Question: Can I Remortgage On My Own?

What documents do I need for a remortgage?

Your latest P60 tax form (showing income and tax paid from each tax year) ID documents (usually a passport) Proof of address (eg, utility bills or credit card bills).

Can I remortgage if I have bad credit?

It’s definitely possible to remortgage, even if you have bad credit. Of course, the best possible deals probably won’t be available to you if you have bad credit. It’s likely your lender will want to charge a higher interest rate to offset the higher risk you present.

How many times can you remortgage?

You can remortgage as many times as you like, and as often as you like. But bear in mind that you may well be liable to pay ERCs if you are currently on a fixed, capped or discounted rate. And you may have to pay arrangement fees.

What happens after 5 years help to buy?

After five years is up, borrowers must pay a fee of 1.75 per cent of the value of their loan, increasing each year by RPI plus 1 per cent, unless they can pay the loan off, usually by remortgaging.

Can I remortgage with my existing lender?

Mainly because remortgaging with the same lender – doing a product transfer – is easy. When you switch mortgage lenders, you need to reapply for a mortgage. … Especially as all you need to do to remortgage with the same lender, is agree to the new terms. That’s it – no extra checks, no solicitors, and no fees.

Can I remortgage if I have help to buy?

If you want to remain in the Help to Buy scheme, you can remortgage your current property and increase the total amount you borrow to repay part of the equity loan.

Can I remortgage to pay off debt?

There are two main ways that remortgaging can improve your situation: You can release the equity that’s in your property in a lump sum and use this to repay your other debts. It might reduce your monthly mortgage payment, freeing up money to repay your other debts.

Is it worth paying off help to buy?

This means that the interest rate quickly ramps up, which can make the loan more expensive than a traditional mortgage. It’s therefore wise to pay off the Help to Buy loan within the interest-free period to avoid these higher rates.

Why do I need a solicitor for remortgage?

In short, Yes. You will need a solicitor to take care of the legal aspects of your re-mortgage, dealing with the paperwork to transfer the funds once the re-mortgaging process is complete and amending the Title Deed with the land registry. Sometimes mortgage lenders insist that you use their chosen legal team.

How do you qualify for a remortgage?

Most lenders seek borrowers with less than an 80 per cent loan to value ratio to remortgage. However, there are lenders that make exceptions. Thirdly, remortgage lenders will look closely at your credit score. To obtain an attractive remortgage loan, a good credit score is usually a given.

How much money can I get if I remortgage my house?

You can borrow up to 80% of the appraised value of your home, minus the balance on your first mortgage. The loan is secured against your home equity.

Can you remortgage straight away?

A day one remortgage isn’t a mortgage product; it’s a phrase used to describe a scenario where someone wants to remortgage within the first 6 months of ownership. You can apply for a day one remortgage literally on or after completion.