Remortgage

Usually the answer to this will be yes! It will depend on a few factors though, such as how much your home is worth and how much you owe on your current mortgage. If there is enough equity then you will be able to release some, typically up to 90 or even 95% of the value of your home. The other factor here is how much you can borrow. As long as your income and expenditure will allow you to borrow enough then you should be able to borrow more.

Yes absolutely! This is one of the most popular things to do when we release equity for our clients. Generally speaking people feel comfortable releasing equity for home improvements because it will help them add value to their home. Lenders are also generally happy to lend for home improvements, it could be a whole extension or maybe just some decorating. Whatever you are planning to do though, borrowing the extra money on your mortgage could mean that you are able to get the work done sooner than you thought.

This is also a very common reason why our clients want to add some money on to their mortgage. Adding debts to your mortgage can have make a massive difference to your monthly outgoings. If you have built up other loans and credit cards on high rates that you are struggling to meet the minimum monthly payments for, then you could well find that adding some or all of that debt will reduce your monthly outgoings considerably. This is because you will be consolidating it all together in to one neat new loan and monthly cost. Beware though, adding these debts to your mortgage means that you are adding more debts to your home and as your mortgage is secured on your home, it is at risk if you do not pay your mortgage.

Many people dream of becoming a landlord or having an additional property. If you have plenty of equity in your current home then this could actually be a lot closer than you think! You can borrow some more on your mortgage during the remortgage process and then use this additional amount to buy an extra property. You could also just use this amount to put down a deposit on an additional property then take a new mortgage for the rest of the purchase price.

With rates changing all the time and the cost of living ever increasing, the sooner you arrange a new mortgage deal the better. We usually suggest you choose a new mortgage at least 6 months before your current deal ends. Then as you get closer to the completion date we will keep an eye out for any better deals for you and swap it over if that is best! This way you get the best of both worlds, a new rate locked in just in case rates go back up and the ability to swap if there is a better rate that comes along.

Yes you can, you can remortgage any time you like! However, it doesn’t often make much sense to do that and there are usually alternatives. If you change lenders part way through your fixed rate you will usually have a penalty to pay. This can sometimes be beneficial if interest rates are falling and you can swap to a lower rate but it is unusual to find this makes financial sense. If you would like to borrow extra money and you are tied in to your current mortgage, there are other ways we can help you do this without incurring a penalty.

Not as much as you might think! In fact, it doesn’t usually cost anything at all. If you have a normal residential mortgage with a “mainstream” lender then you won’t tend to see any fees from the lender at all, they will generally do a free valuation and provide a free legal service to handle the switch. If you have a more specialist case or it is an investment property then you might not get these freebies thrown in but for most people, it’s all covered.

Adding someone to a mortgage or taking someone off a mortgage is called a “transfer of equity”. This is a fairly common occurrence and is usually done as part of a separation or divorce or when a new couple comes together. This situation requires a more detailed conversation with us, you can’t simply remove someone if either they don’t agree, or you can not afford the mortgage by yourself. Making changes to the ownership of a property in this way involves an extra layer of legal work which will also usually add on a few hundred pounds to the costs.