Remortgage Your Home
Remortgaging can help you free up equity in your home, or save you some money in the future. We will always help you to find the best remortgage deal for you and your situation.
There are many different reasons why you might remortgage your home and, whatever your situation, our expert advisors will be here to help you, from first meeting until your new mortgage is in place.
We believe that every mortgage should be stress and hassle free, and that goes for a remortgage too. Whether you are coming to the end of your current mortgage deal and want to find better rates to save money in the future, or you just want to free up the equity in your home for a particular purpose, we will endeavour to fully understand your situation, and also help you to assess all of your options.
A remortgage is replacing one mortgage with another, where your new mortgage repays your existing mortgage, and you can also release some money that is stored within your property if you choose. You might have been hesitant about remortgaging in the past, but it should never be a daunting process. We will work with you to assess your financial situation, and from there find the best remortgage deal for your personal circumstances. We will also complete your remortgage application on your behalf to give you peace of mind that the process is running smoothly.
We’ve successfully built Derbyshire Mortgage Services solely through word of mouth recommendations and the dedication of our friendly and experienced team. Learn more about us and see if we can help you.Find out more about our team
How much could you afford on your remortgage? Our mortgage calculator can generate an estimate for you. For a more accurate figure, don’t hesitate to call one of our expert advisors – our services are always free.Find out what you can afford
From knowing when and why to remortgage your home, to completing your remortgage application, our remortgage guide contains all of the essential information you need when trying to find the best remortgage deal.Read our Remortgage Guide
“I have completed on my first house today. As a first time buyer Michelle & the team were endlessly patient, assisting me through the process & answering every question I came up with. They made the whole application the least stressful part of the process. Thank you all.”Zoe
“Thank you so much for everything you have done to make buying our first home go so smoothly and to be as stress-free as possible! Your advice has been invaluable and we really appreciate all of your hard work.”Laura & Jose
“I recently completed a successful remortgage application with Derbyshire Mortgage Services. Despite my being self-employed relatively recently, Michelle guided me through all the paperwork I would need to provide in order to meet lending criteria. She laid out the range of mortgage options and found me a deal that I am very happy with. To top it off, no fee was charged!”Rob
What You Get
1. How much can I afford?
The affordability of your remortgage will not only depend on your income and outgoings, but also if your current deal contains any payable early repayment charges (ERCs). These charges can be costly, so check with your current lender whether you have ERCs, how much they are, and when they will end. You may also need to consider legal, valuation or product fees if you don’t find a fee free deal.
2. When should I remortgage?
When you should remortgage depends on your own personal situation. Many people look to remortgage before their existing deal comes to an end, and their rates revert to their lender’s (usually higher) SVR. Other people choose to remortgage when interest rates are particularly low, or if they have built up a lot of equity in their property that they would like to release.
3. Why should I remortgage?
The equity released in your property by a remortgage could be a deposit on a buy to let property, or even be used to pay off other debts, although you should consider all of your options before choosing this route. A remortgage can also be a solution to separating finances in a divorce or separation – our advisors will be happy to talk to you if you are in this situation and need advice. Think carefully before securing other debts against your house.
4. The application process
We believe mortgages should be as stress and hassle free as possible, which is why we will always complete your mortgage application for you, whatever type of mortgage product you are looking for. We will ensure you supply the correct documentation and information, and that it is in the right place at the right time. We will also never charge you for our services – it’s always free!
If you still have questions about your remortgage, you might be able to find the answer here or in our Remortgage Guide. If you have further queries, call one of our advisors for free.
What is a remortgage?
A remortgage is where you take a new mortgage to repay your existing mortgage. You might do this to get a better interest rate, or if you want to borrow more money by releasing equity in your home.
Is it a good time to remortgage?
Yes, if you are on your lender’s standard variable rate (SVR) or your existing rate is due to expire soon. It is always worth reviewing your options to see if you can save money in the long run.
Are there fees involved with remortgaging?
Many lenders offer fee free remortgage packages (a free valuation, free legal services and no product fee). We also do not charge a fee for our services. Some products, however, do have fees attached, but it may still save you money in the future by paying such a fee. We will help you find the best deal for you and your situation.
Should I consolidate my debts?
Consolidating debts can help to ease your monthly financial commitments. However, it is important to remember that you are taking a short-term debt and turning it into a long-term loan secured on your property, which will cost you more over the term of the mortgage. Think carefully before securing other debts against your house.
How much equity do I need in my property?
Providing you have at least 5% equity in your property, you can remortgage to the same value to obtain a better interest rate if one is available. If you are looking to raise extra capital, the limit is generally 90% of the property’s value.
Do I need a good credit history?
A good credit file will help you find a better mortgage deal as you will have access to a wider range of lenders. If you have had credit issues, however, our advisors may still be able to help you. Just give us a call and we can assess your situation for free.
How much could I borrow?
When calculating how much you can borrow, lenders will take into account any credit commitments you have, as well as how your income is made up. Our mortgage calculator is a great guide for how much you might be able to borrow, but if you’d like a more accurate estimate of your lending amount, please get in touch.
What will I need for a remortgage application?
It is always helpful to have 3 month’s payslips and latest P60 or the last 2 years Tax Computations (previously known as SA302s) and corresponding Tax Year Overviews if you are self-employed. We will also need the last 3 months of bank statements showing any salary credits and credit commitments being paid, as well as proof of address and ID. For a full list of required documents, take a look at our Guides section.
How long will it take for my remortgage to complete?
It should take around 6 to 8 weeks.
Do I need to arrange a solicitor/conveyancer for a remortgage?
Most remortgage deals will offer a free solicitor appointed by the mortgage lender. In some cases, you may not wish to use this free legal solicitor, and will choose to appoint your own. Some lenders will give you cashback towards your legal fees if you choose not to use their services.
What if I want to move during my mortgage deal?
Should you wish to move home during your mortgage deal, most lenders will allow you to transfer your existing mortgage and borrow additional funds required, subject to meeting their affordability and lending criteria.
Can I let my property?
Some lenders will grant you permission to let in certain circumstances. You may be able to remortgage to a buy to let mortgage should you wish to let your property.
We care as much about your home as you do
Let us help you find a mortgage that’s tailored to your life.