Looking to make the most of your mortgage? Our comprehensive guides cover everything from remortgaging and releasing equity to buying another property and consolidating debt. Explore our expert resources below to find the answers you need.
Remortgage calculator
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Use our Remortgage Calculator to see how much you could borrow, save, or release. NO CREDIT CHECKS, and it only takes a few minutes.
Expert Guides: Remortgaging & Beyond
Remortgaging explained
Understand how remortgaging works and whether now is the right time to switch.
Remortgaging to release equity
Learn how to free up funds tied in your property for other financial needs.
Remortgaging to buy another property
For homeowners using their current property to help buy a second one.
Remortgaging for home improvements
Find out how to fund renovations by borrowing more against your property.
Remortgaging to consolidate debt
Use your home’s value to combine and manage debts into one monthly payment.
Buy-to-let remortgaging
See how landlords can remortgage rental properties for better rates or cash.
What a mortgage broker can do
Get expert help choosing the best remortgage deal and navigating the process.
Affordability and borrowing limits
Check your borrowing power and how lenders assess your remortgage options.
Frequently asked questions
When looking to remortgage there are two determining factors. The first is affordability.
With affordability, a lender will look at what you can pay back based on your income and expenses. Remember, lenders assess you heavily on perceived risk. Therefore, the less risky you are deemed, the more you will be able to remortgage. Essentially, this means that you will likely be deemed ‘less risky’ by a lender if you have more income available.
It works the other way, too. For example, if you have bad credit you’ll be seen as a ‘greater risk.’, which will negatively affect your remortgaging abilities. If the property is a Buy-to-Let, lenders will also consider the monthly rent you receive as this is classed as income.
So, what’s the second factor? The second factor that will contribute is the amount of equity you have in your home. Equity is the money that has been built up in the property by you paying your mortgage.
Having more equity in your home will increase your chances of being able to remortgage more. However, if your affordability is not in check then you may be limiting yourself on what you could borrow.
Speaking to an expert broker can help you access the best deals on the market. Get in touch today and we will pair you with one of our expert advisors. They can help you from start to finish, ensuring you are provided with the most competitive deals.
When deciding whether to remortgage or not, there are many factors consider.
The first factor you will need to determine is how much you want to borrow. If you are just remortgaging to get a better deal, then you won’t need to consider this. However, many people remortgage to release equity within their property. So, make sure what you want to borrow is a realistic figure that you can afford to pay back.
Next, you will need to think about what you want from your new mortgage term. Will it run the same length as your current mortgage, or will it be shorter? What will the term be? Will you have an introductory period? What is the product type – fixed rate, tracker rate or ? If you’re unsure about your situation, get in touch and we can organise a free no-obligation consultation.
Remember to focus on more than just the interest rate on your new mortgage deal. While it’s important, there are many other factors to think about. Remortgaging can often incur high arrangement fees.
Furthermore, if you leave your correct mortgage early then you may be inclined to pay an early repayment charge or fee. This fee would have been arranged when you obtained your mortgage and will likely be outlined in your mortgage contract.
At the end of the day, going ahead or not is entirely up to you, but speaking to an advisor or broker can help make this decision a little easier. They will have plenty of experience and can give you an expert opinion on your plans. They make sure you do the right thing based on your situation.