Frequently asked questions when remortgaging
Find answers to frequently asked questions, from how to get a mortgage with a different lender to how to improve your chances of getting a good remortgage deal. Can’t find the answer you need? Just get in touch – we’d be happy to help.
How early can you remortgage?
You can secure a new deal six months in advance of your current mortgage term ending.
How long does remortgaging take?
Remortgaging typically takes between four and eight weeks, although it could be less if you’re staying with your current lender. To avoid moving onto a standard variable rate (SVR), you ’ll need your new mortgage to align with the end of your current deal.
Can I get a mortgage with a different lender?
Yes, if you’ve found a cheaper, more flexible deal, you can switch to a different lender. But note that you might have to pay fees if your current deal hasn’t come to an end.
You’ll need to make an application for credit to prove you can repay your current mortgage and afford to take out a new loan.
Can I apply for a remortgage in advance?
You can secure a new deal six months in advance of your existing one coming to an end.
How will my loan-to-value (LTV) affect remortgaging?
LTV is the ratio of a loan to the value of the property. If you have a low LTV, you’re more likely to get better rates on mortgage deals
How can I improve my chances of getting a good remortgage deal?
Look for a new mortgage with an introductory deal (they usually last between two and five years). After that period, you’ll probably get the lender’s standard variable rate (SVR), which is usually higher.
Can I remortgage to buy another property?
Yes, you can remortgage your house and use the equity as a deposit for another property. Bear in mind though, if you do this, your monthly repayments will go up substantially. Find more information in our remortgaging to buy another property guide.
Why do I need to remortgage when transferring equity?
If you’re making changes to the title of deeds with the Land Registry, you will need to remortgage, as your mortgage lender will need to consent to the changes and update the mortgage with the new details.