What is a remortgage and how early can I start the process?

 In Blog

So, you’re looking to remortgage your property for the first time and you don’t know where to start. Do you…

  1. A) Phone a friend
  2. B) Frantically search online
  3. C) End up on a blog like this

Trick question, none of these answers are wrong. Even if you have remortgaged your property before, we know from experience that people often panic when they’re coming to the end of their current mortgage deal. It’s fine to feel a bit uncertain of where to start when your mortgage deal is coming to an end, but the key is to plan and prepare way ahead of time. We’ve headed online and dug out your most commonly searched for remortgages questions and broken them down into handy videos for you to watch.

Here’s Part 1 of our Remortgages FAQs where we cover:

“What is a remortgage?”

“How early can I start the remortgage process?”

“How to remortgage and repay the help to buy?”

What is a remortgage?

A remortgage typically happens when the existing deal with your bank/building society is coming to an end. The aim is to reassess the whole market to see whether you can save some money with the remortgage. By planning ahead, you can make sure you can get a low rate of interest and potentially knock a few years off your term.

How early can I start the remortgage process?

We usually say around 3-6 months before your current deal comes to an end. This is to make sure you capitalise on interest rates and ensure that if we run into any problems these are smoothed over well ahead of your current deal ending.

How to remortgage and repay the help to buy?

It’s a similar process to remortgages but there are a few extra things that we need during the application process. For example, we need to make sure that you have your mortgage offer in place, a RICS Chartered Surveyor has completed an independent survey on your property, and that the help to buy redemption forms are completed.

Don’t worry if this is information overload, it’s sometimes easier to talk things through on the phone. Give one of our mortgage advisors a call today on 01925 573 328 today!

We also have a free remortgage brochure available on our website for you to browse over in your own time.

Disclaimer: As a mortgage is secured against your home, it could be repossessed if you do not keep up the mortgage repayments.

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