Remortgage Brokers London
Get expert free remortgage advice from our amazing team of UK mortgage advisers!
We are London’s highly rated FREE remortgage broker. Our FCA approved service offers a free financial advice service in London and across the south of England. Get access to the best rates and mortgage deals. We do it all for you whilst supporting you throughout.
Best London remortgage rates and deals
Mortgage rates are changing all the time so it might be that now is the time to remortgage your London home. With a remortgage, you can switch to a new mortgage deal with a better interest rate and make savings on your monthly repayments.
At YesCanDo Money, we can help you find the remortgage deal that is right for your situation. Being ‘whole of market,’ we can search the entire mortgage market to ensure you get a mortgage with the lowest possible interest rate. Interested? Keep reading to learn more about remortgaging a house in London and get in touch with us when the time is right for you to do so.
What Is A Remortgage?
In its simplest terms, remortgaging is where you switch from one mortgage rate to another. This could be with your current lender if they are offering better mortgage deals, or it can be with somebody new. It can often make sense to switch to a new deal, as you will make monthly savings if you choose something with lower interest rates, and you will pay off your mortgage faster.
How Does Remortgaging Work?
Remortgaging is usually straightforward and it can be made even easier with the services of a mortgage broker. We can help you find the best deals, saving you both time and money with the remortgaging process.
The process isn’t complicated as you are essentially replacing your old mortgage with a new one. People tend to do this when they’re near the end of their fixed-rate or discounted mortgage deal and they want to move to something with a lower interest rate. People also remortgage when they want to overpay on their mortgage or when they want to release equity in their homes. We go into further detail on remortgaging to release equity here.
You can start the remortgaging process up to 6 months before the end of your existing deal. It can take several weeks to get everything organised but once you have secured a new mortgage offer, you can transfer over when your current deal has ended.
Will there be a lot of paperwork for my remortgage?
There is a reasonable amount of paperwork involved in remortgaging but the good news is we do it all for you. Our team know mortgages inside and out. We support you through the whole remortgage journey from start to finish. Our service is FREE so get in touch with our remortgage London team to see how much you could save by switching your current mortgage product deal.
Our expert remortgage advisers can help save you money
Let us know what the best time is for us to call you. We will get one of our mortgage advisors will be in touch to talk through your situation and available options.
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When Can I Switch Mortgage Deal?
Can I Get A New Mortgage With A Different Lender?
Before your current mortgage deal ends, you have two choices.
If you do decide to switch, you can transfer from one mortgage product to another with the lender you are already with or you can move onto a new deal with a different bank.
In some cases, staying with your existing mortgage lender makes sense. They will know everything they need to know about you and the property you live in so there will be less hassle with the application process. Money can also be saved as you won’t be subject to extra legal work or fees. You simply move onto the new deal with your lender when your previous deal ends and you start making your new monthly payments.
However, if you can find a better deal elsewhere, be that through your own research or with the services of a London mortgage broker, you might decide to switch. This is where it gets a little more complicated as you will need to pull together all of your financial information for the new lender. These will include your proof of earnings, such as your bank statements and P60 tax form, but if you use our services, you will help you get everything together.
The process will be familiar to you as it is essentially the same as when you first took out your original mortgage, as your new lender will assess your application and check your credit history. If all goes to plan, your new mortgage provider will pay off the old mortgage and you will start making your new monthly repayments to them.
Fee Free Mortgage Advice London
What Is The Best Way To Get A Remortgage Deal?
The best way to get the best deal on your remortgage is to use the services of a mortgage broker. They have access to deals that you might not find on the high street or online, so you will have a wider choice to choose from. They will assess your requirements, make recommendations that are based on your specific needs, and manage the whole remortgage application process. With their help, you can save both time and money. As we have already said, you can also save money when you use our brokerage services. As we don’t charge our customers, you can benefit from the services of our mortgage expert team, at no extra cost to you!
How Much Does It Cost To Remortgage UK?
The overall cost to remortgage is taken on a case-by-case basis, especially if you move to a new lender. As happened when you originally took out your first mortgage, there could be fees attached to the overall cost of your remortgage. These can include:
Mortgage Broker Fees
Lots of mortgage brokers charge for their service, however, we do not. We get paid commission from the lender and choose not to charge you to help you reduce your overall cost. Below we even explain how you can avoid the majority if not all remortgage fees.
When it comes to an arrangement fee, the amount you pay will depend on the mortgage lender, but generally speaking, the lower the interest rate on the mortgage, the greater the arrangement fee will be. You can either pay the arrangement fee upfront or add it to your mortgage.
These are based on the work your solicitor has to carry out, such as conveyancing and valuations. The cost of this will be a lot less than if you were moving house, however, some lenders will waive legal fees if they choose to use their own solicitors.
When remortgaging to a new lender, they will want to carry out a valuation to find out how much your property is worth. The fee is sometimes included in the remortgage deal so check with the lender first.
For an understanding of the exact overall cost involved, use a remortgaging calculator. You can find these on most lenders’ websites and on comparison sites too. You can also learn more about the fees imposed by different lenders when you decide to use our services.
In some cases, certain fees won’t apply to you, as they can depend on the lender in question. You will also save money with your remortgage in London when you choose our services. Mortgage brokers can take the hassle out of finding new mortgage deals, and while some brokers will charge you for their services, we don’t, as we get paid by the different banks and building societies.
Early repayment charges
We’ll help you avoid an early repayment charge
If you leave your current mortgage product before it finishes, you will more than likely have to pay your lender an early repayment charge. This won’t apply if your deal with them has ended and you are on your lender’s standard variable rate SVR (read more about standard variable rates here >). To avoid any early repayment charges, get in touch with our fee free remortgage advice London team.
Your early repayment charge date which is known as your end of mortgage term date is usually on your mortgage certificate.
Fee Free Remortgage Advice London
Can I remortgage for free?
We will help you remortgage for free and our service doesn’t cost a penny!
If you want to remortgage in London you will need to speak to a whole of market financial advisors. Start planning your remortgage 5 five months before your current fixed rate ends to guarantee your best flexibility. A mortgage broker like ourselves will be able to search the entire market to find the best mortgage deals and rates for you…for FREE!
In order to work out how much this is going to cost, there are a number of different things you need to look at. For example, you need to consider how much it is going to cost you to leave your existing deal. An early repayment charge could cost as much as five per cent or as little as nothing. You may also need to pay a ‘deeds release fee’, which is usually between £0 and £300. You then need to figure out the cost of getting your new mortgage product. This includes the mortgage fees, valuation fee, conveyancing fee, and broker fee.
You will not need to pay us any fees for our mortgage service, as it is free of charge. Talk to our UK capital city mortgage finders at YesCanDo for further information about our mortgage advice and quality services.
How Do I Remortgage My House?
When you do decide to remortgage in London, there are a number of steps to take.
Firstly, remind yourself of your current mortgage product and work out how long you have left to pay. Check the interest rate mortgages too, as this will give you the incentive to look for a new mortgage with a lower interest rate.
You should then compare mortgages, either through your own search online or with the services of a mortgage broker. If you opt for the latter, the mortgage broker will work out whether remortgaging will save you money. They will do this by comparing a wide range of deals and will calculate the savings you might make, taking into account any penalties and fees that might be incurred. As we are a no-fee mortgage broker, we recommend our services to you.
Before switching to a new lender, check with your existing lender first. They might match the deal a broker finds and offer you a better deal. Your broker will still help you come to the right decision so consult with them as they still might be able to negotiate a better deal for you. If you do decide to switch mortgage product, your broker will still help you with the application which will simplify the process for you.
How Do You Calculate a Remortgage?
The best way to recalculate a remortgage is to use a remortgaging calculator. To find out how much you will be eligible to borrow on your mortgage renewal, you will need a few key pieces of information for the calculation. These will include:
- The loan amount you intend to apply for
- The value of the property
- The repayment type of the loan
When you have used the relevant data in the calculator, you will have an insight into what your monthly payments will be, and whether or not remortgaging will give you a better deal than you have already. It’s important to remember that you will only receive a ballpark figure, as lenders use different methods to recalculate a remortgage. To get a more accurate figure, use the services of our no-fee mortgage brokers, as we understand the different factors lenders will take into account.
Your home may be repossessed if you do not keep up repayments on your mortgage.
Fee Free Remortgage Broker in London
If you are seeking to remortgage, we can help you further. Get in touch with our team and we will discuss your situation with you. We will let you know when the best time is to switch for your remortgage in London and will make sure you have the best remortgage deal for your needs.
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Our Remortgage FAQ'S
When you’re looking for the best lender in the UK, you are looking for more than just the lowest fees and interest rates. You also need to take their reputation into account as well as the level of customer service they offer to those who choose to lend from them.
To find out who the best mortgage lenders are, you can look online for customer reviews, and you can read ‘best mortgage lender guides,’ < such as this 2021 guide written by The Times. You can get a good idea of which mortgage lenders to choose from and which to avoid when committing to research.
However, you also need to remember that mortgage brokers have wider access to mortgage lenders across the UK, so when considering remortgage rates in London, get in touch with us. The ‘best mortgage lender’ will depend on your specific set of circumstances, so we will carry out a search on your behalf and will let you know which lender is right for you.
Loan to value (LTV) is the ratio of your mortgage borrowing vs how much your property is worth. A percentage of your home is mortgaged and therefore technically owned by the bank. The other is percentage is owned by yourself which is your equity in the property.
Let’s look at a real-life example: if you have a £200,000 mortgage on a property that’s valued at £250,000, you have a loan-to-value of 80% – therefore you have £50,000 as equity. The loan-to-value will partly control what mortgage products you have available to you when you come to buy or sell your home, remortgage or release equity. Having a lower loan to value ratio will mean you have a greater amount of competitive rates available to you and therefore more flexibility.
When you are looking to remortgage, you will understandably want the best interest rate. But as there over 14,000 mortgages available in the UK, finding the best remortgage rates in London can be difficult. They often change on a daily basis as some mortgage lenders change their interest rate every day. For you, this means a lot of legwork and phone calls when trying to secure the best remortgage rate. However, with the help of a no-fee mortgage broker such as ourselves, we can help you find and secure the best remortgage rate for you.
Most things in life work out far better if a little time is spent planning before you start! The same goes for anyone planning a move or needing a remortgage. Each of the 90 plus different Banks and Building Societies in the UK has its own underwriting and lending criteria.
Therefore although you may be asking “how do I get the maximum mortgage possible?”; getting your maximum mortgage will very much depend on your own financial situation. Some lenders have a preference for lending more to the employed and some lenders will lend more to you if you have no loans or credit cards. How much you could borrow comes down to your affordability which is your income vs your outgoings. Having a higher income with lots of it being disposable will mean you have better interest rates and lower mortgage payments.
Fixed-rate mortgages are the most common type of mortgage interest rates. As the name indicates, a fixed-rate mortgage has a fixed rate of interest for a set period of time. This term tends to vary between two and ten years, however, there are some deals where a longer mortgage term is available. The main advantage associated with this type of mortgage is that you have the peace of mind that you are going to be paying the same monthly payment every month for the fixed period/term.
We highly recommend checking your credit score and getting it into shape at least six months before your current mortgage rate ends. The better your credit score, the more remortgage rates you will be offered and therefore the better remortgage rate you could secure for your London property. To check your credit history and credit rating go to a company website that offers a credit score review such as Experian and ClearScore.
If you leave your existing lender too early there is a good chance that they will issue you a fine for doing so. This is known as an early redemption charge (ERC). At YesCanDo Money we will make sure this doesn’t happen and can advise you about when the best time to remortgage is.
If you do decide to stick with the same lender, there will be no legal work involved. However, you will need a solicitor to take care of the legal side of your remortgage if you decide to move to a new bank or building society. They will take care of all of the legal aspects of your remortgage, such as amending the Title Deed with the land registry and dealing with the leasehold checks. In some cases, the lender will insist that you use their legal team, and they will cover the legal fees themselves. If not, you should shop around for your own solicitor, being sure to compare the fees of each to ensure you get a better deal.
It often makes sense to have life insurance however it is not compulsory.
The reason people take out life insurance is to ensure that in the event of them dying or having a critical illness the mortgage gets repaid.
You most likely would have life insurance in place from when you were a first time buyer. However, it may be that your situation has changed such as you’ve had a baby or now have a higher income. If so it is important to review your current cover to make sure that you are fully financially protected.
If you would like a quote contact us. YesCanDo Life Insurance is whole of market and will search to find you one.
When people remortgage they often raise extra funds so that they can carry out home improvements. The amount you can raise will depend on your income and the equity you have in your property. The higher the equity amount the more you will be able to release, as long as it suits your affordability and income amount.
At YesCanDo we can make an assessment and advise you how much you will be able to raise.
The good news is your existing lender is likely to offer you a new deal to stay with them. The bad news is that the chances of it being the best rate for you are very slim. At YesCanDo we will compare what your existing bank is willing to offer you with the rest of the mortgage market to get you the very best rate.
BM Solutions (formally know as Birmingham Midshires) do not have their own mortgage advisers and therefore you will need to find a Mortgage Broker that can talk to BM Solutions on your behalf. This applies to existing BM Solution customers and also to new customers.
Read more here if you have a BM Solutions mortgage and need mortgage broker to remortgage << read this article.
The base rate is a rate that is set by the Bank of England. The rate is what is charged to other banks and mortgage lenders when they borrow money.
The base rate is currently at 0.10%. Due to the pandemic, the base rate is currently the lowest it’s been. It is in place to influence the interest rates that most lenders charge for borrowing money such as for mortgages, loans, credit cards and other types of credit people are offered.
Your home may be repossessed if you do not keep up repayments on your mortgage.
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Expert Remortgage Advice Across London
We provide mortgage advice in London and across England, Wales and Scotland. If you are local to the area and would like to talk to a specialist advisor please contact us.