Remortgage Package

Remortgage complete for a comfortable home

A popular option for many of our clients is to remortgage their home. Remortgaging is the process of paying off your existing mortgage by acquiring a new one, hopefully with a more appropriate deal than before. This is where we can help! We will scour the whole of the market, to get you the right deal and then we will ‘hold your hand’ through every stage of the process – from advising you on how much you can borrow to completing the remortgage.
We offer a one stop shop package as we liaise with all relevant agencies on your behalf and give you regular updates. In addition, we will ensure you have all the mortgage protection you need.

How we help you through every stage of the remortgaging process:

Ring us Monday to Friday between 9:00am and 5:00pm.

Day, Evening and Weekend appointments available.

Live chat with one of our advisors between 9:00am and 9:00pm.

Alternatively submit your enquiry online by clicking here and we will get back to you shortly.

Theoretically, you are able to change your mortgage whenever you would like – although that is not always the wisest course. To avoid paying extra fees it is important to learn whether your mortgage has an early repayment charge. Remortgaging during this period can increase the cost significantly (often by thousands of pounds). Not all mortgages have one of these however and if not you can get on with remortgaging straight away without incurring extra cost. If your mortgage does have an early repayment charge you can do one of three things:

1.) Wait until the period ends and remortgage on the following working day.
2.) Investigate the cost of remortgaging early and decide if doing so is financially beneficial. 
3.) If you NEED to remortgage before the term ends for other reasons you may have no choice but to pay the fee.

We can help you to determine whether it will be in your best interests to remortgage before the previous term ends or not.

It is good to begin thinking about remortgaging early. Although you may not start paying your next term for many months you can do things that will reduce the future cost. For example, your lender may lock in your future rates up to 6 months in advance meaning that you are protected against rising rates of interest. This can save you a lot of money. There is a risk here that future rates may be lower than the ones agreed with your lender and there will almost certainly be a cost of paying 2 lots of fees rather than 1 if you try to reject the first deal and get another. However, being prepared will help you to source the right deal and decide what you will and won’t want on your remortgage.

What contributes toward your credit score?
Previous mortgages, credit cards, loans, overdrafts, utility bills etc.

The credit score helps lenders to determine the likelihood of your being able to pay credit back. Therefore, the better your credit history, the higher your credit score, and the higher your credit score, the higher your chances of being accepted for credit (and at better rates). If you have a credit report you can see if there is anything you can do to improve it before we apply to a lender.

Getting a credit report is free and can be done online so make sure you obtain one before going to a lender so you can expect roughly how much money they will be willing to lend you. If your credit score isn’t high enough you may have to make compromises on your remortgage deal.

You don’t want to find that after all your efforts to secure a remortgage it doesn’t quite cover the current debt you have. Neither do you want to overspend on a remortgage that is too large for it’s purpose. Therefore it is good to find out exactly how much it will cost to clear the withstanding mortgage by the time you wish to change it. Ask your current lender simple but straight to the point questions such as ‘How much will it cost me to clear the current mortgage by [date]?’ By doing this you can find a remortgage that is both cost effective and meets your requirements.

At The Financial Detectives we are committed to saving you as much money as possible on your financial services. Another thing you can do to avoid overspending on a remortgage is to lower the LTV (loan to value ratio) of your property. The lower your LTV rate the lower your mortgage rate! This can be done in 2 ways:

1.) Use some of your personal savings to buy a larger proportion of the property up front. 

Example: If you still owe £202,500 of a £250,000 house the LTV is 81% because you still owe 81% of the whole value. However, if you put in £2,500 from your own savings the money you need to loan will be just £200,000 which means the LTV is 80%. This puts you in a new LTV band which will make your mortgage cheaper! 

2.) Get the valuation of the house to increase.

Example: If you still owe £100,000 of a £200,000 house the LTV is 50%. However if the value of the house rises (perhaps due to similar houses going up in price or you have tidied the property up etc…) and so it is now worth £225,000 this means the new LTV is under 45%. This would put you in a new band meaning that lenders rates may be better.

(Typically a new LTV band starts every 5%)

Lenders base the amount of money they are willing to let you borrow on multiple factors. Every lender has a different way of calculating how much of a ‘risk’ you are to them and therefore will offer you a different sum of money to another lender. At The Financial Detectives we have access to every lender in the market and therefore can help you to find the right remortgage at the right price.

Similar to when you applied for your previous mortgage you will be required to show documentation to the lender. It is good to prepare these in advance in case you have to request them from somewhere and wait for them to arrive.

Documents you may need for the remortgage:

* Proof of ID – Passport or Drivers Licence
* Proof of Address – Council Tax bill, Utility bill – dated within 3 months
* 3 months personal bank statements showing income going in
* 3 months payslips OR 2 years of business accounts or Self-Assessment Tax Returns
* A Credit Report
* Proof of Deposit
* Information on your monthly financial commitments eg. food, utilities, child care fees, maintenance costs, credit cards, loans etc.

We will help you with this!

We will tell you exactly what documents the lenders have requested. You can use our secure, confidential online portal to upload the documents when it’s convenient and we will verify them and forward them on to the lender for you.

Not tech-savvy? Don’t worry, just pop along to our admin office with the necessary documentation and we will scan them for you!

We can recommend a reliable solicitor for your property purchase, at a very competitive price. Click here to use our solicitor quote tool.

If the documentation proof and valuation has gone according to plan then you should have received a formal mortgage offer from the new lender! You will then have 7 days to accept this offer if you are happy with it.

There is usually a fee called an arrangement fee, to set up the mortgage. This can be added to your mortgage, but if you choose this option, bear in mind you’ll pay interest on it for the life of the mortgage. Typical cost: £0-£2,000.

The solicitor will handle the legal work surrounding your remortgage. They will process all the legal documentation such as; checking your mortgage offer, recieving the redemption figures from your existing lender, the signing of the mortgage deed and setting a completion date when they will recieve the money from your new lender and use it to pay off your existing mortgage. 

We will forward diary a call to you a few months prior to your new mortgage rate expiring and will then help you to get the right deal for the next term.

We are happy to help answer any question you have; at any time in your mortgage duration.

MORTGAGE CALCULATOR

REMORTGAGE CASE STUDIES

Andy Rowden Mortgage and Equity Release Expert

CONCRETE CANCER

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Dan Rowden Director of The Financial Detectives

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Why use The Financial Detectives to Remortgage?

      We have access to the whole of market, including exclusive rates not available on the high street.

      We’re an independent, family run business – we are not ‘tied’ to any lender, insurer, solicitor or surveyor. We can therefore give broad, unbiased advice.

      We have 20 years of mortgage and insurance experience, therefore our advice can be trusted.

      We don’t get paid until the case completes so we have as much incentive as you to get your case completed!

      5 star Google and Facebook reviews proving our commitment to exceptional customer service.  We give our clients a dedicated advisor and processing team, who will ‘hold your hand’ throughout the entire process.

Did you know?

“Over 50% of our clients are referrals from other customers we have helped… we must be doing something right!”

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