Remortgaging - Adding Value to Your Property
There are lots of reasons for remortgaging. Home improvements, using equity to add considered value to your house… But why limit yourself to your own bank?
Contact us to talk. We have access to a panel of lenders which is representative of the whole of the market.
Let’s get together!
Let’s see what a change to your mortgage deal might do. You may just want a better deal, or you may want to release some of the equity you’ve built up to do some home improvements.
Or maybe you need a new car? You’ve thought about it carefully but you’d like to find out if an extension to your mortgage is the right thing to do?
Dust off the details, and bring them in. Our MAPIO Financial offices are very easy to find, so let’s see if we can find you a better mortgage deal!
How much can you afford?
If you want to remortgage, that’s a great question. Contact us and we’ll find out together. Mortgages depend on affordability, and – although you’re already making repayments – you’ll need to review your finances if you’re increasing a loan.
It’s okay, we’re local. We’re here in the centre of York, and we can work through the paperwork with you, and talk you through your credit checks. (Did you know your basic credit score is free online through Experian*?)
* * Please be aware that by clicking into the link you are leaving the MAPIO Financial website. Neither MAPIO Financial or PRIMIS is responsible for the accuracy of the information contained within the linked site.
Credit checks for remortgaging
We’re here to help you. Before we get started, you can click here to check out the Experian* website to find out your up to date credit history. This will show you what a lender will see. If you’ve had issues with credit in the past, don’t worry, we have specialist lenders who can look at this for you.
Let’s talk to the right lenders for you
“How much mortgage can I get?” You might have a figure in mind. For specific improvements to your home perhaps, or – after you’ve carefully reviewed how much you can afford – for using in a different way.
However, just like last time, you’ll need to get an agreement from the lender on how much mortgage you can afford and what the new repayments will be.
Give us a call and arrange a full appointment:
- We can do a thorough financial review, to make sure you get the best possible offer.
- We can also help you to handle paperwork, which always makes things less stressful.
Renew your mortgage deal at the right rate
Many people renew with their current lender. Or they drift (sometimes without realising it) onto a Standard Variable Rate payment. That’s not necessary. You could be paying more than you need to.
When your mortgage deal is nearly up, it’s a great time to review your finances. We’re here, to help you make sense of that – and we’ll then be with you for the long term.
Getting expert advice is a good idea
Need some friendly advice on your mortgage? We can show you exactly what a little more (or less) on your mortgage each month might do. Book an initial meeting! Come on in and let’s see what we can do for you today.
Remortgage FAQs
What is remortgaging?
Remortgaging means switching your existing mortgage to a new deal, either with your current lender - typically called a product switch, or changing to a different lender.
Many people remortgage when their current fixed rate or introductory deal is coming to an end in order to secure a more competitive interest rate and avoid moving onto the lender’s standard variable rate, which is often higher.
Remortgaging can also be used to release equity from your property, fund home improvements, consolidate existing borrowing, or make changes to the mortgage term or repayment structure.
A mortgage adviser can help you compare available options and assess whether remortgaging is suitable for your circumstances
When should I remortgage?
It is generally advisable to start reviewing remortgage options around six months before your current mortgage deal ends.
Many lenders allow you to secure a new rate several months in advance so that it is ready to begin as soon as your existing deal expires. This can help protect you from potential rate increases while giving you time to compare options properly.
If your current deal has already ended and you have moved onto your lender’s standard variable rate (SVR), it may still be worth reviewing your options, as SVRs are often significantly more expensive than fixed or tracker products.
A mortgage broker can help you assess the best time to switch and explain any costs involved in leaving your current mortgage deal.
How much does it cost to remortgage?
The cost of remortgaging will depend on your current mortgage terms and the new deal you choose.
Potential costs can include an early repayment charge if you leave your current mortgage during a fixed or introductory period, arrangement or product fees on the new mortgage, valuation fees, legal costs, and broker fees where applicable.
Some lenders offer remortgage products that include free valuations or free legal services, which can help reduce upfront costs.
A mortgage adviser can explain all potential charges in advance and help you compare the overall cost of different remortgage options rather than focusing on interest rates alone.
Can I remortgage to release equity?
Yes. If your property has increased in value or you have reduced your mortgage balance over time, you may be able to remortgage for a larger amount and release some of the equity as cash.
Equity release through remortgaging is commonly used for home improvements, helping family members with deposits, consolidating debts, or funding other major expenses.
The amount you can borrow will depend on the current value of your property, your outstanding mortgage balance, your income, and lender affordability criteria.
It is important to consider that increasing your mortgage balance may result in higher monthly payments and additional interest payable over the term of the mortgage.
Should I remortgage or do a product transfer?
A product transfer involves switching to a new mortgage deal with your existing lender rather than moving to a different lender.
Product transfers are often quicker and involve less paperwork because your lender already holds your information and may not require full underwriting.
However, staying with your current lender does not always guarantee the most competitive deal. Remortgaging to a new lender through a broker may provide access to a wider range of products, rates, and features that better suit your needs.
MAPIO Financial can compare both options side by side, helping you understand whether staying with your current lender or switching elsewhere is likely to provide the best overall value based on your circumstances.
All mortgage applications are subject to affordability, status, and lender criteria.
Your home may be repossessed if you do not keep up repayments on your mortgage.
Think carefully before securing other debts against your home. Consolidating debt may reduce your outgoings now, but you may end up paying more overall. Your home may be repossessed if you do not keep up repayments on your mortgage.
Ready to Remortgage Your Home?
Contact us to book your meeting to get started.
Or call us to book an appointment on: 01904 235000.