Remortgaging

Remortgages in the UK

There are many good reasons for re-mortgaging your property. You could for instance be looking at releasing some of the equity in your home. This allows you to keep your existing home and buy another or use the money for a holiday or home improvements. You may not wish to stay with your existing lender and moving your mortgage to another lender will mean that you can enjoy any benefits that other people do when taking out a completely new loan such as lower interest rates. You may take out a mortgage for a length of time less than your last one.

You will incur costs as if you are buying a different property and even if you remain with the existing lender you will be expected to use solicitors and a surveyor. The average time for a re-mortgage to go through is about six weeks although there are some examples of fast tracking, this depends on your circumstances. Some lenders will offer re-mortgage packages that pay back these fees as long as you use the services of their recommended solicitors and surveyors.

You must check that at the time of re-mortgaging, you will not be charged a redemption fee associated with your existing mortgage. This may be because you are within an introductory offer period with a capped, discounted or fixed rate mortgage.

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