Remortgaging
Could you save money with a Remortgage?
There are many reasons why you may want to consider a remortgage, even if you have bad credit. You may just need a better interest rate, which could save you money each month or give you security of payment. Perhaps you wish to raise additional funds to consolidate debts or make improvements to your home.
Whatever your need, we have access to a wide range of products and could help to secure you finance no matter what your circumstances.
- Stress free remortgage
- Fixed rates available for stability of payment
- Marketing leading rates
- Bad Credit accepted
- Borrow up to 90% of your properties value
Remortgage Calculator
Get an instant indication of what your payments for a remortgage could be. Remortgage calculators are invaluable when you’re looking for a new deal. You can enter a few pieces of information to see your options. Your property price, the mortgage amount you need, and the term you’re looking to borrow over are all vital.
Remortgage Calculator
Current mortgage details
Summary
Your current monthly payment should be (based on the information you have entered)
£{{ !isNaN(current_repayment_basis) ? current_repayment_basis : 0 | currency }}
(repayment basis)
New mortgage details
Summary
Your new estimated monthly payment could be
£{{ new_estimated_monthly_payment | currency }}
Additional cost £{{ new_estimated_monthly_payment - current_repayment_basis }}
Monthly savings £{{ current_repayment_basis - new_estimated_monthly_payment }}
Representative Example:
Mortgage amount £170,995 (including £995 lender fee), 64 payments of £748.30 at a fixed interest rate of 2.28%, followed by 236 payments of £889.60 at a variable rate of 4.24%. Over a term of 25 years, giving a total amount payable of £258,861 at an APRC of 3.6%. The contract will be secured against your property.
What to do next
Speak to our expert brokers on all types of free advice on mortgages, remortgages, even if you have bad credit. One of our expert brokers will be able to review your current situation and advise on the best way of moving forward with our knowledge and access to over 100 lenders. The initial advice is free, there is only a cost if you proceed with a mortgage.
How does remortgaging work?
When you remortgage, you don’t need to move home. Instead, you switch from your existing mortgage to another one. This could be with the same lender or a different one. This typically happens when the existing mortgage ends or when circumstances suggest that switching deals may be cheaper.
Remortgaging can be easy and quick
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Looking to remortgage but have bad credit?
A bad credit history can be problematic when you’re looking to switch mortgages. If you’re eager to switch to a better deal and your credit rating is letting you down, we may be able to help. The brokers at Clever Mortgages are experienced in helping people just like you remortgage with bad credit.
How to remortgage if you have bad credit
It’s best to start by looking at your current mortgage deal. Find out when it ends and whether there are any charges involved if you switch deals early. If you don’t do anything and let your existing deal finish, your lender will likely switch you over to their standard variable rate (SVR) – and that could be pricey.
You should begin looking for a new deal before your current one ends. By using experienced brokers at Clever Mortgages, you may find it easier to locate a better deal.
What does it mean to remortgage?
It means to swap your current mortgage for a different one. The usual reasons for doing this are:
- Your existing deal is ending, and you want to find a cheaper rate than the standard variable your lender wants to move you to
- You want to find a better interest rate (more likely if the interest rates have dropped since you took out your current deal)
- You want to increase your mortgage for say debt consolidation or home improvements (quotes are usually required)
In all cases, you’re not moving home, simply switching from one mortgage to another.
What happens when you remortgage?
When you are ready to switch, you should search for a lender who can offer a decent deal. A broker can help you search a wider portion of the market, which is especially important if you’re looking to remortgage with bad credit. Clever Mortgages specialises in helping customers with bad credit, so you’re in a good place.
The first step is to get an Agreement in Principle, otherwise known as an AiP. This doesn’t need a full credit check – it merely gives you an idea of what you may be able to borrow if you’re accepted. If you go on to make a formal application, the lender will review your credit history, income, affordability and let you know whether you’re approved. They’ll also arrange for a property valuation to take place.
If you switch to another lender, you’ll need to hire a solicitor to do this for you. A conveyancer also offers this service. However, some lenders will handle this part for you as part of the deal. Check the details to find out more.
Once legal completion has taken place, your new mortgage will repay your current mortgage and an additional funds raised will be used for the required purpose. If this is debt consolidation funds may be sent direct to the provider. If it’s for home improvements, it will go to you.
Your new lender will let you know the new payments to make and when, the first one might be higher as it could cover more than one month.
How much does it cost to remortgage?
There are various costs involved in remortgaging. One of the key ones to be alert for is an early repayment charge. For example, if you have a five-year fixed-rate deal, you may be charged if you try to exit that deal before the five years are up.
This fee could mean it is cheaper to stay on your current deal until it ends, rather than remortgaging early. If you think about switching, you must be sure the savings you’d make in doing so will outweigh the cost of remortgaging.
If you don’t have an early repayment fee to worry about, there are still likely to be other costs to think about. These may include:
- Arrangement fees
- Valuation fees
- Conveyancing fees
- Broker fees
If you source a remortgage deal for bad credit via one of our brokers, we can clarify the various fees that might be involved. There can be a lot of number crunching happening when you source a new deal.
It’s important to know which fees apply to which remortgage deal. It’s common for a low interest rate to have a high arrangement fee. You’re unlikely to get the best of both worlds in this case. Finding the right balance to give you the best remortgaging deal even with a bad credit history is vital, and we could help you do that.
What to do next
Speak to our expert brokers on all types of free advice on mortgages, remortgages, even if you have bad credit. One of our expert brokers will be able to review your current situation and advise on the best way of moving forward with our knowledge and access to over 100 lenders. The initial advice is free, there is only a cost if you proceed with a mortgage.
FAQ Help Centre
Watch our video on the remortgage application process
If you would like to speak to one of our brokers to see your options, click below to arrange a time for them to call you back (or use live chat down at the bottom)
Or, if you are ready to apply, complete our short apply form. This is not a mortgage application, it just gives us a few more details ready for the call.
Why use a mortgage broker?
Mortgage brokers help you find the best deals on the market – not just from one lender. With a broker you can expect:
- Valuable knowledge, through years of experience helping customers to find mortgages
- An improved chance at finding a mortgage, some mortgages are only available through a broker
- Help with the application process, as usually just one application can be used across various lenders
- Advice on how to improve your chances, for instance getting a guarantor or applying for a joint mortgage
About Clever Mortgages
We specialise in assessing an individual’s situation, and finding the right mortgage solution for them. We can help:
- With remortgages, buy-to-let, and first-time buyers mortgages. We have experts who cover these areas
- Even if you’ve got bad credit – we help people every day with a variety of credit histories to find the right mortgage
- With applications, as we’ll take the hassle away. We require your details once and we’ll know the best lenders for your circumstance
- Our team know the lenders that are most likely to say ‘yes’, and give you the best rates
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