Remortgaging Frequently Asked Questions


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How Do Re-mortgages Release Equity?


The more payments you make to your mortgage, the more ownership you have. Until your mortgage is fully paid, it’s jointly owned between you and your lender. The more you pay, the more you own.


Until you do, it’s shared ownership. Your share is the total amount you’ve paid towards your mortgage, which is known as your home equity. The more you own, the more you can sell that back to your lender to release cash based on what you’ve already paid.

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Who Offers 95% Remortgages?


Quite A List…

  • Aldermore
  • Bank of Ireland
  • Bank of Scotland
  • Barclays
  • Bath Building Society
  • Cambridge Building Society
  • Chelsea Building Society
  • Cheltenham and Gloucester
  • Chorley Building Society
  • Clydesdale Bank
  • Cumberland Building Society
  • Danske Bank
  • Darlington Building Society
  • Family Building Society
  • First Trust Bank
  • Furness Building Society
  • Halifax
  • Hanley Economic Building Society
  • Hinckley and Rugby Building Society
  • HSBC
  • Ipswich Building Society
  • Leeds Building Society
  • Lloyds Bank
  • Loughborough Building Society
  • Mansfield Building Society
  • Melton Building Society
  • Monmouthshire Building Society
  • Nationwide
  • NatWest
  • Newbury Building Society
  • Newcastle Building Society
  • Norwich and Peterborough Building Society
  • Penrith Building Society
  • Post Office
  • Principality Building Society
  • Royal Bank of Scotland
  • Saffron Building Society
  • Santander
  • Teachers Building Society
  • Tesco Bank
  • Tipton & Coseley Building Society
  • TSB
  • Ulster Bank
  • Vernon Building Society
  • Virgin Money
  • Yorkshire Bank
  • Yorkshire Building Society

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Who Offers 90% Remortgages?


  • Airdrie Savings Bank
  • Aldermore
  • Bank of Ireland
  • Barclays
  • Bath Building Society
  • Cambridge Building Society
  • Chelsea Building Society
  • Chorley Building Society
  • Clydesdale Bank
  • Coventry Building Society
  • Cumberland Building Society
  • Danske Bank
  • Darlington Building Society
  • Family Building Society
  • First Direct
  • First Trust Bank
  • Furness Building Society
  • Halifax
  • Hinckley and Rugby Building Society
  • HSBC
  • Ipswich Building Society
  • Leeds Building Society
  • Leek United Building Society
  • Mansfield Building Society
  • Marsden Building Society
  • Melton Building Society
  • Monmouthshire Building Society
  • Nationwide
  • NatWest
  • Norwich and Peterborough Building Society
  • Post Office
  • Principality
  • Progressive Building Society
  • Royal Bank of Scotland
  • Saffron Building Society
  • Santander
  • Skipton Building Society
  • Tesco Bank
  • The Co-Operative Bank
  • The Loughborough Building Society
  • The Mortgage Works
  • The West Brom
  • Tipton and Coseley Building Society
  • TSB
  • Ulster Bank
  • Virgin Money
  • Yorkshire Bank
  • Yorkshire Building Society

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When Remortgaging Do I Need A Solicitor?


Yes. Your existing lender will need to forward your Title Deeds over to your solicitor. They are required in all remortgages. However, some lenders may offer to cover your legal fees.


This does not mean it’s free though. It just means the legal fees are added to your total cost of remortgaging. It will be possible to take a non-legal deal with a lender by arranging for your own solicitor.


When remortgaging who values your house?


It is the lender. This is done to ensure the property is adequate security to cover the amount of borrowed they loan.


Why remortgage your home?


It can be to save money, for home improvement, debt consolidation, and/or as a fast way of raising capital for anything. However, NEVER tell a lender you’re raising capital to start a new business. They will sweat and reject your application because it’s venturing into the unknown. They’d rather give you the cash to splash on a caravan than to invest in anything they consider risky, including buying shares and investing in any way.


Why should I remortgage now?


The Bank of England cut the base rate on 4th August 2017 to a historic low of 0.25% down from 0.5% – The lowest rate it’s ever been. That should see base rate tracker mortgages drop.


If your mortgage is on a fixed term promotional interest rate that is not a base rate tracked and due to end in the next 14 weeks, you’re likely to find yourself put on a standard variable rate (SVR) that’s likely to be higher than what’s available on the market.


Can I remortgage without a survey?


Highly unlikely because lenders need to know that if you fail to pay, that your property is actually worth what they’re lending you. There’s good news though and that’s that most lenders pay the survey fee. It’s a property valuation report for the sole purposes of the lender’s security. There isn’t a structural survey involved. If for some reason the lender doesn’t cover the survey cost, it’s usually no higher than £400.


Can I remortgage without equity?


Yes, but it will be extremely difficult. Most lenders do not want to lend more than they know they can sell your property for if you default on payments and they need to repossess.


Are remortgages with defaults possible?


Yes. Expect to require a specialist provider with no higher than 90% equity.


Can I remortgage without a deposit?


Not unless you want to. The equity you’ve built in your home by making payments on your existing mortgage is your deposit. What you may want to do though is pay a lump sum to take a smaller mortgage out, thus increasing your Loan-to-Value for a better interest rate.


Can you remortgage with shared ownership?


Yes. It’s the same process as a standard remortgage but there are fewer providers so you’ll need a specialist one. Lenders for remortgaging with shared ownership include:


HSBC

Nationwide

Barclays

Halifax


Can you remortgage without permission?


Shared Ownership Remortgaging must be done only with permission of everyone with a financial interest in the property. All housing associations will have their own policies and procedures for remortgaging, with the majority requiring written permission with full details of the mortgage offer.

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