, there are ways to increase your chances of approval. If you do have adverse credit issues, then approaching a specialist lender will give you the best chance of getting approved. This is because they have experience in dealing with people just like you, as opposed to a traditional high street lender who is more likely to reject you – meaning you are in more danger of making your credit score worse.

Remortgaging with bad credit

Having bad credit can often seem as though you have nowhere to turn and when it comes to getting a remortgage deal, you may assume that you don’t have a chance. While it is not easy to remortgage with bad credit, there are ways to increase your chances of approval. If you do have adverse credit issues, then approaching a specialist lender will give you the best chance of getting approved. This is because they have experience in dealing with people just like you, as opposed to a traditional high street lender who is more likely to reject you – meaning you are in more danger of making your credit score worse.

You want to remortgage, but you are worried about the downsides?

Remortgaging can be a great way to save you money or gain capital when you need it the most, however, there are some general things you need to consider.

When it comes to exiting your current mortgage, you may have to pay an early repayment charge as a fee for leaving the deal. This can be an expensive amount and sometimes it may not be worth you remortgaging. If this is the case, you could always look at remortgaging with your current lender and this way, you could avoid paying the early repayment charge. Before you do anything, it is always worth checking with your current lender to see the options that are available to you.

We have helped hundreds of people get the right mortgage deal for them and we are experienced in helping homeowners remortgage. We are authorised and regulated by the Financial Conduct Authority, so you know you are coming to a mortgage broker you can trust.

Book a convenient time for us to call you…

The first step is to have an informal chat with one of our team so we can obtain some basic details about you and the property you are going to buy. This will be done either on the phone or online and on average might take 20 minutes. We can give you an indication of how much you might be able to borrow and how much the payments will be. We’ll then request you upload the required mandatory documents to our client portal needed to get you an accurate decision to lend.

Upload your Documents…

The next step would be for us to complete a more detailed questionnaire. This is essential so that we obtain more information about you, including your income and expenditure details so that you receive accurate advice. This can be done over the telephone and online with your advisor. We will then be able to make a formal recommendation and provide you with a full detailed illustration about your mortgage, which we will explain to you in great detail so you can be happy that you’re getting the right mortgage.

Accurate Decision to Lend…

With your permission, we will then obtain an Accurate Decision to Lend. This is better than a normal agreement in principle as we will have all the right information at the beginning. We do this so you have complete peace of mind when you find the property you want or put on an offer, both your Mortgage Advisor and Mortgage Lender will be 100% behind you.

SALE AGREED…

When you have agreed the purchase price with the Person/Builder selling your new home, we’ll take over and submit the mortgage application and liaise with the Lender, Estate Agent/Builder and Solicitors so you can relax.

Mortgage Offered!…

Great news, the Lender has carried out all their checks and the survey of the property, and is ready to give you the money to buy your home. At this stage we will be in touch to explain the mortgage offer. It is also our responsibility to make sure that the mortgage is paid on time, so we will make recommendations if they are deemed necessary.

Get the keys and move in!…

This is the best part. We will make sure that everything is set up so you can collect the keys and start your new chapter in your new home.

Find the mortgage that’s right for you with Chetwood Lloyd