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Guide & FAQs to Remortgaging

Guide & FAQs to Remortgaging

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As an independent UK broker, Revolution Finance aims to provide as much information as possible about the remortgaging options out there.

We work with clients who are considering remortgaging for any number of reasons, such as:

  • Switching to a more competitive mortgage.
  • Raising capital to renovate or improve their home.
  • Releasing equity to pay off debts.
  • Consolidating debt in a lower interest mortgage rate.
  • Using equity to pay for other expenses.

Remortgages are available for private homeowners, businesses, and those seeking to raise capital for investments.

Our guides cover the full range of remortgages, considerations to think about, and advice to help you make informed choices.

For more help and support with your remortgage, contact the team on 0330 304 3040 or drop us an email to info@revolutionbrokers.co.uk.

What is a Remortgage?

Remortgaging means taking out a new mortgage that repays your existing mortgage, and then having a new replacement mortgage either with your current provider, but on a new deal, or with a different lender altogether.

When you remortgage with a new lender, they repay the old mortgage, so this is repaid in full. A solicitor is required to assist with the paperwork - and then your new mortgage takes over.

Many clients remortgage to release cash. In this scenario, the same thing happens but the capital released is paid to you via your solicitor.

How Long Will it Take to Remortgage my Home?

The remortgage process is usually quicker than taking out an initial mortgage. This can take around four weeks on average, and sometimes be much faster.

If you have all the paperwork and information you need from the outset and use an expert broker to apply to the right lenders, the process is streamlined.

Remortgages are simpler because:

  • There is no property chain to consider.
  • No houses need to be bought or sold.
  • Exchange contracts are unnecessary.

There can be more complex scenarios, which take longer. For example, applying for a remortgage with bad credit may take slightly longer than without.

However, the fastest way to complete a remortgage is by working with an experienced broker who can guide you through each step.

How Can I Get Started with my Remortgage Application?

The process is easy:

  1. Contact the Revolution Brokers team on 0330 304 3040 or drop us an email at info@revolutionbrokers.co.uk.
  2. We'll get to know a little more about your circumstances, the remortgage you want, and will arrange a convenient time for a chat with one of our remortgage experts.
  3. Your adviser goes away, searches the market, and comes back to you with independent recommendations about where best to apply.
  4. You decide whether to proceed or not - and if you do, we work with you every step of the way from the application stage to completion.

Check out our handy calculators

Our quick mortgage calculators are designed to give you an indication of how much you can borrow and allow you to consider the different mortgage options available to you.

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FCA disclaimer

*Based on our research, the content contained in this article is accurate as of most recent time of writing. Lender criteria and policies change regularly so speak to one of the advisors we work with to confirm the most accurate up to date information. The information on the site is not tailored advice to each individual reader, and as such does not constitute financial advice. All advisors working with us are fully qualified to provide mortgage advice and work only for firms who are authorised and regulated by the Financial Conduct Authority. They will offer any advice specific to you and your needs. Some types of buy to let mortgages are not regulated by the FCA. Think carefully before securing other debts against your home. As a mortgage is secured against your home, it may be repossessed if you do not keep up with repayments on your mortgage. Equity released from your home will also be secured against it.

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