Remortgaging

Ready to remortgage?

Remortgaging sounds really simple, but often it’s anything but. Especially if you have a less than perfect credit history or your property’s considered a non-standard construction. This can mean anything from a steel-framed property to one without a roof! Our approach caters for hurdles like these, and we consider your individual circumstances, not just your credit profile. So even if you’ve had previous problems, you could still remortgage with us.

We’ll consider remortgages for:

• ex-council houses, flats and maisonettes
• high-rise properties (yes, even ones above 6 floors)
• properties with poor valuations (when the property is in a less than perfect condition)
• non-standard constructions (when the property you want is a little out of the ordinary)
• normal brick-built houses, flats and maisonettes.

Key features

• Loans from £3,000 to £1,000,000
• Up to 70% LTV (loan to value)
• CCJs and Defaults accepted (up to 60% LTV)
• Variable rates from 6.37%
• Fixed rates available from 3.59%
• Interest-only repayment options available

With added value

You’ll find the same rates remortgaging through us as you will for our standard mortgages. And to help make things more affordable, we offer a 5-year fixed-rate option. Also, we don't hit you with early repayment charges if you want to pay off your mortgage early. And that’s even on fixed-rate mortgages.

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.

7 steps to getting a remortgage

1. 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 product you’re applying for.
2. Our mortgage advisers will take you through the full application process. We’ll tell you exactly what you need to do, and when, including sending us supporting documentation. For example, proof of income in the form of wage slips or your accounts.
3. When we have everything we need, we’ll assess your application and supporting information.
4. Then a surveyor will visit the property to ensure it’s mortgage-worthy.
5. If it is, we’ll make you a mortgage offer, which means we’ve accepted your mortgage application.
6. Our advisers will tell you what’s happening at each stage and, importantly, you’ll have their contact details if you want to get in touch.
7. Completion is the date we’ll transfer the mortgage funds to pay off your existing mortgage. You’ll also be able to access any additional funds. If you’re using funds to consolidate debts, we’ll send them directly to your creditors where possible.

Our lending criteria

• Maximum LTV (loan to value) – 70%
• Maximum loan – £1,000,000
• Borrow over 3 to 40 years
• Fixed rate terms – 2 and 5 years
• Maximum age – 80 years at end of term
• Credit profile – CCJs and Defaults accepted (even in the last 12 months) 
• Income types – employed, self-employed, temporary/zero-hour contracts, DWP benefits, pension
• We consider all property types – non-standard construction, ex-council, and high-rise over 6 floors (must be >40% residential use)
• We accept applicants with debt management plans completed more than two years ago. We can’t accept applicants currently in debt management plans.