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What is a remortgage?

Remortgaging is the process of moving away from one mortgage lender to another. You are able to remortgage a property you already own whether you own the property outright or have an existing mortgage already.. People do this for a variety of reasons as explained below.

Increase your mortgage to pay off debts

You can potentially lower your monthly outgoings by consolidating existing loans, credit cards and other debts into your mortgage. By releasing equity within your property, you can reduce the amount of debt you owe altogether and reduce the amount of pressure on your monthly budget.

This type of mortgage is commonly known as a debt consolidation remortgage.

It’s important that you properly weigh up the pros and cons before proceeding with a debt consolidation mortgage, as they are not always the right choice and you should speak to an adviser at Wakefield Mortgage services to help you fully understand your situation.

Remortgaging to make improvements on your home

If you have equity in your home and you are able to meet the lenders’ affordability criteria, there will be options for you to raise money by way of remortgage to carry out an extension or other home improvements. It’s a good idea to get quotes from builders first before you start the application process to understand how much you will need to release from your property.

Remortgaging to get a better rate or deal

If your fixed rate product is coming to an end and you want to ensure you are still getting the best value for money, an Adviser at Wakefield Mortgage Services can help you search the market for a deal that’s right for you. We will also consider what you current lender can offer – it may be worth remaining with them and carrying out a product transfer.

Remortgaging current property to buy another

Whether you want to buy a holiday home, rental property or simply move chain free, many lenders will allow you to remortgage for this reason. A let to buy remortgage is where you change your existing home into a buy to let and release equity from the property to use as a deposit to purchase a new one.

Remortgage Process

When you move from one lender to another, solicitors need to get involved. Many lenders offer incentives where they will cover the cost of your solicitors to move across to them. Wakefield

Mortgage Services not only ensure that your mortgage application goes as smoothly as possible, we also liaise with your solicitors and assist you throughout the entire process.

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Frequently Asked Questions

Generally speaking, 6 months gives you enough time to properly consider your options and provides more than enough time for your new mortgage to be approved. If you don’t have this much time, don’t worry – as the process can take as little as a month.

Yes – there are many lenders that will consider less than perfect credit profiles, so don’t be put off if you have missed payments or have incurred defaults for example.

You can – many lenders allow you to raise funds for this purpose. Speak to a mortgage broker in Wakefield today to get more information.

Many lenders will cover the cost of legal services if you move to them, but you can use your own solicitor at your own cost if you would prefer.

You may be able to apply for a ‘further advance’ with your current lender and keep your existing product in place. There is also the option to apply for a secured loan, which means that you won’t have to pay potentially hefty early repayment charges on your current mortgage.