Remortgages
Review what comes next for your mortgage.
Whether your current deal is approaching its end or your circumstances have changed, we can help you review your existing borrowing and consider the mortgage options available.
Review
Existing borrowing
Next step
Consider your options
Reviewing your mortgage
Your mortgage requirements can change over time.
The mortgage that suited you several years ago may no longer reflect your property, finances or future plans.
Your income may have changed, your property may have increased in value, your family circumstances may be different or your current mortgage product may simply be approaching its end.
A remortgage review gives you the opportunity to look again at your borrowing, understand the options available from your existing lender and compare them with potentially relevant alternatives.
Why remortgage
There are many reasons to review your mortgage.
A remortgage does not always mean simply finding a new interest rate. The appropriate structure depends on what you are trying to achieve.
01
Your current deal is ending
Many homeowners review their mortgage before a fixed or introductory rate expires in order to understand the options available for the next period.
02
You want to raise capital
A remortgage may allow additional borrowing for purposes such as home improvements, property investment or other financial requirements, subject to lender criteria.
03
Your circumstances have changed
Changes in income, employment, property value, household circumstances or future plans may mean your mortgage requirements are different from when you originally borrowed.
04
You want to change the mortgage structure
You may wish to review the mortgage term, repayment method, ownership structure or other aspects of your borrowing.
05
You want to review your lender
Different lenders can assess the same client differently, so a wider review may identify alternatives that were not previously relevant.
06
You are considering debt consolidation
Some borrowers consider consolidating other borrowing into their mortgage, although this can increase the overall cost of borrowing and requires careful consideration.
Stay or switch
Product transfer or remortgage?
When your current mortgage deal ends, your existing lender may offer you another product. This is commonly known as a product transfer.
Staying with the same lender can sometimes involve a simpler process, but it does not automatically mean it is the most appropriate option. A wider review allows you to consider the overall cost, flexibility and lender criteria available elsewhere.
Review your options
Existing lender
Product transfer
New lender
Full remortgage
Before you switch
The headline rate is only part of the decision.
The cost and suitability of a remortgage can depend on several factors beyond the interest rate itself.
01
Early repayment charges
Leaving your existing mortgage before the end of its current deal may trigger an early repayment charge. This needs to be considered when comparing the overall cost of changing lender.
02
Product transfer
Your existing lender may offer a new product without requiring a full remortgage. This can sometimes be simpler, but it is still worth understanding how the option compares with the wider market.
03
Affordability
A new lender will normally reassess affordability based on your current income, commitments and circumstances rather than relying on the position when your original mortgage was arranged.
04
Property value
Changes in the value of your property can affect your loan-to-value position and therefore the mortgage products or lenders potentially available.
05
Fees
Arrangement fees, valuation costs, legal costs and any broker fees should be considered alongside the mortgage rate when comparing options.
06
Timing
Starting the review early can give you more time to understand your options and coordinate completion around the end of your current mortgage deal.
Raising capital
Your mortgage may be able to support wider plans.
Some homeowners remortgage because they want to borrow more against their property. This may be for home improvements, purchasing another property, investment, family support or other financial requirements.
Whether additional borrowing is available will depend on factors including your income, financial commitments, property value, loan-to-value and the lender's view of the purpose of the funds.
Debt consolidation
Lower monthly payments do not always mean lower overall cost.
Consolidating unsecured borrowing into a mortgage can sometimes reduce monthly payments because the debt is spread over a longer period.
However, converting shorter-term borrowing into debt secured against your home can mean paying interest over a much longer period and may increase the total amount repaid.
It is therefore important to consider the overall cost, term and risks involved rather than focusing only on the monthly payment.
Consolidating debt may increase the total amount repayable and transfers unsecured borrowing onto debt secured against your property.
The remortgage process
From reviewing your current deal to completion.
Our adviser and administration team can help manage the process from the initial mortgage review through lender underwriting, valuation and completion.
Review your current mortgage
We begin by looking at your existing mortgage, current rate, remaining term, outstanding balance, any early repayment charges and when your current product ends.
Understand your objectives
Your adviser considers whether you are simply looking for a new rate or whether your plans involve changing the term, raising capital, consolidating borrowing or restructuring the mortgage.
Research your options
We compare relevant lender criteria and available options, including whether remaining with your current lender or moving to a new lender may be appropriate.
Prepare the application
Where a new mortgage is appropriate, we prepare the application and supporting documentation and submit it to the selected lender.
Manage the process
Our adviser and administration team help manage lender queries, valuation and legal requirements through to mortgage offer.
Complete the remortgage
Once the new mortgage is ready, the existing borrowing is repaid and the replacement mortgage completes.
Lender access
Different lenders can assess your remortgage differently.
Income, property value, loan-to-value, credit profile, the amount you want to borrow and the purpose of any additional funds can all affect lender choice.
Lender availability and suitability depend on individual circumstances and lending criteria.
Why Intra
Review the whole mortgage, not just the rate.
Our advisers can review your existing mortgage alongside your current circumstances and future objectives before researching the options available.
01
Review your existing mortgage
We look at the current borrowing, rate, term, repayment charges and when the existing deal ends.
02
Understand your wider plans
Your adviser considers what you want the mortgage to achieve rather than treating the review as a simple rate comparison.
03
Compare relevant routes
This can include products from your existing lender as well as potentially relevant alternatives from other lenders.
04
Manage the application
Our administration team supports the progression of the case through lender assessment, valuation, legal work and completion.
Other mortgage requirements
Explore other residential mortgage requirements.
Moving home
Home Movers
Mortgage advice when selling your existing property and arranging borrowing for your next home.
Higher-value lending
Large Mortgages
More substantial borrowing across mainstream, specialist and private-bank lending routes.
Complex income
Self-Employed & Contractors
Mortgage advice where income may require a more detailed lender assessment.
Frequently asked questions
Remortgage questions.
These answers are general. Your own mortgage options will depend on your existing mortgage, circumstances and lender criteria.
01When should I start looking at a remortgage?
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When should I start looking at a remortgage?
It is generally sensible to begin reviewing your options before your current mortgage deal ends. Starting early gives you time to understand lender criteria, consider any early repayment charges and prepare the application without unnecessary time pressure.
02What happens when my fixed rate ends?
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What happens when my fixed rate ends?
If no new mortgage product is arranged, many mortgages move onto the lender's standard variable rate or another follow-on rate specified in the mortgage terms. The exact position depends on your existing lender and mortgage product.
03Should I stay with my current lender or remortgage?
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Should I stay with my current lender or remortgage?
That depends on the products available from your existing lender, the wider mortgage market, your circumstances and the overall cost of each option. A product transfer can sometimes be straightforward, while moving lender may provide other benefits.
04Can I borrow more when I remortgage?
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Can I borrow more when I remortgage?
Potentially. Additional borrowing may be possible depending on your income, commitments, property value, loan-to-value and the purpose of the funds. Each lender applies its own criteria.
05Can I remortgage if I am self-employed?
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Can I remortgage if I am self-employed?
Yes. Lenders assess self-employed income in different ways, including company accounts, tax calculations, salary, dividends and, in some circumstances, retained profits.
06Can I remortgage with bad credit?
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Can I remortgage with bad credit?
Potentially. The options available depend on the type, severity and timing of the credit issue together with the rest of your circumstances. Different lenders apply different credit criteria.
07Do I need a solicitor to remortgage?
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Do I need a solicitor to remortgage?
A legal process is usually required when moving the mortgage to a new lender. Some lenders may include legal services within their remortgage product, while others may require you to appoint a solicitor or conveyancer.
Your home or property may be repossessed if you do not keep up repayments on your mortgage or other loan secured upon it.
Review your mortgage
Understand your options before your current deal ends.
Speak with an Intra adviser about your existing mortgage, current circumstances and future plans.
enquiries@intra-pf.com