There are many reasons why remortgaging makes sense, including getting a better deal, raising money to pay off expensive debt, or raising money to pay for a home renovation/extension.

If you are on your lender’s standard variable rate or your deal is about to expire, you absolutely need to consider the best options for the future.

If you have high-interest rate credit card debt, council tax or bank overdraft debts, then YES, you should speak with us to discuss your options.

If you have early repayment charges for leaving your current provider or existing deal, your mortgage broker would need to work out the maths to determine if this is the best thing to do.

• If you have an existing mortgage.
• If you are within six months of your current deal expiring or have no early repayment charges, that may apply.
• You have sufficient income to support the level of borrowing required.
• If you have a mortgage balance of no more than 90% of the property value.

Suppose you’ve got six months left on a fixed rate, and you don’t want to pay an ERC (Early Repayment Charge) to switch to a new rate now. In that case, you can fix a deal six months in advance of the end of your rate with most lenders – this is possible as most mortgage offers are valid for six months.

That way, if rates continue to decrease between now and then, you can switch to a lower rate. On the other hand, if rates continue to increase, you’ll have secured your rate and won’t be affected by any impending rate increase in that time. For you, this is a win-win in any outcome.

For those in a fixed rate with a year left or longer, wondering whether it’s worth paying an ERC (early repayment charge) to tie in for a new deal now – rather than reviewing in six-nine months when rates may have increased – you need to take into consideration the costs of this decision, the ERC percentage and other associated fees the lender may have for clearing the loan early.

We expect the mortgage application to get approved within two to three weeks. Then you may need to allow a further three-week period to complete the legal process. Some lenders are faster than others.

Suppose speed is a crucial concern for you. In that case, your mortgage broker may recommend certain providers to assist with a faster turnaround.

Most lenders like to see that you have paid all your financial commitments over the last three years; however, there are a number of lenders that will consider clients with adverse credit. Your specialist advisor will look at these providers if your situation requires it.

We don’t complete any credit checks without your permission, and our 30-second assessment won’t impact your credit score.

A debt consolidation remortgage works by raising additional funds through a new remortgage deal to pay off your high-interest unsecured debt (like credit card debt, council tax, car finance, bank overdraft, etc). This achieves two things:

It means you only have one monthly payment to worry about (i.e. your mortgage), so it makes your life a little more simplified.

But most importantly, because mortgage interest rates are generally much lower than expensive unsecured debt, like your credit card, you can reduce your total monthly payments by quite a lot!

Let’s face it, credit card debt is expensive (an average of 18%!), so the sooner you can pay it off, the better. With a debt consolidation remortgage, you can consolidate your debt into your mortgage, so it’s one simple monthly payment. And because mortgage interest rates are much lower, your total monthly outgoings will also be lower.

That said, it doesn’t always make sense because it can mean you pay more in the long run, so it’s essential that you speak with an FCA-regulated mortgage broker first to discuss your options.

By taking our free online assessment, you can determine if you qualify. If you do, we’ll match you with a specialist broker who can advise you on the best solution.

The initial consultation is free, and there’s no obligation to proceed, so you’ve got nothing to lose, but everything to gain.

Your level of borrowing will be determined by several factors, including your level of household income, your level of existing financial commitments, i.e. personal loans, credit cards, car finance etc. and how long you wish to borrow the money over. Your mortgage advisor will be able to confirm the realistic level of borrowing you could secure.

There are several options you could consider:

One would be to make a further advance with your existing provider, often used if you have an early repayment penalty in conjunction with your current deal.

Two consider a secured loan from a third-party provider, again often used if your existing lender cannot assist a further advance and if you have early repayment charges present.

Debt-consolidation: consider a remortgage with a new lender and combine your current borrowings with any new monies required. This allows the entire balance to be on one set of terms and conditions.

We would only suggest this if it does not incur any early repayment charges to leave your existing provider.

Consider an unsecured loan, i.e. a personal loan, which does not secure the debt against your property.