Our expert team of mortgage advisers, based in Carlisle, are perfectly placed to find you some great remortgage property deals and can access some exclusive mortgage offers you won’t find with high street lenders.
At Stan Sherlock Associates, we have expert insight and knowledge of the mortgage market. If you've already got a mortgage, but want to find a better deal, our friendly team will calculate how much you can borrow and compare the mortgage deals available to suit your individual circumstances. We’ll ensure you understand the costs, potential implications and guide you through the whole process.
Your home/property may be repossessed if you do not keep up repayments on your mortgage.
Frequently Asked Questions
A remortgage is the process of moving your mortgage to a new provider or a different product with your existing mortgage lender. When switching products with your existing mortgage provider, this is often referred to as a product transfer. In practical terms, the funds from the remortgage are used to pay off the existing mortgage, with many homeowners using this opportunity to switch to better rates.If you have equity in your property, remortgaging may allow you to increase your mortgage and release your equity in the form of cash. The process of applying for a remortgage is the same as a normal mortgage and you will need to provide financial figures to calculate affordability.
Most mortgages have a fixed term for repayments or interest rates and when this deal or offer comes to an end, you will pay your lenders Standard Variable Rate. This may see your monthly repayments increase and you may pay substantially more over the remaining term of your mortgage.
A home or house remortgage, or remortgage for a commercial or buy-to-let property can involve:
- Remortgaging with your existing lender but moving to a new deal
- Remortgaging with a new mortgage lender against your existing property
A remortgage can reduce your monthly payments, overall interest rate or help you access funds for home improvements.
You should consider remortgaging if:
- Your current mortgage deal is coming to an end
- You’re looking for a better interest rate on your mortgage
- You’d like to fix your monthly payments
- You’d like to make overpayments to shorten your mortgage term (which your current deal may not allow)
- You’d like to borrow more money
- Your home has increased in value and your loan-to-value ratio may now mean you can get a better mortgage deal
There are pros and cons to remortgaging and it may not be right for everyone. The mortgage market place is complex and getting good advice is essential.
In theory, there is no restriction on the timing of any remortgage arrangement, although you may face early repayment charges if you leave your existing deal before the term end. When negotiating any mortgage, you should check the charging structure, which may include early repayment fees. Remortgaging on a regular basis can have a detrimental impact on your credit score, but in theory, there are no restrictions. You should seek advice from a mortgage broker if you’re looking to remortgage. They will be able to assess the impact of early repayment fees and any upfront remortgage fees.
The process for remortgaging is exactly the same as a normal mortgage and you will still need a solicitor to look after the paperwork. Among other things, this will involve the transfer of funds once the remortgage has been approved and amendments to the title deed. Some mortgage providers will offer legal services as part of their package although you are not obliged to use them, and can appoint your own solicitor.
The process of remortgaging your home is fairly straightforward:
Research mortgage deals
There should be a financial benefit for you to remortgage your property, whether a fixed term is coming to an end or there are better rates available.
Consider remortgaging costs
You would normally remortgage your property when your existing deal is coming to an end, thereby avoiding early repayment fees. In some cases, it may be beneficial to pay the early repayment charge to achieve a better long-term rate for your mortgage.
Apply for a mortgage in principle
The next step is to apply for a mortgage in principle to see whether remortgaging is going to be possible. While not a legally binding agreement, unless there are extenuating circumstances, any formal arrangement would likely be very similar.
Appoint a solicitor to review the remortgaging process and ensure that all of the legal formalities are in place.
Formal property valuation
Just prior to approval of your mortgage application, the lender will require a formal property valuation to confirm the loan-to-value ratio.
On completion, you will receive funds from your new mortgage lender, which your solicitor will use to repay the original mortgage. The title deeds will be adjusted, any balance of funds (equity release) forwarded to you and the formal process draws to a close.
Is your current mortgage deal coming to an end?
Contact our team today to find the best remortgage deal for you:
Why work with us?
At Stan Sherlock Associates, arranging a mortgage or remortgage is not a one-off transaction. We aim to build long term relationships with our clients and provide you with an advice service over the lifetime of your current mortgage, and beyond, which ensures you always have the right deal for your situation.
Although based in Carlisle, our clients come from much further afield. We regularly work with clients from across Cumbria (including Kendal, Keswick, Penrith, Whitehaven and everywhere in between), the Scottish Borders and North East England. Many of our mortgage advice services can be provided by phone and email but our mortgage advisers are always happy to meet you face to face.