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Remortgaging: Advice and Costs

Writer's picture: Twin Pine MortgagesTwin Pine Mortgages

Updated: May 31, 2023

‘Content correct at time of publishing and subject to change’


We understand that remortgaging can be overwhelming and it’s a big decision that has financial repercussions. That’s why we’ve put together this blog so you have expert remortgaging advice.


How does remortgaging work?

Remortgaging is the process of removing your current mortgage on your home and replacing it with a new one. There are many reasons we remortgage our properties. For example, it might be possible to find a more affordable mortgage, helping you save money or you might want to remortgage to borrow money against your own property.


Why should you consider remortgaging?

One of the most common reasons others decide to remortgage is due to the fact initial mortgage rates tend to only be available for a limited time, often between two to five years. If your mortgage is about to end you will want to ensure that you can maintain the mortgage or make sure you look elsewhere for a more cost-effective choice, this is particularly important if your circumstances have changed since you first took out the mortgage and you now find yourself needing to remortgage with bad credit. The team at Twin Pine Mortgages can help you with this process.


If the value of your property has risen since you arranged your mortgage, you may find yourself in a more affordable loan to value band. If this is the case, you could be eligible for more affordable mortgage rates. In addition, if your circumstances have changed and you’re now able to pay more off and your current mortgage doesn’t allow you to do so then remortgaging is a suitable decision.


How much does remortgaging cost?

The cost of remortgaging your property depends on many factors. For example, the amount left to pay on your existing mortgage, your current monthly payments and your personal circumstances all can influence the cost of remortgaging.


You must consider:

  • Early repayment charge to your existing lender, this could cost up to 5% of your mortgage.

  • A deeds release fee to your current lender (this is not always applicable).

  • An arrangement fee.

  • A property valuation fee.

  • A conveyancing fee.

  • A broker fee.

Can you remortgage with the same lender?

The answer is yes. Using the same lender should save you time and if you need money quickly you would likely benefit from this. If you have a good history with your current lender they might be able to give you an affordable deal.


If you need any help or advice remortgaging your properties head over to our website and get in touch today.


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Your home may be repossessed if you do not keep up repayments on your mortgage or other loans secured on it.

Most Buy-to-Let Mortgages are not regulated by the Financial Conduct Authority.

For our mortgage advice services, we will charge a fee of between £0 and £500. The fee is based on your personal circumstances and aims. This will be discussed and agreed during your meeting. This fee will cover Data and Document Assessment, Market and Product Research, Lender Affordability Assessments, Recommendation and Presentation of Mortgage Advice, Arrangement of Agreement in Principle, submitting and managing your Mortgage Application with the lender. In addition to this We will also be paid a procuration fee from the lender. The amount of the procuration fee will be disclosed to you.

Twin Pine Mortgages Ltd is an Appointed Representative of PRIMIS Mortgage Network, a trading name of Advanced Mortgage Funding Limited. Advanced Mortgage Funding Limited is authorised and regulated by the Financial Conduct Authority.

Twin Pine Mortgages Ltd is registered in England and Wales at Cash's Business Centre, 1st Floor, 228 Widdrington Road, Coventry, CV1 4PB, company number 13068083. Trading address: 24 Shorncliffe Road, Coventry, CV6 1GS

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