How to Remortgage
Getting a remortgage will depend on a number of factors. For lenders a major part of assessing you for a remortgage is affordability. Are you in a position to cover the mortgage repayments. The mortgage rates on offer will be based largely on lending risk. The more you can put down as a deposit generally speaking the lower the risk and the better the rate you should be able to get. The LTV or loan to value will determine what a lender will charge in interest so as an example a 60% LTV mortgage means that you are borrowing 60% of the value of the property. To compare top remortgage rates and find the best remortgage deals for you, use the selection of deals in the tables above or speak to our independent remortgage team on 0117 332 6063 or click here to make an enquiry.
In applying for a mortgage lenders will consider criteria such as:
Your earnings - Do you earn enough to borrow the amount you want?
The stability of your income - Are you self-employed or new in a job?
Your outstanding debts - How much debt do you have?
Your credit rating - Have you ever missed a mortgage payment or other repayment in the past? Do you have any County Court Judgments (CCJs) against you? Have you even been bankrupt?
What determines the remortgage rate?
Mortgage lenders generally offer better rates for people who have a significant deposit, or equity in their current home, to put towards the purchase value of a new property. There are various interest rate options available, including:
Fixed rate remortgage - your interest payments are fixed for a set period of time (usually several years) after which you will be moved on to another rate
Standard variable rate remortgage - your interest will vary with your lender's mortgage rate
Tracker remortgage - your interest rate will move up or down by tracking an external rate, such as the such as the Bank of England Base Rate
To find the best remortgage deals, see the selected mortgage deals above or call our independent remortgage team on 0117 332 6063.