Speak to a mortgage expert
Our Specialist Mortgage Advisers will guide you through the whole remortgaging process, answering all your questions and providing impartial advice at every stage.
With interest rates in the spotlight at the moment, it's never been more important to make sure you're on the right mortgage deal.
Whether your fixed term period is coming to an end or you simply want a better deal, Specialist Mortgage Advisers from Wesleyan Financial Services are here to help you every step of the way.
*Wesleyan Financial Services provides broker and advice services. Wesleyan Financial Services is paid a fee by the lender upon completion of the loan. Product fees may be payable to the lender.
If the fixed-rate period of your current mortgage is coming to an end, it's important to start looking for your next deal.
Even when interest rates are high, if you value the security of knowing how much money will be leaving your bank each month, another fixed-rate deal could be the right option for you.
If you don't remortgage before your fixed-rate period ends, you'll be switched to your lender's standard variable rate (SVR).
At Wesleyan Financial Services, our mortgage experts can also advise on:
To find the best remortgaging deal for your circumstances, speak to our mortgage team today.
At Wesleyan Financial Services, we do the hard work for you. Our Specialist Mortgage Advisers can track down the best remortgaging deals from across the market, so you don’t have to.
Offering tailored deals, impartial advice and specialist support, our mortgage team will be on hand to manage your application every step of the way.
What's more, we can also access exclusive mortgages that are only available to professionals.
When should I start the remortgaging process?
How long is a remortgage offer valid for?
How long does remortgaging usually take?
If you’re remortgaging with a new lender, the process will normally take between four and eight weeks from when you apply. This is because your new provider will need to assess your affordability and complete a thorough property valuation, which typically takes up the most time.
If you’re remortgaging with your existing provider, the process will be much quicker. This is because there are no legalities involved with a product transfer, so you won’t need to provide the same amount of paperwork to support your application.
Can I borrow more when I remortgage?
Yes, there are a number of options for borrowing more money when you remortgage.
If you’re remortgaging with your current provider, you can ask for what is known as a further advance on your existing mortgage. A further advance will allow you to increase the amount you owe to your current lender.
Most lenders will impose a minimum further advance amount of £5,000 to £10,000. The maximum amount you can borrow will depend on your financial circumstances and the amount of equity you have built up in your home.
If you’re remortgaging with a new lender, you can increase the size of your loan as part of the process. If this is the case, you will probably be asked what the additional money will be used for – for example, to fund home improvements or buy a second property.
Can I remortgage early?
Yes, you can. However, if you’re on a fixed-rate mortgage, you may be faced with an early repayment charge if you choose to remortgage before your fixed-rate period ends.
If this is the case, it may still be cost-effective to pay an early repayment charge to secure a lower rate sooner, but this will depend on your individual circumstances.
If you’re considering paying an early repayment charge, it’s a good idea to get advice from a Specialist Mortgage Adviser. They’ll be able to take the cost of the charge, add it onto your loan, see what the new rate is and provide you with a projected monthly cost.
Do I need a solicitor to remortgage?
If you’re remortgaging with your current provider, you won’t usually require a solicitor. This is because there are no legalities involved in the transaction.
If you’re remortgaging with a new provider, you will need a solicitor to assist with the legal side of things. This typically includes carrying out ID verification, property valuation, conveyancing searches and money laundering checks.
Can I remortgage a buy-to-let property?
Yes. Like residential homeowners, many landlords remortgage their buy-to-let properties to find a better deal or fund refurbishments (for example, a kitchen or loft extension).
Remortgaging also offers the opportunity to generate the funds you need to expand your property portfolio. If this is the case, your lender will carry out a valuation of your existing properties to see how much equity you’ve built up. This will determine how much they can lend you.
Please note that most buy-to-let mortgages are not regulated by the Financial Conduct Authority (FCA).
Do I need a mortgage broker to remortgage?
Seeking advice from a mortgage broker isn’t a requirement when it comes to remortgaging, but it is highly recommended.
A specialist mortgage broker can provide expert advice on your remortgaging options, search the market to find the best deal for your circumstances and manage your application at every stage.