A woman with her chin resting in her hand, surrounded by question marks

Remortgaging and the mortgage rate situation is on many people’s minds at the moment. Almost 40% of the population of the UK have a mortgage (money.co.uk), so how lenders are responding to the Bank of England base rate is of great interest.

We’ve done a little research into what we believe people are thinking, and we hope we can go some way to answering the top five questions on everyone’s mind…

  1. What’s the best remortgage deal available for me?

Unfortunately, we can’t simply quote ‘the best remortgage deal’ in a blog post. We can however tell you that the right remortgage deal for you depends on your individual circumstances, such as your credit score, income, and the amount of equity you have in your home. It’s important to know what’s actually on offer and that’s where we come in. As a whole of market adviser, MK Mortgages can complete the research for you and discuss your options.

  1. How much can I borrow when I remortgage my home?

The amount you can borrow when you remortgage your home will depend on a number of factors, including your income, credit score, the value of your property, and the amount of equity you have in your home. Generally, lenders will allow you to borrow between 80-95% of the value of the home you wish to buy. How much you can borrow varies from one lender to the next, so it’s important we have a conversation about your wants and needs, before we conduct the research.

  1. What costs are involved in remortgaging?

Remortgaging can involve several fees and costs, including a valuation fee, arrangement fee, legal fees, and early repayment charges if you are still in your initial mortgage term. However, some lenders offer fee free remortgage solutions that provide free basic surveys and free legal packages. So many of our clients don’t pay anything, (thanks to our own fee free service)!

  1. How long does the remortgage process take?

The remortgage process can take anywhere from a few weeks to a few months, depending on the complexity of your case and the lender you’re using. The process typically involves an application, valuation of your property, legal work, and transfer of funds. Bear in mind, if you’ve chosen to stay with your existing lender, the process is significantly quicker, and may only take days to complete.

  1. What happens to my current mortgage when I remortgage?

When you remortgage, the cost of legal or conveyancing services are included, so they will ensure your current lender’s mortgage is paid off, and the new one is set up correctly, including all legal requirements being completed and the direct debit details correct. If there are any early repayment penalties the cost of which will be confirmed and added to your new mortgage or taken as a separate payment.

Generally, the new mortgage is in place many moths before the end of your current one, so MK Mortgages can get in touch with the legal terms and ensure the timing of the changeover runs smoothly.

Any other questions?

As we said, these are what we believe are the top five questions about remortgaging, but if there’s anything else on your mind, don’t hesitate to pick up the phone and speak to us. MK Mortgages is whole of market, meaning we have access to lenders that won’t be on the comparison websites, and all our advice and work is fee free to you throughout the process – the lender pays us commission, which covers all our fees.