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On average, our remortgage customers save £270 a month by switching to their best remortgage deal. Learn how to remortgage below or get in touch now to look at your options.
*£270 is the average amount saved a month by our remortgage customers over the last 4 years. Individual savings may vary, your savings will depend on personal circumstances
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At YesCanDo Money, we pride ourselves on taking the time to understand your individual needs when it comes to remortgaging your home. We appreciate that everyone’s situation is different, which is why we will tailor our services after we have gotten to know more about your particular needs. We understand that getting a mortgage is probably your biggest financial commitment so we will search the whole mortgage market to find you the best interest rate and overall deal for your home improvements, consolidating debts or keeping your monthly repayments as low as possible.
The best part? We’re a fee-free remortgage broker
Keep reading to learn more about remortgaging your property and get in touch with our advisers via WhatsApp below. Alternatively, give us a call on 033 0088 4407 and benefit from our highly rated advice and support on everything remortgaging. As there are no fees involved with most of our services, 90% of our customers benefit from our expert help with out any fees.
How to remortgage in the UK: A step-by-step guide
How does remortgaging work? Our mortgage advisors have written a step-by-step guide on the remortgage process. Have a read and then get in touch for fee free remortgage advice and to secure the best interest rate.
1. Your existing lender writes to you
Your existing lender will write to you several months before your current mortgage deal is about to end. You will usually be given a couple of remortgage deals one with an arrangement fee and one without. This is the perfect time for comparing mortgages from other mortgage lenders to see who is offering the lowest interest rate and best remortgage deals.
If you don’t finalise a new deal before your current deal expires, you will fall onto your lender’s standard variable rate, which will usually be higher than the interest rate on a different mortgage deal.
2. Ask your mortgage lender for a closing balance
If you choose to remortgage, you need to know what your closing balance will be as this will be the amount you need to borrow when you take out another mortgage loan. On request, your lender will provide you with a redemption certificate, which is the statement that tells you how much you owe on your loan, including any fees that still need to be paid.
3. Find a fee-free mortgage broker
If you’re going to remortgage, you don’t want to end up on a deal that you can’t afford or that isn’t as good as other deals on the market. As such, it is wise to speak to mortgage brokers for advice as they will search the market for the best remortgage deal that suits your financial circumstances. If you choose a fee-free broker like YesCanDo, in most cases you won’t have to pay a fee for their services, so this is one way to save money during the remortgage process.
YesCanDo Money is a free mortgage broker so if your current deal is coming to an end, get in touch with us and we will let you know which mortgage lenders can offer you the best deal.
4. Decide which type of mortgage you would like
Many lenders offer two types of mortgages: repayment or interest-only.
Your mortgage monthly repayments will be lower if you take out an interest-only mortgage as you only pay the interest on the loan and not the capital during the mortgage term. However, you will need to repay the capital when your interest-only deal comes to an end.
Your monthly repayments will be higher with a repayment mortgage as they consist of both the interest and the loan capital. Despite this extra expense, you can have the peace of mind that your mortgage will be paid off in full at the end of the term.
Which is right for you? Mortgage brokers can explain the different mortgage types to you so get in touch with our team of mortgage advisers for advice tailored to your situation.
5. Instruct a solicitor (if you're moving over to a new lender)
If you decide to change lender, you will need to speak to a solicitor. They will sort out the paperwork needed during the remortgage process, in much the same way that your original solicitor did when you took out your initial mortgage.
6. The lender's eligibility criteria and affordability checks
There are fewer checks if you remortgage with the same lender as they will already have your details to hand when they decide which mortgages to offer you.
However, switching lenders can be advised if you can access a better loan-to-value ratio. If you go down this route, you will need to get the paperwork ready for the lender’s affordability checks.
Such paperwork will include:
3 months’ bank statements
3 months pay slips (or 3 years accounts if you’re self-employed)
Recent utility bills
ID, such as your passport and driving licence
Your P60 (showing income and tax paid during the tax year)
Details of additional income
You will also need to meet the new lender’s eligibility criteria. Some lenders will expect you to have a good credit history, for example, so you should take steps to improve your credit rating before you apply for your next mortgage. The lender might also have rules about age, income, and employment status.
7. Recieve a Mortgage in Principle
If the mortgage provider is happy with the documents you have provided, you will be given a ‘mortgage in principle.’ This is an indication of how much they may be willing to lend to you if there are no issues with your application.
8. Property Valuation
You will need to get your property valued if you switch to a new lender and this will be organised by the lender themselves. You may have to pay valuation fees but despite this expense, you may be able to benefit from better mortgage rates if your home has risen in value.
9. Submit your Mortgage application
If you’re staying with the same lender, the application process is easy as they won’t require a lot of paperwork from you when you switch mortgages with them.
If you are moving to a new lender, you will need to complete a new application form and have the paperwork they require as evidence of your income, deposit size, and ID.
10. Receive your mortgage offer
If your application for a mortgage is approved, you will receive a mortgage offer. You usually have 6 months before this expires so be sure to check it carefully before weighing up any other options.
11. Solicitor draws down mortgage funds and pays off old mortgage
If you’re happy to go ahead with the mortgage, your solicitor will request money from your new lender to pay off your old mortgage.
12. New mortgage registered at Land Registry
Your solicitor will register your details with the Land Registry. Your new lender will then receive the title deeds to your new home.
How Does A Remortgage Work?
Remortgaging is usually straightforward and can be made even easier with the services of a mortgage broker. We can help you find the best remortgage deal, saving you both time and money with the remortgage 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.
It’s important that you fully understand the day at which your fixed rate ends to avoid having to pay an early repayment charge. No need to worry at YesCanDoMoney we are very experienced at insuring that you do not complete too early or too late.
When to remortgage
You may be thinking, should I remortgage now? You can start the remortgaging process up to 6 months before the end of your existing deal. A remortgage can take several weeks to get everything organised but once you have secured a mortgage offer, you can transfer over when your current deal has ended.
Switching your mortgage to another lender
Known as porting a mortgage, you can switch to a different mortgage deal at any time. However, the best time is when you know you will end up in a better financial situation. So, when switching mortgage deals, you might choose to remortgage when:
Your current mortgage fixed rate is coming to an end
Interest rates are lower than they were when you took out your existing mortgage
You have built up a lot of equity in your home
When you want to overpay and your current lender won’t let you
Remortgage same lender? < Make up your mind with our helpful decision-making guide on whether you should remortgage with the same lender or not.
Getting a new mortgage with a different lender
Before your current mortgage deal ends, you have two choices.
You can stick with your existing mortgage product or,
you can shop around for better mortgage rates / and deals.
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 better 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 admin fees. They won’t check your credit file either! You simply move on 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 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, we 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.
Frequently Asked Questions
Can I remortgage for free?
Although you might hope for a free remortgage, some costs are unavoidable. By choosing a fee-free broker like us, you save on advice and support, but you may still face charges like arrangement, valuation, and conveyancing fees. It’s crucial to examine your remortgage deal’s terms to grasp the associated expenses. Our expert mortgage advisers can help you navigate the process and potentially save on your mortgage.
We will help you remortgage for free and our service doesn’t cost a penny!
How do you qualify for a remortgage?
If you’re hoping to remortgage your home, lenders need to see that it is a safe investment. They will evaluate various elements such as your credit history, income, job stability and the amount of equity in the property before they can approve you. To get started, take some time to review your credit score and sort out any issues. You’ll also need stable employment with sufficient earnings so that they are confident you can make payments each month – don’t forget about building up enough equity too! Each lender has specific eligibility criteria, so it’s wise to consult a fee-free broker like YesCanDo Money to help you find the best remortgage deal tailored to your circumstances.
Will there be a lot of paperwork to 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 team to see how much you could save by switching your existing mortgage product deal.
Can I remortgage myself?
If you want to arrange a mortgage yourself, you have the right to do so. If you go down this route, you should find out what your current lender can offer you before comparing their deals with the mortgage deals offered by other lenders.
However, if you are unsure of how to remortgage yourself or if you want to use the services of somebody who can get you the best deal, get in touch with a broker. Not only can they save you a lot of time by searching for the best deals on the market on your behalf but they can give you expert advice to improve your chances of mortgage approval.
As such, we recommend our services to you. We will find you a great new loan-to-value ratio deal with a lower initial interest rate and more affordable mortgage payments, and we will complete your mortgage application for you. We will do all of this and more for free!
How often do you have to renew your mortgage?
As long as you have sufficient equity in your home to meet the requirements for a new mortgage, you can remortgage whenever you want.
But remember to keep in mind that you may have to pay your lender’s early repayment charges if you decide to move mortgages before the agreement with your current lender has ended.
Conversely, you don’t have to renew your mortgage at all. However, if you choose to stick with the same lender for the entire duration of your mortgage term, your monthly payments will rise because you will fall onto their standard variable rate when your initial deal expires.
Should I remortgage if my mortgage has early redemption charges?
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.
Do I need a solicitor for a remortgage?
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.
Can you use a mortgage broker to remortgage?
Coming to the end of your mortgage rate and want to remortgage to a better one? A broker can help to make this process simple and fuss-free.
Remortgaging is a great idea if your interest rates are higher than the current market as you will be able to move onto a better deal with a new loan to value (LTV) at a lower mortgage rate. Remortgaging can also be a good idea if you want to release the equity from your home for renovations or to consolidate your other debts.
You don’t need a broker to help you remortgage, but the team at YesCanDo Money isn’t your average broker. Our team of experts will do absolutely everything they can to make things run smoothly and efficiently. They’ll work with you to assess your options by looking at things like your current mortgage deal, your financial situation, and more. Our team of mortgage advisers has your best interests in mind and will help you navigate the mortgage market.
FREE Remortgage Specialists
- FREE remortgage support and advice
- We submit the remortgage application for you
- Team of specialist online remortgage advisers
- Amazing communication via WhatsApp, email and SMS.
- Access to the whole buy to let remortgage market
Our expert remortgage advisers can help save you money
Let us know the best time for us to call you. We’ll arrange for one of our expert remortgage advisors to talk through your situation and discuss your options.
