Remortgaging

Re-mortgaging often occurs as a means of securing a new rate following the expiry of an existing deal. However, there are various other reasons you may wish to re-mortgage such as raising money for home improvements, a dream holiday and gifts to children to name just a few. Our referral partners are well placed to provide a solution tailored to your circumstances, using our vast knowledge and access to market to facilitate this.

Seamless solutions for your remortgage

Remortgaging advice for homeowners

Moving from a fixed rate mortgage to a standard variable rate (SVR) can be daunting, especially in a higher interest rate environment. That’s why we would always advise addressing your options at the soonest possible point, typically 5-6 months before the end of a current deal expiring. This provides time for options to be carefully considered with an expert, and allows for a new rate to be secured early on which can be beneficial in times of volatility.

Applying for a remortgage

At MME, our referral partners are here to advise on a suitable solution for your remortgage through being able to access hundreds of deals, including those not available on the high street. We relish in finding the right option to help improve your current situation.

Our mortgage referral partners will:

  • Look at your existing mortgage deal and research comparisons, both with your existing lender and across the market.
  • Learn about your current financial situation, property value and aims, in order for us to make suitable recommendations.
  • Walk you through the remortgage options available including the rate, costs and terms.
  • Once an offer has been approved, we will liaise with any third parties to ensure a timely completion onto the new mortgage.
Useful Information

Why do you want to remortgage?

If you are looking to remortgage your home, it’s important to be clear about your reasons. We always ask our clients why they are remortgaging because this helps us to find a suitable offer and lender. If you need a guide on how much can you afford to borrow, please visit our Home Mover Mortgages page.

  • Remortgaging can be used to borrow money for home improvements or to raise cash for other purposes. You may be looking to buy a car, or otherwise a second property.
  • Some people remortgage their home when they are experiencing credit problems. Our referral partners have access to specialist lenders that can help with debt consolidation.
  • The proceeds from your new mortgage will typically pay off your original mortgage in full plus any exit fees payable.
  • If you are within 6 months of your current mortgage term end, then you can start looking at remortgaging options.

The Process for Remortgaging your Home

Learn what’s involved when you need to remortgage your existing property. Whether you are looking for a better rate or wish to raise capital, let’s explain the process and what you need to know.

Stage 1

What information is needed for a remortgage application?

Our referral partners will need the following information before we can make your application:
  • Your financial information. This will enable us to develop a better understanding of your income & outgoings.
  • Your reasons & requirements. We will complete a fact finding process with you to determine your position ahead of remortgaging.
  • Details of your existing mortgage or a copy of a recent mortgage statement so we can see the finer details of your outstanding balance plus when any repayment charges expire.
Stage 2

What happens when you apply for a remortgage?

The list below explains what will happen during your remortgaging process:
  • Once a suitable product has been discussed, we will then look to obtain the agreement in principle with the specific lender prior to making a formal application.
  • Once the application process is underway the lender will carry out a valuation of your property to ensure this aligns with the figure provided.
  • Once approved, final verification checks will be carried out by an underwriter and once happy, the lender will send approval of your remortgage offer to both you and our referral partners.
Stage 3

What do you need to know about remortgaging?

There are various factors to consider when you are planning to remortgage your home:
  • It’s important to obtain a realistic valuation of your current property which is a good starting point prior to moving ahead with the process.
  • There are advantages and disadvantages to remortgaging. The obvious benefit involving a lower interest rate being secured but with certain products could mean policy restrictions on overpayments as an example.
  • We endeavour to make sure the remortgage solution recommended is right for your situation.
  • With access to specialist lending solutions we are able to assist those remortgaging who have experienced past credit issues.

Customers love our ‘whatever it takes’ attitude!

MME Insights