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Can I remortgage during the Coronavirus lockdown?

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Remortgaging during the Coronavirus pandemic

It may be that you are in lockdown due to the Covid-19 Coronavirus and are looking at ways of saving money. In this article, we will look at all the options that are available to you regarding remortgaging and what options best suit your situation.

Even though the Coronavirus has most of us in lockdown, you will still be able to remortgage and will probably save a considerable amount of money. You will need to plan the remortgage in a little more detail than usual but remortgaging is very possible and highly recommended.

Making sure that you re-mortgage is now more essential than ever. Remortgaging can both save you a considerable amount of money as well as give you peace of mind knowing that the monthly mortgage payments are a fixed amount. In the article, we will take you through all the options that may be open to you.

Can I remortgage before my existing mortgage rate ends?

The average time people start the ball rolling on remortgaging is 4 months before their existing fixed-rate or tracker rate ends. Banks and building societies have more staff sickness at present because of the Covid-19 Coronavirus and therefore we would advise you to start remortgaging 6 months before your existing rate ends.

Will it cost me to remortgage?

All banks and building societies offer fee-free remortgage options. Normally you can expect to pay for a valuation survey and also for the conveyancing cost when remortgaging. However, lenders do have lots of financial incentives to attract new customers including free valuation surveys and conveyancing.

How do I find the best rates and deals?

With there being over a hundred different banks and building societies and over 14,000 different mortgage rates and deals to choose from, finding the best rates and deals can be a minefield. However, we would advise getting yourself a free independent mortgage broker or mortgage adviser to not only find you the best rate but also help you with the whole remortgage/mortgage renewal process.

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How do I find a mortgage broker near me and will they charge me?

The easiest way to find yourself a local and online independent mortgage broker is to search Google. Although most mortgage brokers do charge for their services there are many that do not charge for their services. We would suggest you Google either, free online mortgage broker.

How can a mortgage broker help me and what do they do?

As well as finding you the lowest mortgage rates and incentives offered by lenders, we will also submit the mortgage application on your behalf whilst seeing the application through to completion.

Due to the COVID-19 coronavirus, some banks and building societies have had issues in processing remortgages. A mortgage broker will know which banks and building societies are having issues at processing mortgage applications at that time. They will know which mortgage lenders are best to use for your situation at the current time as well as which lenders not to use.

Will I need a valuation survey on my property?

When remortgaging all banks and building societies will need to know that your property is both mortgageable as well as the value of the property. Although some mortgage lenders will only send out a surveyor (whose job is to carry out the property valuation) many are also able to carry out a desktop property valuation.

During this time of lockdown due to the coronavirus, it is essential that you pick a mortgage lender that can do a desktop valuation. This is because you could then be looking at a long delay on the remortgage. This is another good reason to use the services of a free online mortgage broker. This is because they will know which lenders can carry out a full desktop valuation and therefore fast track your mortgage application.

Will I need a solicitor to do the conveyancing?

You will need a conveyancer to carry out the legal part of your mortgage renewal or remortgage. The good news is your online free mortgage broker will be able to find you a deal that includes free conveyancing so it won’t cost you. The second piece of good news is the COVID-19 coronavirus lockdown will not hold things up as the conveyancing paperwork can be done online and therefore you will not need to leave the house.

Your mortgage broker will be experienced with the mortgage process and will be able to help you with any necessary conveyancing paperwork.

Will I need to leave the house at all to remortgage?

The great news is you should be able to remortgage without leaving the house at all. Online mortgage brokers often communicate using video call meetings such as Skype and Facetime. YesCanDo Money uses the above as well as WhatsApp to communicate and exchange documents with their mortgage customers.

Will I be able to raise extra money on my remortgage?

There is no reason why you shouldn’t be able to raise extra money on your remortgage.  Every mortgage lender will look at each mortgage application on an individual basis and therefore it will depend on your income and the value of your property.

We often get asked, Can you borrow more money on your mortgage for home improvements?

There are many reasons that people raise extra money on their remortgage. The top two being for home improvements and debt consolidation.

There have been no negative changes to this due to the coronavirus. Your online mortgage broker will be able to advise you on the amount of extra lending that is possible for you as well as the lender that most suits your needs in this current situation.

Has there ever been a better time to remortgage?

Lets face it! There really hasn’t been anything at all positive about the Covid-19 coronavirus! However let’s take advantage of the Bank Of England reducing the base rate to 0.10%. This now means that the mortgage interest rates offered by the different mortgage lenders are now at the lowest they have EVER been. Is it a good time to remortgage?, the answer is yes!

How do I get my remortgage underway?

If you are looking for a free independent online mortgage broker, give us a call at YesCanDo Money!

YesCanDo Money are a family run independent mortgage broker based in Havant, Hampshire near Portsmouth. We offer a free personal online mortgage service, we don’t charge you as we get paid for by the different mortgage lenders.

YesCanDo Money are whole of market online mortgage brokers which means they search the whole mortgage market to find you the best mortgage rates and deals.

Never before has amazing efficient online communication been more essential, especially through the coronavirus pandemic! We use of FaceTime, Skype, WhatsApp, Phone, Email, and SMS. This means communication is made easy and pain free for you. It gives you peace of mind knowing that there is a full experienced team ready to help you throughout your remortgage without you having to leave the comfort of your own home.

Has the Covid-19 coronavirus affected YesCanDo Moneys remortgaging service?

Early in March 2020 we could see that the Covid-19 coronavirus was going to be disruptive to the mortgage world! Therefore our founder Steve Roberts made a decision to get our team of mortgage advisers, mortgage managers, insurance managers and administers to start working from home. This was carried out slowly over a week to enable us to test our services to make sure there was no disruption to clients. We have now been running like this for a few weeks and are happy to be able to say services standards are as high as ever.

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You may be confused or even overwhelmed at the thought of sorting your re-mortgage during the Coronavirus Pandemic.
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There is a high possibility it will save you money on your monthly re-mortgage payments.

Frequently asked mortgage questions

Can I remortgage during my existing fixed term?

Yes, you should be able to remortgage during your existing term however it is almost definitely not in your interests to do so. Your existing fixed rate will more than likely have an early redemption fee. This means that your existing lender will fine you for leaving them during a fixed rate period. You can find out how much this is by looking at your mortgage offer. If you need help with this a mortgage broker can assist as they have experience of reading mortgage offers and will be able to confirm if this applies to you.

Can I remortgage if I have an interest-only mortgage?

It may be possible, but you will find that most lenders no longer offer mortgages on an interest-only basis. You will need to repay the mortgage at the end of the term so now might be a good time to reassess the possibility of changing to a repayment mortgage. Speak to a no-fee mortgage broker who will be able to advise on the options open to you.

Can I remortgage using my overtime, commission or bonus?

Most lenders will take overtime, commission and bonuses into consideration. Each bank and building society will look at these differently. The more constant and stable the commission is, the more likely it can be taken into consideration. Nearly all lenders will want to look at the last 3 months commission at the very least, with some wanting to see the last 6 or even 12 months’ payslips.

All lenders will want to see your payslips so make sure you have the last 6 months available; six if you are paid monthly and twenty-six if you are paid weekly. When commission and overtime is an essential part of your income for your remortgage, last year’s P60 can be very useful as it can show evidence from the past tax year of how constant these have been above your normal salary. No lender will allow for any missing payslips so get hunting in your work drawers or lockers!

Am I eligible for a mortgage payment holiday?

Chancellor Rishi Sunak and the Government has announced that anyone facing financial difficulty due to coronavirus could now be eligible for a 3-month mortgage payment holiday. We would advise to only apply for the three months to do this if you are in a financial emergency. This is because the 3 missed payments will be spread across the rest of your mortgage term increasing your future monthly repayments.

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Steve Roberts
Steve Roberts

Stephen Roberts MAQ is the founder of YesCanDo Money, Hampshire's largest no-fee mortgage brokers. With over 30 years of mortgage experience, he has advised and helped thousands of First-time buyers buy their first home and home movers buy their dream home. Speak to a mortgage expert today by completing our contact form:

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