Remortgages

Remortgages

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About Remortgages

Have you got your mortgage with another lender and are looking for a better deal? Or are you looking for further borrowing? We offer great value remortgage deals if you’re not moving home but want to change your mortgage lender.

Most new mortgages come with an initial commitment to the lender to stay with them for a period of time. For example, if you have taken a 2 year fixed rate, you would be expected to remain with that lender for at least 2 years or you would incur an Early Repayment Charge for repaying the mortgage sooner.

At the end of the initial commitment period however, you are in a position to ‘shop about’ again for the next mortgage.

The first thing to do is to consider any offerings your existing lender has. Your existing lender may have some rates you can switch to and the advantage of this is speed. However, the rates which they offer may not represent the most cost effective solution for you if another lender in the market is offering a cheaper overall product. Our advisers at Reliance Mortgages Ltd can help you to compare all the options available.

Further borrowing

If you have equity in your home and you want to borrow against that equity perhaps to complete home improvements, buy a second home or purchase a car etc, then there are a number of options available.

You can approach your existing lender for a further advance. This essentially is an increase to your existing mortgage, however the lender may breakdown the loans separately meaning that you might have different interest rates or terms on each part of the mortgage. Therefore you will need to qualify for the additional borrowing.

If you look to remortgage to another lender, you can choose to increase your mortgage at the same time, again subject to meeting the lenders criteria such as affordability.

If you are in an initial period where you will incur an early repayment charge for remortgaging and/or you are unable to obtain a further advance, another option is to take a second charge. This is a loan with a second lender, which is secured on your home but the existing mortgage remains in place. Find out more about second charges.

Reliance Mortgages Ltd Reliance Mortgages Ltd (FCA No.794930) is an Appointed Representative of Connect IFA Ltd which is Authorised and Regulated by the Financial Conduct Authority (FCA No. 441505). The FCA does not regulate Business Buy to Let Mortgages and Commercial Mortgages to Limited Companies. Reliance Mortgages Registered Office: 1st Floor Holborn Gate, 330 High Holborn, London, WC1V 7QT. Company Registered in England and Wales Reg.11022139. Reliance Mortgages Ltd is registered with the Information Commissioner's Office under registration reference: ZA288283. Copyright © 2019 All Rights Reserved
  • Reliance Mortgages Limited (FCA No. 794930) is an appointed representative of Connect IFA Limited (441505) which is authorized and regulated by the Financial Conduct Authority.
  • Commission disclosure: We are a credit broker and not a lender. We have access to an extensive range of lenders. Once we have assessed your needs, we will recommend a lender(s) that provides suitable products to meet your personal circumstances and requirements, though you are not obliged to take our advice or recommendation. Whichever lender we introduce you to, we will typically receive a commission from them after completion of the transaction. The amount of commission we receive will normally be a fixed percentage of the amount you borrow from the lender. Commission paid to us may vary in amount depending on the lender and product. The lenders we work with pay commission at different rates. However, the amount of commission that we receive from a lender does not have an effect on the amount that you pay to that lender under your credit agreement.
  • The guidance and/or advice contained within this website is subject to the UK regulatory regime and is therefore primarily targeted at consumers based in the UK.
  • There will be a fee for mortgage advice the precise amount will depend upon your circumstances, but we estimate that it will be 1% of the loan amount.
  • A fee of £199 payable at the outset when you apply for the mortgage. We don’t charge any fee for insurance services.
  • Your home may be repossessed if you do not keep up repayments on your Mortgage.