Remortgaging

Your mortgage payment is likely to be the most significant bill you must pay each month. To make the most of your money, it is essential that you have the best value mortgage available.

If you already have a mortgage that is on a fixed term, it is normally best to stay with this. However, if your fixed term period has expired, it may be worth looking into alternatives.

As with all financial products, there are a lot of choices when it comes to looking for the best remortgaging deals.

By engaging with a specialist mortgage broker such as Elementary Mortgage solutions, you can quickly identify the most suitable options available to you and secure a great new deal.

Daniel Fardell
Daniel Fardell
10/05/2023
All round great service & results from Ivan. Extremely knowledgeable, very approachable & always has his clients best interests at heart.
Antonio Banderes
Antonio Banderes
26/04/2023
Great to work with, felt like we were thier top priority. Communication and availability 5/5
Lee Wigglesworth
Lee Wigglesworth
19/04/2023
I highly recommend Ivan at Elementary Mortgage Solutions. He was very helpful, always talking me through things I was unsure about putting my mind at ease. He helped me through a time length of 18 months and was always easy to get hold of and quick to reply if ever I needed him.
Dean Warsop
Dean Warsop
10/03/2023
My mortgage application went as smoothly as it could with the help of Ivan who went above and beyond with his time and efforts to get it sorted as soon as possible. Everything he did was explained in terms I could understand and he was never more than a phone call away to answer any questions we had. I couldn’t recommend Ivan highly enough and have passed his details to numerous friends. All I can add is my gratitude to Ivan for his hard work and being available every step of the way. A fantastic man and very good at what he does. Many thanks again
Robyn Kirk
Robyn Kirk
04/01/2023
We didn't have the easiest circumstances however ivan was very honest with us from the beginning. He outlined a number of options for us and when the time came for us to apply for a mortgage the process was easy and stress free due to ivan's brilliant communication and transparency. We couldn't thank ivan enough because he made it possible for us to get our first home.
Andrew Littlewood
Andrew Littlewood
03/01/2023
Brilliant advice and products from Ivan as always I won’t go anywhere else .
Steph Lonergan
Steph Lonergan
22/12/2022
Would highly recommend using Elementary Mortgage Solutions. Done amazing at finding us the best mortgage for our new home. Very helpful and always available if need to ask any questions, worth every penny.
Will Shaw
Will Shaw
20/12/2022
Ivan was absolutely amazing from start to finish. We had a few set backs on our side of things due a global pandemic and then several houses falling trough but he never gave up, he kept going for us and kept us updated regularly and we have now finally got the keys to our very first home just intime for Christmas. He made the whole process a breeze sorted all our insurance's out for us so we had the right cover at the right budget. Honestly 5 stars doesn't even come close wouldn't hesitate to recommend him and Elementary Mortgage Solutions to anyone.
Kirsty Beckworth
Kirsty Beckworth
20/12/2022
Ivan is very professional with his advice and information- highly recommended
P Dickinson
P Dickinson
04/12/2022
It took my wife and I around 3 years to finally find a house that we wanted to purchase and as the property needed some work, we couldn't sell our current house for the time being. We then found ourselves struggling to secure a mortgage for the house purchase. Having spoke to several lenders and a few mortgage brokers as well as looking into equity release without success, we looked for a mortgage broker online and decided to call Elementary Mortgage Solutions. Ivan was a star and really helpful and in no time at all he had a mortgage sorted for us. The rest of the house buying process has taken a long time with several problems encountered during this time but Ivan was always there to offer advice and frequently checked in to see how things were progressing. We really cannot praise Ivan enough, he is a really nice chap, a pleasure to deal with and we thoroughly recommend him to anyone looking for a mortgage broker. We complete on our house purchase next Tuesday, 6/12/22 and without Ivan's help, we are really not sure if this would have happened. If we require a mortgage again in the future, Ivan will most certainly be the person we will be calling. Thank you Ivan and Merry Christmas to you and your family.

(Your home may be repossessed if you do not keep up repayments on your mortgage)

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Why Remortgage?

There are several reasons that you may want to look for a new mortgage:

  • The Fixed-term, low-interest period is ending
  • A change in financial income
  • The property value has increased
  • To change the payment type
  • To borrow more money
  • To save money

With so much choice in the mortgage market, it’s good to have an idea of what you want your monthly payments to be. For example, if you have started earning more money, can you increase your mortgage payments? A mortgage broker can talk through what your current mortgage provides and discuss options for remortgaging deals.

The Remortgage Process

Your starting point will be what you owe on your current mortgage and what your property value estimate is. If you discover your property value has decreased since taking out the existing mortgage, it may be worth remaining with your current mortgage provider.

Try and make sure your finances and credit score are as healthy as they can be. Aim to have any outstanding debts, if overdue, paid off. Make a record of all the other debt you owe as this will help plan your finances. This information is also required for the application process.

While checking your finances, calculate your income and outgoings to work out a target figure for mortgage repayments. Consider if can you make savings elsewhere in your life to pay off more of the mortgage each month?

If you have equity in your home, some of this could be released giving you a lump sum to use on a new car, an extension or a family holiday. For more details on capital raising mortgages, please see our blog post.

Remortgaging Deals to Choose From

The two primary types of mortgage to choose from are fixed and variable rate. A fixed-rate mortgage has an agreed interest rate that won’t change. This enables you to plan your future finances more accurately. The fixed rates typically last for between 2 and 10 years.

A variable rate mortgage has an interest rate that changes in line with the rate set by the Bank of England. This can be beneficial if the interest rate is low but can be a risk if interest rates increase. Example of variable rate mortgages are tracker or discounted.

Remortgage Costs and Fees

Depending on your circumstances, there are a number of fees that could be applicable in your remortgage process.

If your current mortgage has a fixed term, then you may have to pay an early repayment charge if you want to change lender within this period. Your current mortgage provider will be able to advise you on what time you have left on the fixed term and what the costs are, if any, for early repayment.

Some lenders charge a ‘deeds release’ fee or ‘admin’ fee to forward on the property title deeds to your solicitor. If a charge is applicable, this should be explained in your current mortgage paperwork.

Most lenders charge arrangement fees for setting up a mortgage. The charge will vary and can be anywhere between £0 and £2000. It is often possible to add the arrangement fee to the mortgage balance. However, if you do this, keep in mind that it will increase the money you ower and your monthly payments.

You may also be asked to pay a Booking Fee which is effectively a charge for applying for a mortgage. The booking fee is sometimes included in the arrangement fee and will cost between £100 and £250.

The new lender will generally want to check the value of the property that is being mortgaged. This is to confirm the property is worth the sum you wish to borrow. Some lenders will charge a valuation fee, whereas others will include it free of charge.

To ensure the remortgage process is completed correctly, legal work is required. For a remortgage with no ownership change, lenders will often include a free legal package. If you wish to amend the mortgage, for example; removing or adding a person, you may need to pay additional solicitor fees. These costs will vary depending on the complexity of the changes and the rates charged by the solicitor.

Find Out More

With so many options and potential fees to consider, it can be challenging to research the mortgage market on your own. Working with a mortgage broker will give you access to their expertise and knowledge. They will be able to provide you with the best remortgaging deals on the market, many of which won’t be available to the general public. They will also complete much of the paperwork on your behalf and make the process simpler and more straightforward.