How many times can you remortgage your home?

In short, you can remortgage your home as many times as you wish. There are various reasons you would want to remortgage your home, including getting a better rate, raising money, paying off debts, or releasing equity, to name a few. Mortgage Saving Experts are ideally qualified to assist you with your remortgage needs since they are familiar with many of these requirements. They are well-known for providing excellent mortgage advice as well as excellent customer service.

How many times can I re-mortgage a property?

When it comes to remortgaging, you have the choice of doing so as many times as you want. This process can be difficult, which is why Mortgage Saving Experts is committed to assisting you in making an educated decision by offering remortgage advice. Mortgage Saving Experts has been providing the best mortgage advice to their customers since 2017.

Some of our experts have been advising since 2005 They are fully committed to their customers’ financial well-being. We have a team of experienced and skilled advisers who can assist you in the remortgaging process from advising and arranging your mortgage and advising you on related insurances such as life insurance, critical illness cover, Income Protection and Buildings and Contents Insurance.

It can be difficult to decide which lender to work with because there are so many on the market. Mortgage Saving Experts will help you with this because they can assign you a close, well-trained consultant. We are Independent so can work with the Whole of the market.

Want to know more?

For more details, call our Mortgage Saving Experts today.

What affects the chances of getting a remortgage deal?

Obtaining a mortgage can be challenging. There are guidelines in place to ensure that you are qualified. These are some of the rules:

  • You can afford a new mortgage in addition to your existing commitments.
  • Check your credit score and see whether you’re creditworthy—this determines any previous credit problems, demonstrating your creditworthiness and your ability to keep up payments on the mortgage.
  • Ensure the risk and exposure aren’t too high-some lenders can restrict the number of mortgages a single borrower can get from them, limiting their risk exposure.
  • Make sure you’re buying with the right intent for example you wish to remortgage to get a better rate, or you are looking to make improvements to your home.

Mortgage Saving Experts has all the solutions to guide you by providing the best remortgage advice possible, considering all the rules on remortgaging. You will have peace of mind if you use Mortgage Saving Experts, and you will get the best mortgage rates available on the market. This is because they will scan the entire UK market for the best offer that meets your specific requirements.

Related Links

What happens if you remortgage multiple times?

When it comes to remortgaging, one of the most often asked questions is how many times a property owner should do it. You’ll be relieved to learn that you can remortgage your home an unlimited number of times.

The condition of your property may mean you cannot get a loan

Each time you remortgage, the lender must do a valuation. Imagine that you take out a remortgage now and qualify. If you want to take out another mortgage 5 or 10 years from now, you must ensure you keep up maintenance on your property because the lender requires the property to be in a good state of repair in order to be able to consider your home as security for the mortgage.

Want to know more?

Get in touch with of our mortgage saving experts today.

Should I remortgage a house I own outright?

From a financial standpoint, if you own your home outright, you are in a good situation. Taking out a mortgage can be financially advantageous, but it all depends on your individual circumstances and motivations.

A mortgage on a home that is owned outright, like any other mortgage, requires careful thought and consideration. The following are some things to think about:

  • Your motivations for getting a mortgage. You may want to buy a buy-to-let, make home improvements, or take out a loan for a personal gift, such as a new car or holiday. The decision to take out a mortgage should be financially sound. This is something our advisers can advise you on to ensure you are making the right decision.
  • A new financial commitment. You actually own a mortgage-free home. A new mortgage would necessitate a new financial undertaking and a legal charge secured against your home. While lenders will consider your affordability, it’s critical to be aware of the new financial obligations you’ll be taking on. Will you be able to make these new payments without difficulty during the entire term of the mortgage?
  • Risk. Any mortgage carries a risk. Do you still need the extra risk now that your home is safe, and you’ve paid off your mortgage? Repossession can occur if you do not make your payments. Even if you are financially secure, it is something you should be aware of.
  • Debt is a problem. If you have a lot of debt, a mortgage might not be the best option for you. However, it is dependent on your specific circumstances. Remember that you can contact us at any time for a more detailed response to your specific situation. Most mortgage lenders allow you to remortgage for debt consolidation but there could be other ways of tidying up your debt rather than taking out a mortgage and securing the unsecured debt against your home.

How much does it cost to remortgage?

Remortgaging will help you save money on your monthly mortgage payments, but always consider the total cost rather than just the headline rate when selecting a deal.

It’s important to consider both the cost and fees when calculating how much money you’ll save by switching to a new contract. If you want to remortgage before your new mortgage contract expires, you’ll still need to account for any Early Repayment Charges. Here, we’ll go through some of the charges you may face while remortgaging:

Remortgage arrangement fees

To set up your new mortgage, lenders also charge an arrangement fee.

The sum varies greatly between lenders, and some deals don’t even have an arrangement fee. The arrangement fee may be a fixed amount or a percentage of the loan amount. The higher the arrangement charge, the lower the mortgage rate offered, and vice versa. Our advisors may determine if paying a higher fee in exchange for a lower interest rate is worthwhile.

The arrangement fee is normally paid in one of two ways:

  • when you submit your application (upfront)
  • Add it to the mortgage

While adding the fee to your mortgage will save you money in the short term, keep in mind that the fee will accrue interest over the life of your loan. If you pay it in full upfront, you won’t have to pay any interest. If you don’t complete the remortgage for whatever reason, the arrangement fee is normally refundable.

Mortgage booking fees

Some lenders can charge a booking fee in addition to the arrangement fee, which you must pay.

This is a one-time fee that you must pay when you submit your mortgage application, and it cannot be applied to your mortgage. Non-refundable booking fees normally range from £100 upwards.

Remortgage legal fees

Legal fees are the fees you must pay a solicitor or conveyancer to complete the legal work required to move your mortgage from one lender to another.

In most instances the lender will pay for the legal costs for the remortgage providing you use one of their solicitors who they instruct for you. You will not normally pay for these costs but only in some instances you may have to.

Remortgage valuation fees

Before allowing you to remortgage, your new lender would need a valuation of your property so that they can be confident of its value.

They’ll normally hire their own surveyor, but you’ll be responsible for the expense of the valuation unless it’s included in your remortgage contract. Most high street lenders provide a free valuation.

The cost of a valuation varies depending on the size and value of your property.

Mortgage Early Repayment Charges (ERCs)

Early Repayment Charges are fees you would pay if you wanted to get out of your new mortgage contract before it expires. You should always check whether you’ll have to pay some before remortgaging, as they could wipe out any future savings.

If you’re currently on your lender’s regular variable rate, you normally don’t have any Early Repayment Charges.

Early Repayment Charges will cost a lot of money. They may be a fixed amount of your loan, or they may decrease over time. For example, if you sign up for a five-year fixed-rate mortgage, the Early Repayment Charge in year one, could be 5%, but this could decrease by one percentage point per year, so the charge in year five could be 1%, however some lenders charge the same amount no matter what year you decide to repay the mortgage in. Always best to check your mortgage offer or call your lender to find out.

Mortgage exit fees

Exit fees, also known as mortgage completion fees, are administration fees imposed by lenders when you pay off your mortgage in full, either to remortgage elsewhere or because your mortgage term has come to an end. These fees vary massively form lender to lender and can range from £0 (none) to around £225.

Remortgage deals with no fees.

When you remortgage, some companies can give a free valuation or free legal fees (or both). Some deals even have no arrangement fees. Our mortgage advisors will be able to tell you which lenders have the best offers for you.

Want to know more?

Get in touch with of our mortgage saving experts today.

Want to learn more about remortgaging?

You can talk to Mortgage Saving Experts, one of the leading mortgage brokers, when it comes to giving re-mortgage advice. We have highly qualified consultants who tailor-make solutions for each of their clients based on their overall financial picture. You can find out more by calling us on 01273 738 072.

Mortgage Lenders

FAQs

Can I remortgage twice?

You can remortgage as many times as you like as long as you have enough equity to satisfy the lender’s requirements. A fixed, capped rate remortgage or a reduced rate remortgage are examples of special rate agreements. You may also be required to pay agreement fees.

Can you remortgage and borrow more?

You can remortgage or borrow more money and release equity for any legal reason subject top lender limits of course.

Can I remortgage for more than my house is worth?

No. If you don’t want to sell your home, another option is to remortgage and borrow against your equity. If the value of your home has risen, and so your equity has increased as well, you can refinance your mortgage to reflect the increased value, but you must leave a certain amount of equity in your property. Even if you can afford to the lenders will not allow you to remortgage to release all of your equity in your home.

Can I remortgage if my mortgage is paid off?

The property is unencumbered if you’ve paid off your entire mortgage or bought it outright with cash. A mortgage on an unencumbered or mortgage-free home is referred to as an unencumbered remortgage. For a variety of reasons, homeowners may consider remortgaging an unencumbered property.

Is it better to remortgage or get a loan?

A remortgage would allow you to get a lower interest rate. However, even though the interest rates on mortgages are lower you may end up paying more overall because it will cost you more in interest to take a mortgage over 20 years than it would do to take a loan over 7 years. Also the mortgage is secured against your home which means if you fail to keep up repayments on the mortgage your home may be repossessed. A loan does not come with this problem. If you fail to keep up payments on a loan your home will not be repossessed.

What happens if you can’t remortgage?

If you’re approaching the end of your mortgage term and don’t have much left to pay, some lenders may not lend to you because of your age and or retirement income. If you are older then you may be able to get an Equity release or lifetime mortgage which we would be happy to discuss with you. These are only available for people over the age of 55.

Can you remortgage without a job?

Unfortunately, no lender will allow you to remortgage without some form of income coming in, such as income from employment, self-employment or pension income. Different lenders have different criteria about what incomes are acceptable to them and what they can use to assess your ability to afford a mortgage. Our expert advisers will be able to find lenders for you who can consider these lenders for you.
Want to know more?

For more details, call our Mortgage Saving Experts today.

Want to know more?

Get in touch with of our mortgage saving experts today to find out how we can help.

Get in touch

MSE