How Do You Remortgage Your House?

At the point of writing (May 2024) Interest rates are volatile and have been for the last 2 years. The cost of living is showing some signs of coming down but the cost of everyday items is more than it used to be. Perhaps you have been asking yourself, ‘How do you remortgage your house?’ in a bid to reduce monthly outgoings. Here are a few tips to guide you through the process, if it’s something you are considering.

Why Would You Remortgage Your House?

You may choose to remortgage your house for a number of reasons. For some it may be a way of  lowering your monthly mortgage payments. Those of you who have paid off a substantial portion of your mortgage may find yourself in the enviable position of having a large amount of equity in your house. This could be taken out and used for home improvements, buying a second home, or something else. Your new mortgage will then cover the amount you have taken out, and your monthly payments will reflect this.

There are those of you who may prefer to pay larger monthly sums in a bid to pay off your mortgage earlier than initially anticipated. This can be particularly satisfying in the longer term. A type of mortgage that may enable this more flexibly than a traditional mortgage is an ‘offset mortgage’. With this savings can be offset against the mortgage balance to help reduce the interest payable. This could either give you the benefit of lower payments or enable you to shorten the mortgage term and repay the debt much quicker.

Some common questions from clients include, ‘how do you remortgage your home?’ ‘How soon can you remortgage your house?’ and, ‘How much can you remortgage your house for?’  Let’s answer these questions, and more, to get you on the right track to remortgaging your house without complications.

Is There a Right or Wrong Time to Remortgage?

Most mortgage schemes will arranged on 2-5 year periods. After this time it’s common for homeowners to look for better deals. How soon you can remortgage your house is really up to you. You can start the process up to 6 months before your current mortgage term ends. Alternatively you can look at remortgaging at any time, if you are prepared to pay further costs in the form of early repayment fees (if they exist under the current deal). 

The best way to find out what is best for you is to speak to a professional mortgage advisor.

What Are The Steps of Remortgaging My Property?

  1. The first step is finding out from your current lender how much you owe on your current mortgage. They will be able to give you an accurate figure.
  2. Speak to a mortgage expert. Our advisors at Stuart Brown Mortgage Services have a wealth of knowledge which they are ready to share with you
  3. Get acquainted with all of the potential costs. These may include:
  4. Early repayment costs; application fees; arrangement fees; valuation fees; solicitors fees
  5. Get a mortgage agreement in principle. This will involve a credit check, so it is important not to carry out more than one or two. It does serve as a good indicator as to whether the lender will offer you the remortgage and ideally something you should leave to a mortgage broker so only potential options are explored (minimising time and the number of credit searches done).
  6. Proceed with your mortgage application. Make sure you have your financial details in order, as you would have done with your initial application (salary, employment details, outgoings, etc).
  7. Providing you pass the lender’s credit checks, and after your property has been valued, you should receive your mortgage offer. This is usually valid for up to 6 months.
  8. If you’re happy with the offer, we will guide you as to the next steps including the best timing for completion (especially to make sure you dont pay both old and new lender in the same month!). We can tell you how to instruct the solicitor and then they will arrange for the money to be draw down, the existing mortgage repaid and then send any surplus funds to you as planned. 

The whole remortgage process usually takes between 4 and 8 weeks, from application to approval. How much you can remortgage your house for and how soon you can remortgage your house, will depend on your individual circumstances. This could include the value of your property, outgoings and equity in that property, amongst other things.  Your mortgage advisor will be able to give you a breakdown of everything that is taken into consideration. Make sure you understand the implications of remortgaging before you go ahead.

For friendly, impartial advice, speak to one of our team at Stuart Brown Mortgage Services. We will be happy to answer any questions. Call us now on 01525 877650 or 01442 252040.



Telephone 01525 877650 or 01442 252040

Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up the repayments on your mortgage.

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