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Mortgage house

Remortgaging means changing your mortgage deal, either by switching to a different lender, or staying with your current lender but getting a different rate from them.

Why remortgage?

You may want to remortgage your property to try and lower the monthly mortgage payments. Or generate money from the property by borrowing more money against it.

Remortgaging is somewhat like switching your mobile service provider to get better service or rental. It's almost the same, but with remortgaging there is a certain amount of risk. Getting the help of a mortgage broker at this point is invaluable. Their extensive network of contacts can bring in good opportunities where your remortgage is a definite benefit to you. 

While some borrowers may want the best of both worlds to lower the monthly repayments as well as try and borrow more money against their purchased property, a mortgage adviser will be able to bring about the right remortgaging solution to suit the customer’s requirements. 

Talk to a BVS Mortgage adviser if you’re considering a remortgage.

How much can I remortgage my house for?

If you’re thinking of a remortgage to borrow more money, how much you can borrow depends on the amount of money have left after paying off your monthly financial commitments.

Lenders will also look at your LTV (loan-to-value) ratio. This is the proportion of your mortgage as a percentage of the current value of your property.

For example, a borrower on a £150,000 mortgage to purchase a home valued at £250,000 would have an LTV ratio of 60%.

Can I get a buy-to-let remortgage in UK?

The answer is yes. Any property can be remortgaged, as long as you have enough equity value in the property. In addition to equity, you will be required to confirm to the lender that you will charge a higher rent than what your mortgage repayments will be.

How long does it take to remortgage?

It isn’t necessary to change the provider when remortgaging. You can simply switch deals with your current provider. At BVS Mortgages we can help you with remortgaging, and our mortgage advisers will let you choose from the most beneficial deals in London.

To go around any delays, it's recommended to begin the process of remortgaging well in advance, preferably between eight weeks to three months prior to the expiration of your current rate. 

A mortgage proposal typically remains valid for a duration of 3 months, which may be prolonged to facilitate the optimal deal. 

To provide a general overview of the process of finding and finalizing a remortgage agreement, here's a tentative schedule:

  • Speak to a mortgage adviser.
  • Get your documents together.
  • Submit your mortgage application.
  • The lender values your property.
  • You get a mortgage offer from the lender confirming the approval of your mortgage.
  • A solicitor handles the transfer of deeds from one lender to another.
  • Your mortgage is complete.
  • You receive a letter from the new lender confirming your mortgage has been transferred.

Your property may be repossessed if you do not keep up repayments on your mortgage.

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