Remortgaging
At Peak Mortgages and Protection, we specialise in helping customers with remortgaging, ensuring you find the best deal tailored to your needs. If you’re asking what is a remortgage, it’s when you switch your existing mortgage to a new deal, either with the same lender or a different one. Whether you want to remortgage a house to save on interest, reduce your payments, or access better terms, our experts make the process straightforward and stress-free.
Remortgaging can offer a range of benefits. Not only could you lower your monthly payments, but you might also secure a better interest rate or shorten your mortgage term. At Peak Mortgages and Protection, we help you explore your remortgage options and find deals that suit your individual circumstances, especially if your credit history has changed or improved since you first took out your mortgage.
Many people overlook the potential savings that remortgaging can provide. Whether you’re looking to switch to a better rate or need to remortgage a house to improve your financial situation, we’re here to offer fee-free, expert advice. We know that your credit history can play a big role in the deals available to you, and our advisers work to find the best options no matter your situation. With over 500 five-star reviews and multiple awards, Peak Mortgages and Protection is trusted by homeowners across the UK.
Wondering how to get started? Simply contact us by phone or email to book a consultation at our Belper office or via video call. Let Peak Mortgages and Protection help you remortgage a house and secure the best deal for your future, no matter your credit history.
Remortgaging - Your Challenges, Our Solutions
Remortgaging Advice
Are you wanting a more competitive rate on your current mortgage?
Challenge: ‘There are so many options available and it is a bit overwhelming finding a more competitive rate on my current mortgage.’
Solution: At Peak Mortgages and Protection, our expert advisers can navigate the market for you to identify the best remortgage options that suit your financial goals.
Have you tried to remortgage before and it hasn’t been possible?
Challenge: ‘Currently we are trying to remortgage, but there are many hurdles in the way.’
Solution: Our team at Peak Mortgages and Protection specialises in uncovering alternative remortgage solutions, even for those who have been declined previously.
Do you have debts you’re looking to consolidate?
Challenge: ‘I am managing debts (sometimes multiple) which is stressful and worried about how it will impact my ability to secure a favourable remortgage.’
Solution: We can help you explore remortgaging options to consolidate your debts into a single, more manageable payment, potentially at a lower interest rate.
Have your current circumstances changed since your first mortgage was arranged?
Challenge: ‘My financial situation has changes and wanted to know if it would affect my eligibility for remortgaging. What terms would I qualify for?
Solution: Peak Mortgages and Protection provides personalised assessments to understand your new circumstances and identify suitable remortgage products.
Has your current mortgage deal come to an end?
Challenge: ‘My current mortgage deal is about to end. How high will the payments be if I do not take action quick enough? It is a very stressful time for me and the family.’
Solution: We offer timely advice on remortgaging options to ensure you transition smoothly to a new deal with favourable terms.
Are you on your lender’s standard variable rate and feel like you could potentially pay less?
Challenge: ‘I am on a standard variable rate and want to save some money. How can I reduce outgoings if I am paying more than necessary for my mortgage?’
Solution: Our experts at Peak Mortgages and Protection can help you remortgage to a fixed-rate deal, potentially saving you money in the long run.
Do you have capital tied up in your home?
Challenge: ‘I have capital tied up in my house. I am concerned that this will limit financial flexibility.’
Solution: We can guide you through the process of remortgaging to release that capital, giving you access to funds for investments, home improvements, or other financial needs.
No matter your situation, we here at Peak Mortgages would love to be able to help you get the most out of your mortgage.
Yes, you can remortgage a house, as long as you meet certain criteria. Remortgaging is often done to secure a better interest rate, reduce monthly payments, or access equity. Whether you’re eligible to remortgage will depend on factors such as your current mortgage terms, your house value for remortgage, and your credit history. At Peak Mortgages and Protection, our mortgage advisers can help you determine if now is the right time for you to remortgage a house and guide you through the process.
Remortgaging involves switching your existing mortgage to a new deal, either with your current lender or a new one. This can be done to get a better interest rate, shorten the mortgage term, or release some of the equity you’ve built up. The lender will assess your house value for remortgage, your income, and your credit history to offer new terms. At Peak Mortgages and Protection, we work with you to find the best remortgage deals that suit your needs and financial situation.
You can remortgage at any time, but the best time is often when your current mortgage deal is about to end, especially if you’re coming off a fixed-rate or discount deal. Remortgaging before the end of a fixed term might incur early repayment charges, so it’s important to check your current terms. Factors such as your credit history and house value for remortgage will also impact your eligibility and the deals available. Peak Mortgages and Protection can help you decide the ideal time to remortgage a house based on your situation.
Remortgaging
What are the Benefits of Remortgaging?
- Remortgaging can allow you to save money by essentially switching to another product that is competitive.
- It can allow you to utilise your home’s equity for additional cash. Maybe for home improvements.
- It can allow you the options to consolidate your debts into a single affordable repayment scheme if you are struggling to pay them.
We make it our mission here at Peak Mortgages to make sure that you’re getting the right advice. You can always talk to us about remortgaging your home.
At Peak Mortgages and Protection, we offer a range of fixed rate mortgage options to suit different timeframes and needs. A fixed rate mortgage locks in your interest rate for an agreed period, typically between two to five years, meaning your monthly repayments stay constant. This stability can be invaluable, particularly if you’re concerned about potential interest rate increases. Our team will help you compare fixed rate deals from various lenders to find the one that fits your financial goals. Whether you’re looking to save on interest or simply want the peace of mind of predictable repayments, we’ll guide you through the process to make mortgaging easy and stress-free.
With a variable rate mortgage, Peak Mortgages and Protection provides access to competitive deals where your interest rate moves in line with the lender’s standard variable rate (SVR). This type of mortgage can offer lower initial rates, making it attractive for those seeking short-term savings. However, your monthly repayments may increase if the SVR rises. One key benefit of the variable rate mortgage products we offer is flexibility—many allow overpayments without early repayment charges. Our advisers will work with you to assess whether a variable rate option fits your risk tolerance and financial situation, helping you make informed decisions.
At Peak Mortgages and Protection, we provide a variety of tracker mortgage products, which are directly tied to the Bank of England’s base rate. With this type of remortgage, your interest rate will follow the base rate, meaning your monthly payments could rise or fall accordingly. This offers potential savings if the base rate decreases, but you need to be prepared for possible increases as well. Our advisers will help you navigate the different tracker options available, ensuring you fully understand how these changes could impact your finances. We’ll compare deals from multiple lenders, so you can find a tracker remortgage that aligns with your goals and offers transparency in the remortgaging process.
Remortgage Eligibility Criteria
We offer remortgage services to a wide range of customers. Here’s a detailed look at the eligibility criteria for our remortgage services:
Existing Homeowners
If you’re an existing homeowner looking to remortgage your property, we can help. Whether you’re looking to secure a better interest rate, release equity, or switch to a different type of mortgage, our expert advisors are here to guide you through the process and help you find the best financing options.
Credit History
Your credit history is an essential factor in determining your eligibility for a remortgage. Lenders will typically review your credit score and credit history to assess your ability to make repayments. However, even if you have a less-than-perfect credit history, we can still help you find remortgage options that suit your needs.
Equity in Your Property
The amount of equity you have in your property can also impact your eligibility for a remortgage. If you have a significant amount of equity, you may be able to access better interest rates and more favourable terms. However, even if you have limited equity, we can still help you find remortgage options that work for you.
Remortgage Application Process
We understand that applying for a remortgage can be a complex process. Here’s a step-by-step guide to help you navigate the process, including the required documentation and estimated timelines:
Step 1: Assess Your Needs and Eligibility
Before applying for a remortgage, it’s essential to evaluate your financial situation, including your income, expenses, and existing debt. We’ll help you determine the type of remortgage that best suits your needs and ensure you meet the eligibility criteria.
Step 2: Gather Required Documentation
To apply for a remortgage, you’ll need to provide various documents, such as:
- Proof of identity (e.g., passport, driver’s licence, or national ID card)
- Proof of residence (e.g., utility bill, bank statement, or pay stub)
- Proof of income (e.g., pay stubs, tax returns, or employment contracts)
- Bank statements
- Credit report
Step 3: Choose a Remortgage Product
Once you’ve determined the best remortgage product for your needs, we’ll guide you through the application process. We offer a range of remortgage products, including fixed-rate, variable-rate, and tracker mortgages, each with its own advantages and requirements.
Step 4: Submit Your Application
You can submit your remortgage application online, over the phone, or in person. Our expert advisors will handle the paperwork and provide support throughout the process.
Step 5: Review and Approval
After submitting your application, we’ll review it and provide feedback on any additional documentation or information that may be required. If your application is approved, we’ll help you finalise the terms and conditions of your remortgage.
Estimated Timelines
The time it takes to complete the remortgage process can vary depending on the lender and your individual circumstances. Generally, the process can take anywhere from a few weeks to a few months. We’ll keep you informed every step of the way and work to ensure a smooth and efficient process.
FAQ's
Remortgaging refers to the process of switching your existing mortgage to a new one, either with the same lender or a different one. It involves paying off your current mortgage by taking out a new loan, usually with different terms and conditions.
Remortgaging can be beneficial in several ways. It may allow you to secure a lower interest rate, reduce your monthly mortgage payments, access additional funds for home improvements or debt consolidation, or switch to a more suitable mortgage product to meet your changing financial needs.
If you’re thinking about a remortgage, seek professional remortgage advice with peak mortgages today.
Determining whether remortgaging is suitable for you depends on various factors, such as your current mortgage terms, the potential savings you could achieve, your financial goals, and your personal circumstances. Our mortgage advisors can assess your situation and provide personalized advice.
If you’re looking for more information, take a read of our blog ‘Is remortgaging a good idea?’.
The ideal time to remortgage depends on various factors, including the current interest rate environment, your financial goals, and any penalties or fees associated with your existing mortgage. Generally, it’s recommended to start exploring your options approximately three to six months before your current deal ends to allow sufficient time for research, comparison, and application processes. Looking for more information? Get quality remortgage advice today and get in touch.
The specific documents required may vary among lenders, but generally, you will need to provide proof of identity (e.g., passport, driver’s license), proof of address (e.g., utility bills), bank statements, proof of income (e.g., pay stubs, tax returns), and details of your existing mortgage. When receiving remortgage advice, we can guide you on the exact documentation required.
Remortgaging with bad credit is possible, but it may be more challenging. Lenders typically consider factors such as your credit score, income, and overall financial situation when assessing mortgage applications. If you have bad credit, get in touch for remortgage advice. Peak Mortgages specialises in assisting individuals with adverse credit to explore available options.
Remortgaging involves various costs, including arrangement fees, legal fees, valuation fees, and potentially early repayment charges if you are still within a fixed-rate period. It’s important to consider these costs when evaluating the potential savings and benefits of remortgaging. Remortgage advise can help you understand the financial implications and compare the overall costs involved.
The remortgaging process typically takes between four to eight weeks, although it can vary depending on individual circumstances and the complexity of the application. Factors such as property valuation, legal processes, and document verification can influence the timeline. Receiving remortgage advice can help streamline the process and ensure it progresses smoothly.
While it is not a legal requirement to have a solicitor or conveyancer for remortgaging, it is highly recommended to engage one. They will handle the legal aspects of the transaction, including property searches, contract reviews, and ensuring that all legal requirements are met. Their expertise ensures a smooth and legally compliant remortgage process.