Fee Free Remortgage Brokers
On average, our remortgage customers save £270 a month by switching to their best remortgage deal. Let us help you make your life easier.
*£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
In this guide
Remortgage with no fees
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 renovation or investment goals and will advise you throughout your mortgage journey.
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 any of our services, you can benefit from our expert help FOR FREE!
How to remortgage in the UK: A step-by-step guide
Wondering how to remortgage and where to start? Our 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 rate.
Your existing lender will write to you several months before your current mortgage deal is about to end. This gives you time to consider a new mortgage, be that with your current lender or a different lender.
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.
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.
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 a mortgage broker for advice as they will search the market for deals that suit your financial circumstances. If you choose a fee-free mortgage broker, you won’t have to pay for their services, so this is one way to save money during the remortgage process.
YesCanDo Money is a fee 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.
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? A mortgage broker can explain the different mortgage types to you so get in touch with our team of mortgage advisers for advice tailored to your situation.
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.
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.
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.
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.
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.
If your mortgage application 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.
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.
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 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. 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. Check out the linked article on when is the best time to remortgage?
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
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 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 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, 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.
If you are looking to raise funds it could be worth considering whether it is best to get a loan or to remortgage.
Frequently Asked Questions
We will help you remortgage for free and our service doesn’t cost a penny!
If you want to remortgage you can use the services of a ‘whole of market’ mortgage adviser. You should start planning your remortgage 5 months before your current fixed rate ends to guarantee your best flexibility. When you compare remortgage deals with a fee-free mortgage broker like ourselves, you can benefit from expert advice and support for FREE! We search the entire market to find the best mortgage deals and rates for you and you won’t have to pay us a penny!
But while you won’t have to pay us anything, there will be costs associated with your remortgage if you switch to a new lender.
In order to work out how much the remortgage 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. Exit fees 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 mortgage product. This includes the arrangement fees, valuation fees, and conveyancing fees.
You can escape exit fees if you move onto a different mortgage just as your existing deal is coming to an end. You may not be able to escape the other fees, such as the arrangement fees if you switch lenders, but you can still save money on your mortgage with the advice given to you by our mortgage advisers.
Talk to our UK capital city mortgage finders at YesCanDo for further information about our mortgage advice and quality services.
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.
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 mortgage 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 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!
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.
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.
Coming to the end of your mortgage deal and want to remortgage to a better one? A mortgage 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 mortgage broker to help you remortgage, but the team at YesCanDo Money aren’t your average mortgage 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 brokers have your best interests in mind and will help you navigate the lending market in its current state, with the rising interest rates that are putting some people off from getting a new residential mortgage.
How much does remortgaging cost in the 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:
Lots of mortgage brokers charge for their service, however, we do not. We get paid a commission from the lender and choose not to charge you broker fees 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. The arrangement fee can be paid upfront or it can be added 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.
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 team.
Your early repayment charge date which is known as your end of mortgage term date is usually on your mortgage certificate.
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 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.
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