Remortgaging

Life happens

So it’s normal for your circumstances to have changed since you last got a mortgage. And that could make remortgaging trickier than you were expecting – especially if you’ve had a credit blip, or your employment status has changed.

Our common sense approach to lending may help. Whether you’re looking for a new rate to reduce your current repayments, or want to release some of the equity in your home to complete renovations or consolidate debts.

We don’t just rely on credit scores to make our lending decisions. Which means we can often lend when others won’t.

Subject to affordability if one or more of the below apply, we're all ears:

• You’ve already retired, or will retire before paying off your new mortgage.
• Your home has poor comments on valuation (e.g. because it needs a new roof or underpinning).
• You’re self-employed, work several jobs, or have a zero-hours contract.
• Your credit history includes arrears, defaults or CCJs.

And these are only examples. There are many more circumstances where we can help.

At a glance

• Borrow from £3,000 to £1,000,000 (£1m+ by referral).
• 3 to 40 year terms.
• Borrow up to 70% of the property’s value (maximum loan-to-value ratio may be reduced depending on the property and your credit profile).
• Fixed rates available from 3.99%.
• Variable rates from 6.37%.
• Free standard valuation.
• No legal fees.
• No early repayment charges on selected mortgages.
• Interest-only repayment options available.
• Maximum age: 80 years at end of term.

Overall cost for comparison

For example: A mortgage of £85,000 payable over 23 years initially on a fixed rate for 5 years at 7.12% and then on a tracker rate for the remaining 18 years at 6.12% above the Bank of England Base Rate would require 60 monthly payments of £658.14 and 216 monthly payments of £634.89 plus a redemption administration fee of £150.00.

The total amount payable would be £176,773.76 made up of the loan amount plus interest on the loan (£83,213.11), processing fee (£2,125.00) and arrangement fee (£2,125.00) plus interest on these fees (£4,160.66) and the redemption administration fee (£150.00).

The overall cost for comparison is 7.7% APRC representative.

The actual rate available will depend upon your circumstances. Ask us for a personalised illustration.

What’s the process when you remortgage?

In short, it’s just five simple steps.

When you apply for a mortgage with us, one of our qualified mortgage advisers will guide you through each step of the process.

They’ll tell you what’s happening at each stage and, importantly, you’ll have their contact details if you want to get in touch for reassurance.

Step one: Mortgage illustration
We’ll make sure we understand your circumstances fully before recommending a suitable mortgage. If you’re happy, you’ll receive a ‘mortgage illustration’, providing all the relevant details about the mortgage you’re applying for including repayments and total costs.

Step two: Application process
Our mortgage advisers will take you through the full application process. We’ll tell you exactly what you need to do, and when, including all documents you need to send us. For example, we might ask to see proof of income in the form of wage slips. When we have everything we need, we’ll assess your application and supporting information.

Step three: Surveyor visit
A surveyor will visit your property to conduct a valuation and make sure it’s mortgage-worthy.

Step four: Mortgage offer
If it is, we’ll make you a mortgage offer, which means we’ve accepted your mortgage application.

Step five: Completion
We’ll set a completion date, which is the day we’ll transfer the mortgage funds to pay off your existing mortgage and you can access any additional funds. If you’re releasing equity to consolidate your debts, we’ll send them directly to your creditors where possible.