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Remortgage FAQs
How accurate are remortgage calculators?
Even the most sophisticated remortgage calculators on the web are designed to provide a basic indication of the options available. As there are dozens of important factors to take into account when calculating and issuing home loans, the information provided by an online remortgage calculator cannot be guaranteed 100% accurate.
Instead, calculators like these should be used to gain an overall idea of the affordability of a typical refinancing. After which, an obligation-free consultation should be organised with a broker to discuss your requirements and the available options in more detail.
How much can I borrow if I remortgage?
Most refinance loans are taken out to repay the outstanding balance on an existing mortgage. If you still have £100,000 to pay on a £250,000 home loan, you would typically apply for £100,000 (plus extra for legal fees and admin costs, if applicable).
Remortgages can also be used to raise money against a property that is without a current mortgage.
It is also possible to apply for more, in accordance with the value of your home and your intentions for the money. As the refinance loan will be secured against your home, its value will be a primary determining factor.
Most lenders conduct the usual financial background checks and credit history analysis when considering applications for refinance. Sub-prime options are available for applicants with imperfect credit, though are often accessible exclusively with broker support.
How much does it cost to remortgage?
It depends entirely on the lender you work with but a good remortgage deal has the potential to save you a lot of money. One thing to remember is that your current lender could charge you an early exit fee if you are repaying your mortgage within an agreed term. The extent of the repayment cost varies significantly from one lender to the next.
Administration costs and arrangement fees may also apply with your new lender which is one of many reasons why it is important to shop around for a good deal. Many of the costs of taking out a conventional mortgage also apply when refinancing your home, therefore should be discussed with a broker before applying.
At UK Property Finance, we understand how complex and confusing the refinancing process can seem. As an independent broker, we are able to provide the honest, impartial and objective advice you need to make the right decision for your financial future.
Use our exclusive online remortgage calculator for a brief overview of the options available, or call anytime for an obligation-free consultation with a member of the team. We will compare the market in its entirety to find you an unbeatable deal, with absolutely no obligation to go ahead at any time.
