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Remortgaging
Remortgaging could be a great way to improve your financial situation, whether you're looking to reduce monthly payments, secure a better rate, or release equity. At Motion Mortgages, we help to simplify the remortgaging process, ensuring you understand your options and are confident in your decision. With our team by your side, we handle each detail and answer all your questions, helping you achieve the most suitable outcome for your remortgage.
What to consider when remortgaging
When it comes to remortgaging, there are several key factors to consider:
- Early Repayment Charge: Remortgaging before the fixed period ends can incur charges; our advisers can help you understand potential costs.
- Change of Circumstances: Financial changes, like self-employment or reduced income, may affect eligibility for a new mortgage.
- Reduced Equity: If property value has dropped, your loan-to-value ratio worsens, making remortgaging more challenging.
- Credit History: A worsened credit score may limit options, though an adviser could still find suitable deals.
- Mortgage Size:
Smaller mortgages may not benefit from remortgaging due to high fees relative to savings.
How our process works
- Initial Consultation Call:
We'll discuss your current situation and mortgage, and any concerns you might have. This helps us understand your needs and identify the right solution for you. - Mortgage Options:
We’ll research and present various mortgage options suited to your circumstances, explaining the pros and cons of each. - Application Assistance:
We help you compile the necessary documentation and submit your mortgage application, ensuring everything is in order to avoid delays. - Liaising with Lenders:
We communicate with lenders on your behalf, handling negotiations and any queries that arise during the process. - Offer and Completion:
Once an offer is made, we guide you through the final steps, including surveys, legal checks, and finalising the deal.
How long does the remortgage process take?
The remortgage process can vary in length, but typically:
- Decision in Principle: 24-48 hours
- Full Application: 2-3 weeks for approval
- Completion: 6-12 weeks, depending on legal and survey processes
What do you need to provide?
To streamline your remortgage application, have the following documents ready:
- Proof of Identity: Passport or driving licence
- Proof of Address: Utility bills or council tax statement
- Income Proof: Recent payslips and P60 or, if self-employed, tax returns and accounts
- Current Mortgage Details: Statements and details of your existing balance and rate
- Bank Statements: Usually the last three months
- Credit Report: A recent credit report for a thorough review
- Property Valuation: The new lender may require a property valuation to assess current value and loan-to-value ratio
Ready to get started?
It’s free to speak with a mortgage adviser 7 days a week.
Motion mortgages & protection
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We promise to stand by you and help all the way through your house purchase process… and not just walk away once your mortgage is offered.
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