Re-Mortgages
Whether you want to upgrade your house or get the best refinancing rates, remortgaging with Rhino Mortgages opens up a world of options. From determining your refinance eligibility to using our user-friendly remortgage calculator, our professional remortgage assistance helps you comprehend the remortgage process. We provide customized fixed rate and variable rate remortgage alternatives, even if you have poor credit or are thinking about equity release. To avoid any surprises, compare the expenses and fees associated with remortgaging, including early repayment charges. Learn why many people decide to remortgage in search of better offers, as well as the advantages of doing so over transferring products. You can rely on our knowledgeable remortgage brokers to help you at every stage of your journey to a more prudent financial future.
The importance of Remortgages
Save Money on Interest
By moving to a lower interest rate, customers can minimize their monthly payments and overall mortgage expenses.
Get a Better Mortgage Deal
Remortgaging gives customers access to offers that better fit their objectives and existing financial status.
Release Equity from Your Home
Consumers can take out loans for debt consolidation, home renovations, and other purposes using the increasing worth of their property.
Plan Around Fees and Charges
When remortgaging during a fixed or tie-in period, customers should carefully consider the timing and be aware of the early repayment fines.
Documents Required for Re-Mortgage Application
You will need to provide a number of documents in order for your re-mortgage application to be processed efficiently. These could change based on your personal situation and work position.
Proof of Identity
A current passport or a driver's license from the UK
A recent energy bill, council tax bill, or bank statement from the previous three months that serves as proof of residence
Current Mortgage Details
The most recent mortgage statement
Information about your present lender and the amount owed
Proof of Income
If employed:
Three months' worth of salary statements
Most recent P60
If self-employed:
SA302s or tax computations over the last two to three years
Overviews of the corresponding tax years
Financial accounting for businesses (typically two to three years)
Bank Statements
Personal bank statements for the last three months (to show income and expenses)
Property Information
Address and estimated value of the property
Details of building insurance
Other Financial Commitments
Information on credit cards, loans, and other debts
Other Things to Consider
This process easy for you and ultimately helping you make the right decision to save money
Early Repayment Charges
Check the amount of any early repayment fees your current lender may impose if you're still in your fixed or tie-in period before switching.
Fees and Costs
Legal, arrangement, and examination fees may be associated with remortgaging. Compare carefully because some lenders provide fee-free offers.
Interest Rates and Terms
Examine more than just the rate; take into account the term duration, the rate type (variable, tracker, or fixed), and how well they align with your long-term goals.
Affordability Checks
In order to make sure you can handle repayments, lenders will reevaluate your income, expenses, and credit history.
Loan-to-Value (LTV) Ratio
Better interest rates are frequently available if you have greater equity in your property, or a lower LTV.
Purpose of the Remortgage
Make your objective clear, such as decreasing monthly payments, releasing equity for home renovations, or debt consolidation.
Credit Score
You may be eligible for lower rates if you have a clean credit history. Before applying, look for any mistakes in your report.
Timing
To ensure a smooth transition and avoid paying your lender's standard variable rate (SVR), it is preferable to examine your mortgage three to six months prior to the expiration of your current agreement.
Find out Answer Here
Shortening your mortgage term to pay less interest, reducing debts to lower monthly payments, and releasing funds for home upgrades, a buy-to-let property, a vacation, or a car are all benefits of remortgaging.
You can be assessed an early repayment penalty if you remortgage within a fixed or tied period. When your current mortgage expires, it is best to examine it.
It can take a lot of time to examine all lender rates in order to find the best UK mortgage offer. Certain transactions are broker-only, and approval is contingent on the requirements of each lender.