The majority of UK banks and building societies will allow you to lock in an interest rate 6 months before the expiry of your current interest rate. We therefore recommend touching base with us 7 months before the expiry, allowing us enough time to discuss the various rates and product options.

As part of the remortgage, we will discuss all options with you. There may be an option to increase the term of your mortgage, however this would be based on your individual circumstances. This is not always an option and would increase the amount of interest that you would pay over the term of the mortgage. If you are worried about future repayments, we would advise speaking to an advisor at the earliest opportunity to enable you to future plan.

We can look at a comprehensive range of mortgage providers including the bank or building society that your existing mortgage is with. Your existing lender will still be able to offer you a new rate of interest under their TCF policy, provided you are not in arrears at the point you are applying for a new rate. 

Lenders will allow you to capital raise for numerous purposes including, Debt consolidation, home improvements, separations or even to purchase another property. Any additional lending would be based on your personal circumstances and be subject to any new affordability checks. The amount that you can lend is also based on a new valuation of the property, so the lender can assess whether they are still comfortable with the risk level. 

You will always need a solicitor to deal with the monetary transactions and make sure that the land registry charges are updated. If your new rate is with your existing lender - Product Transfer - then you will not need any solicitor involvement. Many lenders will offer a free legal/conveyancing service as part of the new mortgage, therefore reducing any upfront costs to move mortgage providers. If you do need a solicitor to act for any remortgage, please let the team know and they can put you in touch with one of our recommended partner firms. 

Yes, provided the mortgage lender agrees. If you are removing a party from the mortgage, the lender will want to make sure that the mortgage is still affordable in just a sole name and would be subject to new credit scoring and affordability checks. It is also advisable to agree any monetary separation figure before proceeding with a remortgage, as this will determine whether or not the mortgage may need increasing. You can also add a party on to the mortgage and this would again be subject to a new affordability and credit score to make sure the lender is happy with the new joint borrowing.