Compare Remortgages

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Your Step-by-Step Guide To Apply For A Remortgage

Every mortgage agreement you enter entails a long-term commitment. Fortunately, there is a way to modify your loan by choosing a different loan product and extending its term. This is called remortgaging – a process by which you may transfer the balance of your current loan to a new product.

This may be done with your existing lender or another bank/creditor. Here is a step-by-step guide to help you understand the process.

  1. Consider why a remortgage is advantageous

The most common reason why people consider a remortgage is to reduce their monthly payment, especially near the completion of a short-term loan.

However, there are other factors to consider when looking at remortgaging as an option, such as taking advantage of a variable rate instead of a capped or fixed rate, changing to a flexible mortgage or utilising property equity once its value has increased.

  1. Consider the services of an independent adviser

The services of a mortgage adviser are invaluable in helping you save money on loans. Look for an independent adviser who does not have business relationships with any lender to help you compare different deals without bias. Industry advisers have the knowledge and expertise to find the most beneficial deals and help you save money.

If you need insider information, ask our professionals at Mortgage Advisers for assistance. We can help you compare fees, penalties, and interest rates to determine the best mortgage deals for your needs. We will pick the best package possible to bring you a deal that will match your financial situation.

If you prefer to work on your own, our advise is for you to consider the whole picture, including all the charges, fees and penalties that your current lender will levy. Arrangement fees, valuation fees and exit penalties can all add up and cost more if you are not careful.

Consider how much the total of the monthly repayments will be on the new mortgage proposal over the loan term, then compare it to the total amount of repayments on your existing mortgage over the same term.

  1. Choose a product you can afford

The cheapest remortgage product may not always be the best choice. Consider what it will mean to your current financial needs. For example, if you think you will not be able to pay in case of an increase in interest rates, a variable rate product may not be good for you. You may do better with a fixed-rate remortgage.

  1. Talk to your lender

Don’t burn your bridges just because you have found a deal that looks promising. It’s always a good idea to talk to your existing lender to see if they can match the new terms. Many lenders are willing to negotiate to keep their clients and you may reap the benefits just by asking.

As part of our service, we at Mortgage Advisers can provide you with information which lenders are offering remortgage deals with lower rates so you can make the right decision.

  1. Apply

After choosing the remortgage product that is right for you, start the application process. If you want Mortgage Advisers to work with you, our expert adviser will assist you throughout the application process. All you have to do is fill out the application form.

Our adviser will then submit it on your behalf and manage the process from the start until its completion.

Our adviser will provide you with the information you need to understand the whole process of application, such as credit checks and the end results you can expect at every stage. If you decide to work on the application on your own, your lender will require credit checks and other necessary documentation, including your proof of salary.

The lender may also perform a survey on your property to determine its market value. Once you qualify for the loan, the lender will issue a formal offer of mortgage which will include important facts in the agreement such as the conditions and terms involved.

  1. Talk to a legal professional

If you are remortgaging, you might want to consider talking to a solicitor for advice on handling the legalities of a new transaction. You can seek out an independent solicitor or work with someone who is associated with the lender. Solicitors handle the documents in the early stage of the process.

They will also arrange the fund transfer after the remortgage is completed. Note that there are mortgage advisers who will work with a solicitor for you, including chasing up outstanding items.

Before choosing your adviser, ask them about this part of the process.

  1. Ask for independent advice

Expert advice is invaluable for people who want to remortgage. With an independent expert, you will be able to choose the best product for your needs, find the best deals in the market and enjoy support from a reliable industry insider.

Our experts can assure you of the best, most accurate and up-to-date information regarding the market. We will scour through thousands of loan products to find the one that will suit your needs. We will manage the application process until it’s complete, and liaise with your solicitor and lender for you.

Our goal is to provide you with the best deal because that is what we do best.