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better financial decisions for your mortgage
Tips, steps, procedures, comparison tools... Everything you need to get to your new home.
Remortgaging
I want to remortgage my home.
Sounds like something important, right? It is important, but there's no need to worry if you trust your calculations. Although it entails some costs, in many cases it can be a more appealing financing solution than, for example, a personal loan to deal with an unforeseen event that keeps you awake at night or to realise one of your dreams. Whatever your situation, we will guide you through this process, giving you the essential information and some examples.
- Remortgage my home to tackle new projects
- Remortgage my home to secure extra funds for a home renovation project
- Remortgage my home to buy a second home
- Remortgage to combine debts in one single loan
- Remortgage to...
But what exactly is remortgaging a home?
Basically it involves cancelling your current mortgage and arranging a new one, using your house as collateral. This new mortgage will include the outstanding amount plus the new principal you want to add to meet the new need that has arisen. Since you will be signing a new contract, you will be able to review the loan terms and conditions or change your existing mortgage: fixed, variable or mixed-rate.
Fixed-rate mortgage
Variable-rate mortgage
Mixed mortgage
You know more or less how much the house you want costs. But do you know how much you will be paying each month?
You see things clearly, but what about the bank? What are they going to want to see?
- The status of your current mortgage.
- Your level of debt and your credit history: possible delays...
- And, like with any loan, your capital adequacy and job stability.
And with the remortgage, all the paperwork is back. But you have already been there before.
You should also know that, when you remortgage your home, you have the arrangements to cancel your mortgage in addition to those for the new mortgage. But, not to worry! Luckily, we are going to help you and this is not your first time, so this list should not scare you:
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Applying for the nota simple
Just like you did for your first mortgage. Remember you apply for it at the Land Registry and it is how you prove that the house is yours and that it is unencumbered.
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Applying to the bank for a remortgage
When you know the amount you need, you should talk to the bank and ask them if it is possible. They will study your case and ask you for the necessary documents.
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A new appraisal and the documents that they ask you for
Does it sound familiar? It is the same process that you went through when you applied for your previous mortgage.
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Go back over your numbers, for today and for tomorrow
Stop right there, do your accounts and take a good look at the conditions and different options to make sure that the one you choose is feasible and you are not on shaky ground.
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And make everything official by signing before the notary
Congratulations! Everything has fallen into place. Celebrate or take a deep breath.
Don't put off until tomorrow what you can do today. We will help you to clear up any doubts.
1. Start by comparing mortgages: fixed, variable or mixed-rate.
2. Have you already chosen? Well now calculate how much your mortgage payments would be.
Your questions, and those asked by almost everyone else
Remortgage! Should you go for it or not? Maybe you need to talk to someone
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