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Home / Mortgages / Remortgage Advisors & Brokers in Milton Keynes
Remortgage

Remortgage Advisors & Brokers in Milton Keynes

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Finding you the right remortgage deal

How remortgaging works

We all want the cheapest deal and to pay off our mortgage as quickly as possible. The simplest way of doing this is by making sure you always have the most competitive product suitable to you at all times. You can do this by remortgaging.

Remortgaging happens when you change the mortgage you currently have on your property, either by switching it to a new lender, or by moving to a different deal with your existing lender.

Remember - you are not locked into one mortgage for life. It’s something that can be reviewed every few years, or when circumstances change, in order to help make your mortgage work for you.

Why remortgage?

There are many reasons you might decide to remortgage. This could be because:
  • Your mortgage term has come to an end, and you’re about to be put onto a lender’s standard variable rate - which often is costlier
  • You need cheaper monthly payments because of additional commitments
  • You’re currently on a variable rate mortgage and you want payment stability
  • You have received money and would like to pay off a lump sum of your mortgage with it
You might also choose to remortgage to raise additional money against the security of your home. This could be for:
  • Home improvements
  • Buying a car
  • A deposit on a second home
  • Paying off a Help to Buy loan
  • Staircasing out of Shared Ownership
  • University costs
  • The consolidation of debts

Reduce your overall monthly payments

If you require cheaper monthly payments and would benefit from freeing up some of your money month-to-month, your mortgage can be extended out over a longer period of time.

Increase your overall monthly payments

If you are in a position to do so, remortgaging allows you to reduce your mortgage term down from 23 or 22 years to 15 or 10 which in turn would increase your monthly payments. This means you would get your mortgage paid off earlier, putting you in a better financial position in the long run.

What is the process of remortgaging?

Stage one - the fact find

Speak to our remortgage advisors here at Mortgage Light and we’ll firstly work with you to complete a fact find. This allows us to get an idea of where you stand financially by assessing factors such as your incomings and outgoings.

All we need is:

  • 3 months wage slips & proof of any commission or bonuses
  • 3 months bank statements
  • Proof of ID & proof of address
  • Mortgage Statement

We will then advise you of your options and help you decide on your preference.

Stage two - get the offer

Once we’ve found you the right deal, we will complete a decision in principle with the recommended lender and submit your application. The lender will do their valuation (often remotely without needing to go to the property), and assess the documents needed for the application. If everything is accepted, an offer will be issued.

Stage three - mortgage activation

The solicitor paperwork is complete and a date is set for the new mortgage product to be activated. If you’re remortgaging to pay off a Help to Buy loan, there’s an extra stage in the process. Check out our Help to Buy remortgaging advice.

When shouldn’t I remortgage?

Remortgaging is not right for everybody. There might be circumstances where it would be best not to remortgage. This could be if…
  • Your mortgage debt is really small. You would be less likely to make a saving due to the fees
  • Your financial circumstances have changed. Strict mortgage rules mean lenders need to see evidence of your income so if one person in the household has stopped working or you have become self-employed, you may no longer fit into a lender’s criteria and your option may be a product transfer with your current lender
  • Your home has dropped in value. This is because the amount you owe on your mortgage will be larger than your home is worth
  • You’re already on a great rate. However, it’s always worth shopping around to make sure this is the case - now and in the future

FAQs

How much does it cost to remortgage?Expand

The cost of remortgaging depends on your individual circumstances. If you are remortgaging early, you will likely have to pay an early repayment charge. This is a cost for coming out of your current mortgage deal early and is usually a percentage of the outstanding mortgage debt.

It’s also important to consider deeds release fees (your current lender will charge to forward your title deeds on to a solicitor, the arrangement, booking and valuation fees to your new lender and a conveyancing fee to your solicitor. Don’t worry - we will talk you through these costs and make sure you know exactly what needs paying and when.

How long does remortgaging take?Expand

This will depend on how complicated your mortgage application is. For a straightforward application, a typical remortgage offer can take between 5-14 working days. A solicitor then needs to complete their paperwork, so we quote between 4-6 weeks in total.

If you are involving a third party Help to Buy or a housing association, the timescale is extended by 8-12 weeks. Make sure you time it right if you are remortgaging before the end of a deal.

Can I remortgage early?Expand

If approved, you can remortgage at any time. That being said, it’s not worth remortgaging unless you could save more than you’ll spend on fees. If you want to switch mortgages before your current mortgage term has ended, you might have to pay some early repayment fees. Make sure you speak to a mortgage advisor if you’re thinking of remortgaging early.

Can I remortgage with the same lender?Expand

This process is actually referred to as a product transfer. The lender will give you or your broker a selection of products you can switch over to. However, if you wish to increase the size of your mortgage, the lender will need to undertake the full underwriting process and will need additional documentation to support the application for approval. It’s a good idea to shop around first to check that you are getting the best deal available.

Will I be credit checked?Expand

If you are switching to a new lender  they will need to understand your financial position and a part of this process will be running a credit check. If you are staying with your existing mortgage provider they will not do a credit check, unless you are raising additional money.

Can I remortgage with bad credit?Expand

Having bad credit doesn’t mean you can’t remortgage, but it will be more of a challenge. A lot of lenders might be reluctant to lend you money or only offer a subprime rate, but the UK mortgage market is vast and there are deals out there for all kinds of borrowers. You could also look into bad credit mortgages.

How much could I borrow?Expand

How much you could borrow will depend on your personal circumstances and your financial situation. This includes your income, your outgoings, your loan-to-value (LTV) ratio and the current value of your property. It will also depend on how much the lender is willing to lend.

How Mortgage Light can help

At Mortgage Light, we will keep in touch with you and help review your mortgage product as it comes up to renewal. We can advise you of your options on the market and look into whether it is best to move your mortgage or not.

When it comes to remortgaging, Mortgage Light can help you to:
  • Consider the number of years you have remaining on your mortgage
  • Assess your monthly payments
  • Research your interest rate options
  • Look into raising money for an extension, or consolidating your debts
  • Provide you with security and peace of mind by getting a longer fixed rate

We make this easy for you. Simply contact us to arrange to come in and discuss your needs. If you’re pushed for time, just give us a call and we will be able to go through your options in a quick chat over the phone.

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Who We Can Help

  • First Time Buyer
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  • Existing Customers
  • Investor

Which Mortgage is Right For You?

  • Remortgaging
  • Help to Buy Remortgages
  • Help to Buy Mortgages
  • Shared Ownership Mortgages
  • Bad Credit Mortgages
  • Buy to Let Mortgages
  • High Net Worth Mortgages

Mortgage Light Head Office

1 Whittle Court,
Knowlhill,
Milton Keynes,
MK5 8FT

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Free Initial Consultation

All of our brokers deal with the whole of the mortgage market. It doesn’t matter what the question or when you want to speak to us, we have brokers available on the phone or face to face seven days a week. Whether you are just thinking of buying a home and have no idea where to start, a seasoned investor or someone looking to better your current mortgage product, we are happy to help andchat over ideas free of charge.

So we can give you plain and simple advice we will run through some basic questions to help us tailor products to suit your needs. Upon us taking your application forward we will write to inform you that we have given you advice and give you a Key Facts Illustration breaking down the important elements of the product and the fees involved.

For us to take your application forward to a lender we charge an upfront administration fee of £349. For our returning customers looking to renew their mortgage product this fee reduces to £199. We also receive commission from the lender.

A fee of £349 is payable on application of the mortgage. We will receive commission from the lender in addition to the fees you pay. Your home may be repossessed if you do not keep up repayments on your mortgage. You may have to pay an early repayment charge to your existing lender if you remortgage. As with all insurance policies, conditions and exclusions will apply.
Covering Milton Keynes.

Registered Office: Mortgage Light Ltd Church View Chambers, 38 Market Square, Toddington, Dunstable LU5 6BS. Registered Company Number: 8184773. Registered in England & Wales.

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