Why Remortgage?
Many mortgages have low introductory rates, of fixed payments for a limited period. When this period comes to an end, you usually automatically revert to the mortgage provider’s standard variable rate. At this point you are free to shop around and may get a better deal either by signing up to another product with the same lender, or going elsewhere.
What is a Remortgage?
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
Let McRobieAdams take the hassle out of Remortgaging
You will probably need to remortgage more often than you move to a new house, and it is common for people to switch their mortgage product every few years, to take advantage of the right deal at the time.
We take great pride in looking after our clients. This means that we will be in touch with you when we feel that you could switch to a better deal than the one you have.
We are best placed to source the right deal for you, and tailor our advice to your individual circumstances. We will help you every step of the way and strive to provide the best customer service
This approach has helped us win prestigious ESTAS awards for the past 8 consecutive years.
Book Your Fee-Free Remortgaging Consultation
Pop in your details and one of our friendly, experienced remortgage advisers will be touch within 24 hours to arrange a convenient appointment time.
The consultation is confidential, fee-free and there is no obligation.
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Why Choose McRobieAdams?
Award Winning
We've won ESTAS awards for the past 7 years
Professional Advice
Access to the whole market for first charge mortgages
The Right Deal For You
We work hard to get you the best value
Financial Conduct Authority
Authorised through Openwork Ltd
Speak to a friendly McRobieAdams adviser today
Remortgage Help and Advice
Use our handy help and advice guide to improve your understanding of the remortgaging process. To find out more, speak to a McRobieAdams adviser
Think carefully before securing other debts against your home.
Your home may be repossessed if you do not keep up repayments on your mortgage.
When can I use a remortgage?
- Your current deal is coming to an end
- You want to fund some home improvements
- You want to consolidate other debts
- You may have a big event coming up – a wedding for example
- Helping your children with a deposit for their own house
- To release some equity for something else, e.g. school fees
When is remortgaging a good idea?
- There are other mortgage products with better interest rates than the one you currently have
- You are near the end of your current mortgage deal (6 months or less left)
When might a remortgage not be suitable?
- The total amount you want to borrow is a large proportion of the value of your home
- Your current mortgage product has large fees for early repayment (“Early Repayment Charges”)
For award-winning advice tailored to your individual needs and circumstances, you should speak to a trained Mortgage adviser
How much are the fees for a Remortgage?
The fees to change your mortgage may depend on whether you need to pay a fee to change your mortgage early (“Early Repayment Charges”, ). Your advisor will help you here, as it may be a question of simply waiting until the end of the period for which these fees apply. There may be fees paid to the lender, for purchasing a new product.
Remortgage FAQs
We answer your most frequently asked questions about remortgaging. For more information, why not speak to one of our friendly advisers?
A Remortgage is what you do when you change your mortgage but don’t move to a new house.
When you moved into your house you borrowed money through a mortgage product. Many of these have low introductory rates, or offer a fixed interest rate, for a fixed period. This is known as an introductory period
At the end of the introductory period your mortgage payments may change: they may go up, or they may vary month-to-month, depending on the mortgage you have.
At this point, you are typically free to shop around for a deal that may suit you better: it may simply be cheaper, or it may offer the security of fixed payments.
Many lenders have a standard rate of interest that they charge for loans such as mortgages. This is a mortgage rate which the lender has discretion over, and typically is adjusted when Bank of England base rate changes. This is known as the lender’s Standard Variable Rate, or SVR. If the SVR directly follows the Bank of England base rate this is commonly known as a ‘tracker rate’ and so is not a fixed rate, and your monthly payments can vary month to month as this changes.
In the recent past, interest rates have not changed very much. They can, and when rates are volatile, they could increase or decrease quite quickly. This means that your mortgage payments could also increase or decrease quite rapidly.
When you take out a new mortgage, it often comes with an offer to attract you in. This can take the form of an introductory period of lower payments for a fixed time. At the end of the introductory period your mortgage payments may change they may go up, or they may vary month-to-month, depending on the mortgage you have. At this point, you are typically free to shop around for a deal that may suit you better.
You can start arranging your new mortgage up to six months before the end of the introductory period. Remember – it will take some time to arrange the new loan, so it’s best to give plenty of time for the process to happen. You can have everything in place and then put things on hold until the time is right. Your mortgage adviser will be able to help you here.
This is when you pay off one or more debts and consolidate the payments into one. In this context you would be borrowing from the equity in your house (enlarging your mortgage) to pay off those other debts.
This can be cost effective in the short term, as the monthly payments you make may be more manageable. However, the mortgage is a long-term loan and you may end up paying more in the end.
Debt consolidation through remortgaging is not always the answer. It depends on whether you can make the payments, how much equity is in your house, whether you will pay more interest for the credit over a longer period of time and whether you satisfy lending criteria for lenders.
In this case we strongly advise that you speak to your mortgage adviser who will be able to help.
This is a much more straightforward process than moving to a new house. The length of time it takes to arrange a remortgage can vary lender to lender. It can take 4- 6 weeks, but it may be much less.
There are some similarities in the process of buying a house: you will need to get your house valued, and you will need a solicitor. You will need a redemption statement from your existing lender, which will tell you how much you owe, and whether there are any fees to pay to them. Your McRobieAdams adviser will search an extensive panel of lenders to find the right deal for you, and help you through every stage, ensuring a smooth process.
The fees to change your mortgage may depend on whether you need to pay a fee to change your mortgage early (“Early Repayment Charges”, ). Your advisor will help you here, as it may be a question of simply waiting until the end of the period for which these fees apply. There may be fees paid to the lender, for purchasing a new product.