Remortgage Guide Discussion

mimi659

Hi all please I need some advice my man is 56 and am 29 we got a flat that is mortgage free but we desperate to remortgage , he's got a very good job working abroad mostly plus over time I got a job as well is it worth it remortgaging please ?

kingstreet

If you are mortgage free, what is the purpose of the remortgage?

What is the value of the property and how much do you need to borrow?

How good/bad is your credit history?

armistice396

Simple question - can you remortgage if you own your house outright? Looking to free up £100K, house value around £330K.

kingstreet

Yes, subject to credit history, affordability, purpose of loan etc.

It's a remortgage of an unencumbered property. Some lenders don't like it. Some will insist you pay for the legal work as they may not offer their "free legals" deals on an unencumbered property remortgage.

londonlydia

Hi,


I'm currently reading the re-mortgage guide, but it is now 5 years out of date and I'm wondering whilst reading it if things are slightly different now. It is written from the view of being in the deepest part of the credit crunch, for instance saying it may be better to stay on SVR. Now the economy is improving, is this still applicable?


My partner and I were first time buyers in October 2012 and got a fixed term mortgage for 2 years. After the two years it appears we go onto the SVR, and I'm wondering if it is worth setting up a switch to another fixed rate as the SVR is a fair bit higher. That would be October obviously, but as I've never remortgaged before I'm pretty clueless and have lots of questions! For instance, when do we need to set up the switch by if we want to avoid the SVR, but also not pay early exit fees (i.e. in the fixed period)? How does LTV work on a re-mortgage?

Windymiller14

I cant see anything in the guide that helps me I have a main mortgage at 0.69% and a remortgage already at 4.99% I would like a remortgage to pay off the outstanding balance on the remortgage of £11000 so I could get a lower rate is this possible?

Thrugelmir

Windymiller14 wrote: »

I cant see anything in the guide that helps me I have a main mortgage at 0.69% and a remortgage already at 4.99% I would like a remortgage to pay off the outstanding balance on the remortgage of £11000 so I could get a lower rate is this possible?

Could you clarify your post. As it's not clear precisely what the position is.

gomorley

I'm currently unemployed as I care for my mother but have a mortgage, is it possible to get a remortgage?

Relmy

Where do we go from here?
We decided to re-mortgage and tie down a low rate, as our fixed one expired years ago. Our credit history is squeaky clean, no loans, no late payments, credit card paid off in full etc, 60% LTVR. Decided to use a mortgage broker, as we run our own businesses, so proof of earnings slightly more complicated. Broker suggested a lender that likes self employed / business owners, so all should be hunky dorey. However agreement in principle rejected. At request of broker I rechecked our credit score, and it comes out 100% A OK. Broker is going back to lender to ask why rejected.... awaiting answer now. What should our next move be? At our initial meeting broker suggested we could try at least 2 lenders if any difficulties, but not so sure now. :(

TomMurray

Hi,

As a first time remortgager, I found this guide very useful, but I do have one suggestion for an update.

I followed the guide, shopped around and had a very big spreadsheet mapping out which new deal is best for me. Only after I had applied online (and paid a non-refundable application fee) did I realise that I needed a solicitor. This may be obvious to most people, but having not remortgaged before I did not know this was the case.

Looking back through the guide to see what I missed, it briefly mentions legal fees, and that these are usually included by the new provider. This is not the case - they are sometimes included, and when they are not this adds hundreds to the cost. Which has a big impact on the choice of long/short term deal or whether to get a new deal with your current provider and avoid the cost altogether.

Was a bit late for me, but making the amount you'll need to pay here clear would be beneficial.

Tom