Looking to Remortgage?

Is your mortgage deal ending? Dreams of home improvements? Looking to consolidate other debts? Adding or removing a borrower? All of these are good reasons to consider what your next suitable mortgage option will be. On this page we’ll explore some of these areas. But, if your reason for needing a remortgage is different to these, we have expert mortgage advisers on hand who will be able to help.

Who We Are

Robin Mortgage Design are a whole of market mortgage & protection brokerage. Mortgage brokers who are whole of market have access to the largest pool of mortgage providers such as banks, building societies and pure mortgage lenders. When you choose us, you’ll be treated as an individual from the very start. We’ll take the time to understand your situation and propose suitable options for your mortgage & protection needs.

On this page, we’ll help you understand understand how you could get a mortgage and what you can do to prepare for your application. If you’d like to speak with an actual human at any point, then we can get you in touch with your personal mortgage consultant who will be on hand to guide you through every stage of your journey.

What is a remortgage and why do I need to?

A remortgage is where you switch your mortgage lender during the term. This can be a for many reasons, such as the existing deal coming to an end, wanting to raise capital for any legal purpose, adding or removing a borrower and consolidation of other debts. The most common reason for a remortgage is that your current deal has come to an end; you can do nothing and you'll likely revert to the lenders standard variable rate, which is usually higher. A remortgage can help to reduce your outgoings, although sometimes the variable rate could benefit your circumstances.

With 1000s of mortgage products available on any given day, finding your next mortgage might not be as easy as it may seem, especially if you’re doing anything other than a like for like balance swap. Your personal mortgage adviser will look at all your options including what your existing mortgage lender can offer to make sure you'll be on a suitable and cost effective option for your new requirements.

When reviewing your mortgage, this is normally a good time to review your plans for the future of your mortgage, this could include:

Increasing or decreasing your mortgage term
Decreasing your mortgage balance with a capital overpayment
Increasing your mortgage balance to raise capital
Adding or removing a person from the mortgage

Your remortgage is also a good time to review of your choice of mortgage product; just because you had a fixed rate before, it doesn't always mean that a fixed rate is the right choice moving forward.

Discover your options

Home improvements

Debt consolidation

Remortgage for home improvements

This is a common area for many mortgage advisers as raising money on your property can seem like the cheapest and easiest route to releasing funds to help create your dream property. Your mortgage advisor will be able to work out which option is actually the most suitable route for you.

Below are some of areas to consider before raising capital for home improvements.

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Things you should consider

When raising capital on your property here are some things you should consider;

Do you currently have a mortgage and if so are you still tied into any penalties?
Is the amount you are borrowing sufficient to cover the renovations?
Have you considered any unforeseen cost?
How much equity have you got in the property?
Have you got quotes for the work you wish to carry out?
Does your insurance cover the building while the works are being carried out?
Do you require planning permission or additional checks to be carried out?

Once you know the answer to these questions you can start to look at your options.

Discuss Your Options

When should I remortgage, before or after the renovation?

This is a very good question and one that is rather difficult to answer because it depends on a few factors. Such as cost & property valuations.

For example, if you have a property valued at £200,000 and you wanted to raise £30,000, but you had a mortgage of £170,000 then this might not be available through a conventional first charge mortgage. So you'll need to consider other options, such as secured loans, personal finance or renovation mortgages. Once you have then renovated the property and the value has increased, then you might be able to remortgage, but bear in mind that if you have taken debts, this might affect your ability to re-finance.

Before you undertake any works on your property, you need to do some research and this will include, potential future valuation, current credit worthiness and how much you actually need.

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Remortgage for Debt Consolidation?

Need to get your ducks in row?

For many reasons, you may have built up a fair amount of debt for things like holidays, cars, property works or maybe a life event. You may have decided that you’d now like to consolidate that debt.

There are few ways of doing this, you could use other personal loans, utilising equity in the property, savings or debt management facilities; all of which have their own parts to play.

Although you may have already come to the conclusion that consolidating debts to the mortgage is the right move for you, our trained advisers will still consider all the options available to you. They’ll be able to help you make sure that it’s the right move and that you fully understand the costs of consolidating debts onto the mortgage.

Is Consolidaton Right For You?

Things to consider before you consolidate debts

Here are some things to think about if you’re considering adding debts to your mortgage:

You’re increasing the level of debt held against the property and this might have an impact if you wanted to move home, or if you didn’t keep up to date with your payments. Reduced equity may limit your future choices.
Make sure you consider the interest rates and the APR on the current debts. For example if you have a 0% credit card, should this be consolidated?
Make sure you know the true cost to redeem the debts. The current balance on the statement may not include any fees for redeeming the debt.
What is the purpose for consolidation, long or short term savings or are you struggling to make the payments?

The equity in your home is very precious and that’s why when looking to debt consolidate, your adviser might ask a lot more questions. They may even advise you not to consolidate the debts, but ultimately it’s your choice and they will always be on hand to help at every stage.

The true cost of consolidation?

This is a great question. The cost of debt consolidation can be explained in a variety of ways but here are some things to consider.

The fees associated with the mortgage product: Some mortgage products come with fees and these can range from £0 to in excess of £2,000 for setting up and redeeming the mortgage.

Associated fees: These include valuations, legal work and broker fees, all of which should be taken into account when applying for your mortgage. These can again be in excess of £1,000.

Long term cost: Consolidating debts is usually considered to lower your outgoings, however, if you're consolidating the debts to a longer-term loan, then remember that interest is payable for the duration of the loan. Also, by adding to your mortgage, you will be reducing the equity, which could mean you will pay higher rates on all your mortgage debt.

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Can I still remortgage with bad credit?

If you have adverse credit, there could still be options, but this really does depend on your credit history. The best thing you can do is to seek advice from a mortgage adviser and gain access to your credit report. Your dedicated adviser will then be able to let you know your options and when you'll be able to get a mortgage. There are specialist lenders that can help in certain cases, but there are no guarantees.

Here are some of the considerations if you've got a tainted credit history:

Bankruptcy and Individual Voluntary Agreements (IVAs) are widely acceptable once they’ve been discharged for 3 years. If you have a larger deposit to put towards a property, then other options may be available if they were discharged more recently than 3 years.

Debt management plans are widely accepted as long as they’ve been in place for 12 months or more and you’ve conducted the account excellently.

Defaults and CCJs are widely accepted, however there are many different solutions and options here. So even if you have something outstanding, lenders are willing to take a look.

Missed payments are widely accepted but it does depend on what the missed payments were for, the reason for the missed payments, how many payments have been missed and how long ago they were. Typically, lenders prefer your payments to be no more than two months behind without needing to look at more specialist mortgage products.

Payday Loans are widely accepted if they were paid off over 12 months ago. They can be frowned upon when applying for a mortgage as they are considered a last resort option for borrowing. In all cases, the lender would need to understand why the loan was taken out.

Whatever situation you’re in when it comes to bad credit, it’s always best to get advice from a mortgage advisor, ideally someone who is able to review all your options by searching the whole market.

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Why use a mortgage broker?

This is a really good question. Like most occupations, people can be very good at what they do with some being the ‘jack of all trades’. But normally, if you want something doing you choose an expert. A mortgage broker is no different.

Mortgages and associated services is what we do, and we have the experience, knowledge, and qualifications to help secure your mortgage from the whole of market, not just a select panel, like some agents, comparison sites and single ties such as banks.

So, if you’d like honest, unbiased advice, suited solely to you, then a mortgage broker is just what you need.

Find out your options

The Remortgage Process

Here is our simple, step by step process guide for remortgaging a property. Our mortgage experts will always be on-hand to help guide you through the process from start to finish.

1.

Speak with a professional mortgage adviser

If you are considering a remortgage on your property, you should always seek advice from a qualified mortgage adviser. They will guide through the process and make a recommendation based your preferences and affordability. This is always a great first step to ensure you remortgage to a suitable option.

2.

Obtain a decision in

principle

A decision in principle is the first step to getting a mortgage. At this stage, lenders will evaluate your finances and credit history to be sure you can support the mortgage. Once agreed, you can then move to the next step of the process. The decision is not a guarantee of a mortgage, as you are still subject to underwriting and a valuation on the property, but it is definitely a positive step.

3.

Submit your mortgage application

Your adviser will now review the mortgage and protection options again and once you are happy, will submit the application to the lender on your behalf. During the application process, there may be some fees payable, such as the cost of a valuation. At this stage, your adviser can instruct a conveyancer on your behalf, if you haven't appointed anyone.

5.

Mortgage underwriting and Valuation

At this step of the process, the lender will review all your information to make a formal decision on whether or not to offer the mortgage. You will need a valuation to be carried out, which the lender will arrange. This process can take anywhere from a couple of days to a couple of weeks, but you should be kept up to date with the progress throughout.

6.

Mortgage Offer

Once the lender is happy with the underwriting and the valuation they will look agree the requested loan. You’ll now be provided with an offer document and copies will be sent to all the relevant parties. The mortgage offer will generally be valid for 3 to 6 months and can usually be extended if required.

7.

Conveyancing

Behind the scenes your chosen conveyancer will be doing all the legal work to ensure a smooth transition between lenders. They provide a hugely important part of the process, so it’s always best to choose someone you can trust. If you are unsure about which conveyancer to use, please let us know and we can recommend someone from our trusted network.

8.

Completion

Once all the legal work your conveyancer will be touch to confirm a date for completion. Once completed your mortgage will have switch to your new lender and your new payments will start shortly afterwards.

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