Remortgaging

kezzygirl

Our mortgages are due for renewal in Feb 25 and may 25. We plan to align the two in February. I am conscious that we have some 0% credit card deals ending in the months prior- barclaycard in December(which I am.hoping to have paid off), natwest in March 25 and virgin in Jan 25. We plan to stay with our existing lender- nationwide. Obviously if we haven't paid off the credit cards I will need to look at another balance transfer- will this affect the mortgage renewal? 

amnblog

No, it wont

Mark_d

What is a mortgage renewal?  Is this a new mortgage with a new 25 year term?  Or are you talking about renewal of an insurance policy that is linked to your mortgage?

MWT

Mark_d said:

What is a mortgage renewal?  Is this a new mortgage with a new 25 year term?  Or are you talking about renewal of an insurance policy that is linked to your mortgage?

Generally people are talking about the end of their current fix and getting a new fix.

Quite common to have different end dates on parts of the mortgage if it has been ported for example.

kezzygirl

Mark_d said:

What is a mortgage renewal?  Is this a new mortgage with a new 25 year term?  Or are you talking about renewal of an insurance policy that is linked to your mortgage?

End of the fix. Renewing the mortgage. 

Sapindus

"Renewing the mortgage" is a it of a misleading term when used to mean re-fixing the rate.  When you come to renew other things like insurance or a gym membership, if you don't do it you don't have it any more.  If you don't re-fix your mortgage when you come to the end of a fixed rate period, sadly you still have a mortgage!

I would take "remortgaging" to mean increasing the amount you are borrowing.

kezzygirl

Sapindus said:

"Renewing the mortgage" is a it of a misleading term when used to mean re-fixing the rate.  When you come to renew other things like insurance or a gym membership, if you don't do it you don't have it any more.  If you don't re-fix your mortgage when you come to the end of a fixed rate period, sadly you still have a mortgage!

I would take "remortgaging" to mean increasing the amount you are borrowing.

Lots of people are creating posts about remortgaging but they aren't borrowing more? Don't really see what the issue is with me calling it remortgaging, as for me, I am remortgaging?? My mortgage period is coming to an end and I need to renew it. 

RelievedSheff

If you just do a product transfer with your current lender then there are usually no additional credit checks.

If you remortgage to a new lender then it will be a full application complete with credit checks.

kezzygirl

RelievedSheff said:

If you just do a product transfer with your current lender then there are usually no additional credit checks.

If you remortgage to a new lender then it will be a full application complete with credit checks.

Thank-you for your help

kingstreet

For future readers, arranging a new rate or customer retention product with your existing lender is usually called a product transfer or rate switch.

A new mortgage with a new lender to replace the current one (possibly borrowing more) is called a remortgage. This is because a mortgage is a deed which ties a loan to a subject property, not the loan itself.

In the case of the latter, a new mortgage deed is required, hence its a "remortgage."