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Remortgages
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What Does Remortgaging Mean?
When your fixed-term mortgage expires, remortgaging can help you avoid being moved to the standard variable rate—essentially refinancing your home.
Here are a few reasons why you might consider remortgaging:
Lower Monthly Payments:
Switching to a lower interest rate can reduce your monthly payments.
Access Home Equity:
If your home’s value has increased over time, remortgaging can help you unlock that equity.
Debt Consolidation:
If you’re managing multiple debts, remortgaging can consolidate them into one more manageable monthly payment.
How Does Remortgaging Work?
Remortgaging starts with an Agreement in Principle (AIP), similar to when you first took out your mortgage. If you’re working with a broker, we’ll assess your financial situation and present tailored remortgage options. We’ll then find the best deals from our lender network, explain your new monthly payments, and help you switch to the new mortgage once you’re happy with the offer.
Check your current deal
Check your current mortgage rate, the type of mortgage you have and how long you have left to pay.
Speak to a mortgage broker
We will talk to you about your circumstances and determine if remortgaging is the right choice for you.
Apply for the new mortgage
Alexanders FA manage your application every step of the way and keep you updated on its progress from the initial application through to an offer of acceptance.
Completion and Transfer
The process of a remortgage is similar to buying a new property, with a solicitor handling the transfer of the mortgage.
FAQ: Remortgages
The answers to your questions.
My earnings have changed, can I get a new deal with my existing lender?
You have the option to negotiate a new deal with your existing lender. Lenders are often willing to assess your current financial situation and offer a mortgage deal that better suits your new circumstances. At Alexanders FA, we can help guide you through this process to ensure your new mortgage meets your needs.
How much are my payments going to change by?
The change in your monthly mortgage payments will depend on factors like interest rate changes, your remaining mortgage balance, and the term left on your mortgage. You can use our mortgage calculator here for an estimate, or get in touch with one of our advisors for more personalized guidance.
I’m thinking of moving in the future, but my current rate is running out. What should I do?
If you’re planning to move in the future but not immediately, you could consider remortgaging your current property and transferring that mortgage to your new home when the time comes. Get in touch with our team to discuss the best option for you!
How much have the rates gone up?
Mortgage rates can fluctuate based on various economic factors, including changes in Bank of England policy and shifts in the financial markets.
What’s my new LTV bracket?
Your Loan-to-Value (LTV) ratio is an important factor in determining the mortgage deals available to you. It’s calculated based on the current value of your property and your outstanding mortgage balance. Your LTV ratio helps determine the mortgage rates you may qualify for.
Can I raise additional funds for other purposes, such as home improvements?
Yes, it’s possible to raise additional funds through remortgaging or releasing equity. The options available to you will depend on your lender, so it’s important to speak with your mortgage broker to understand the best solutions for your situation.
How does Alexanders FA work?
At Alexanders FA, we simplify the home-buying process with expert guidance, ensuring you receive professional support every step of the way.
As an award-winning broker, we offer free mortgage and protection advice tailored to both first-time buyers and seasoned investors. Trust Alexanders FA for a smooth, stress-free home-buying experience.
1
Free Initial Consultation
We’ll review your current circumstances and property goals, evaluating your borrowing capacity to help identify the most suitable mortgage lenders.
2
Agreement in Principle (AIP)
An AIP provides an estimate of your borrowing power. With this in hand, you can confidently explore properties within your budget and make informed offers.
3
Personalised Mortgage Guidance
After your offer is accepted, we recommend the most suitable lenders and mortgage products. We manage every detail of your mortgage application to ensure a seamless experience.
Reviews
A Genuine Five-Star Experience.
We wouldn’t be where we are without our incredible clients. We take pride in building genuine, one-on-one relationships, offering tailored mortgage advice that suits each individual’s needs.
Jasmine Brown
Allen Whittell
