A remortgage is the process where you take out a new mortgage on a property you already own, whether it’s your own home or a buy to let property.
Usually, this type of mortgage is for anyone who is either coming to the end of their initial mortgage period or who is already on the lenders standard variable rate. However, there are other circumstances which suit a remortgage as well, such as removing a named party from the mortgage (transfer of equity).
We will discuss your circumstances & what your goals are. You may want to raise money for home improvements or reduce your unsecured debt and we’ll run through all the options available for you.
We will then search the market from a huge range of lenders and thousands of products, to find you the best lender and rate for your circumstances. When formulating our advice and making a recommendation, we will consider your circumstances, your wants and needs and things like early repayment charges, legal fees, valuation fees etc.
Sometimes, staying with your existing lender but taking out a new product is the correct advice for you. In these circumstances, we will recommend what’s called a Product Transfer or Rate Switch.
If you’re looking to release equity from your home, we’ll look at the whole of the market, including staying with your existing lender and raising money through them. This is called a ‘Further Advance’.
So that we can identify your options and the best next steps to take, have a free, no obligation chat with us. We will learn about and you and your circumstances in order to develop a bespoke plan of action.
Here are our 3 most commonly asked questions around mortgages.
There is no hard & fast rule for affordability. Every lender calculates how much they are prepared to lend differently, based on their own criteria, but also your circumstances. They will look at things like the size of your deposit, your credit profile, your income and any outgoings when calculating your available borrowing.
For residential properties, your deposit will need to be a minimum of 5% of the property value you are buying. For buy to lets, the usual amount is 25%.
It’s not just about the interest rate. We search the market from a huge range of lenders and take into account things like fees and cashback when making a recommendation that is tailored to your circumstances.
As the mighty Oak Tree represents longevity, strength & stability, we specialise in forging long term relationships with our clients based on trust and honesty, to build solid foundations for their future.
Oak FS Ltd trading as Oak Financial is registered with the Data Protection Act 1998 Registration Number ZB473115 and is authorised and regulated by the Financial Conduct Authority under Firm Reference Number 1015779 and are an Appointed Representative of TMG Direct Limited which is authorised & regulated by the Financial Conduct Authority under Firm Reference Number 786245 and registered with the Data Protection Act 1998 Registration Number: ZA178200.
Think carefully before securing debts against your home. Your home may be repossess if you do not keep up repayments on a mortgage or any other debt secured on it. The guidance contained within this website is subject to the UK regulatory regime and is therefore targeted at consumers based in the UK.
