Remortgage UK & International
- Get remortgaging offers in 24-48 hours
- UK and international property remortgages
- Experts in remortgaging for foreign nationals, non-resident property investors and expats
- Access more than 500 lenders, including private banks, alternative, specialist and niche lenders
- Specialists in high-value and high LTV remortgaging
- Complete service to arrange remortgages in 4-8 weeks
Remortgaging: What Do You Need To Consider?
If you want to consider remortgaging, you should do so carefully because there may be fees associated with switching your mortgage. Enness will be able to review your current mortgage and help you understand what your options are and provide an overview of what it is likely to cost to remortgage. These details will give you the ability to have an overview of what it will actually cost you to remortgage and what upfront expenses you will need to pay. It's vital that you have this information so you can calculate what you will save.
Early repayment fees are the most common element to be aware of, as sometimes your current lender will stipulate that there is a cost for repaying the mortgage early. However, there will be additional fees, including valuations, legal and lender fees, that you should consider too. Depending on your situation and mortgage, you may also need to pay other liabilities, which change from lender to lender and product to product.
If you want to refinance, it's essential to look at what it will cost to remortgage and compare it to what you will pay afterwards with a new mortgage product. Many borrowers assume that if you can get a cheaper rate, it is always worth refinancing. However, you may not save money in the short term: there are usually fees associated with remortgaging which will impact your initial saving, but over the long term, you will usually be better off. Enness can help you compare and understand when your broker presents mortgage offers to you, you know the complete picture and can ensure that a switch is the best path forward for you.
When Should You Remortgage?
You can consider remortgaging any time you think you will get a more competitive mortgage, or when you think you can take advantage of a cheaper product offered by another lender.
Sometimes, it will be beneficial to remortgage to a short-term fixed product, and in other cases, a longer-term fixed product will be more advantageous. One of the best times to consider refinancing is when base rates rise or fall because lenders often bring new products onto the market. It can seem counterintuitive to refinance when rates rise, but often, you will find that switching to longer-term rates may be advantageous because lenders make them more competitive than short-term fixed rates, and you can benefit from more financial certainty with regards to what you will pay.
You may also want to consider refinancing when:
- When your current term is coming to an end
- In situations where different mortgage products become available, or lenders offer more competitive packages
- If your plans have changed and another mortgage product would offer you more flexibility or the ability to meet your objectives or plans for your property more effectively
- If you took out your mortgage when interest rates were higher than they are currently, or new products are available that would suit your needs better than your current mortgage
How Long Does Remortgaging Take?
Remortgaging is faster than getting an initial mortgage. The more documentation you have available and the stronger your financial position, the quicker the process will go. We can arrange a remortgage in as little as a month when we have what we need, but it can take longer, although completing the process in six to eight weeks is feasible.
Remortgaging At The End Of Your Existing Term
It is natural to consider remortgaging at the end of your current term because your mortgage will usually revert to your lender's standard rates, which, in most cases, will be higher than your fixed term rates.
If your current term is ending, move quickly and well ahead of time rather than waiting until the last minute to arrange to remortgage. The earlier you approach Enness, the more offers Enness will be able to negotiate for you, the longer you will have to get your documents in order, and the smoother the process will likely be. You will also have more time to consider your options and decide which offer is best for you without the stress of trying to complete a remortgage in the shortest timeframe possible.
If you want to remortgage at the end of your current term, get in touch. Your broker will be able to talk you through products available on the market and give insights into what kind of offers they can secure for you and what rates they can secure for you. This information should always be personalised – especially if you have a high-value mortgage or high LTV.
It’s worth noting that while mortgage calculators can give you some idea of what mortgage rates are available, but these usually provide oversight of middle-market products. The more unusual your financial situation, background and requirements, the more you will benefit from tailored advice, Enness' knowledge of all the lenders and products available on the market, and your broker's ability to renegotiate. Not all lenders provide information to mortgage calculators or don't show where there is room for negotiation. As a result, you may also not approach the best lenders or know where it is possible to get a more competitive offer.
Remortgaging: Top Tips
If you are thinking about breaking a mortgage, here are some considerations to bear in mind:
Contact a broker before you approach your present lender
One of the first things many borrowers do when they think about breaking their mortgage is to approach their current lender. Lenders understand that borrowers may look to remortgage (particularly at the end of your present term). Still, it's not advisable to approach your lender directly before you have other options.
Enness will work with you to identify your options and help you understand what alternative offers you will get and what you can save. Your broker can negotiate rates with new lenders and can then approach your current lender to see if they are open to renegotiating or if they want to match other offers. It's always better to have alternative remortgaging offers that you would be open to switching to before you approach your current lender. It adds an element of competition and means you are well-positioned if your present lender isn't open to renegotiating.
Don't wait until the last minute
Just because you already have a mortgage and you're not moving house, remortgaging still takes some time to arrange. A new lender will still need to underwrite your loan, value your property and assess your suitability for your remortgage. You will also need to arrange for your legal team to manage the process – Enness can work alongside them to do this. Approach a broker early so they can negotiate a new deal in good time – Enness can support you to work out the most beneficial offers and negotiate the best rates and terms.
Access as many lenders as possible via a broker
If you want to refinance, work with a broker that can access as many of the lenders on the market as possible. Enness has access to a global network of more than 500 lenders, including private banks, high street lenders, and alternative and niche lenders. A broker that can access the whole market will enable you to get the most competitive offers and make the process as efficient as possible. Working with Enness also means you will not have to approach lenders, negotiate individual deals, or try to assess the most competitive offer without expert advice. Enness will be able to do all this for you and talk you through the different remortgage packages so you can make an informed decision about what product is best for you.
Enness will start by assessing your requirements, the details of your current mortgage and your net worth, assets and financial background. This information will determine which the best lenders are likely to be, what offers you can access, and what the team will be able to negotiate for you. The more complex your requirements and the higher value of your mortgage or your LTV, the more value Enness' access to all the lenders on the market will be. In many cases, your broker may be able to access lenders you will not be able to approach yourself.
Negotiations
When it comes to remortgaging, everything is negotiable – even if lenders typically only offer products. The stronger your financial position and background and the better you can document this, the easier it will be to renegotiate the best rates and terms available.
However, you will usually need to work with a broker to tailor a refinance package to your needs and negotiate effectively with lenders in a way that bears results, rather than simply making demands. As a general rule, to be able to negotiate, Enness will need to present an excellent case that is backed by facts and documentation. This requires a deep understanding of what lenders want to see, only approaching the lenders that can negotiate and present your case and its merits in the strongest possible light.
Get In Touch To Explore Remortgaging
Specialists in high-value property finance, Enness has a proven track record assisting high-net-worth individuals to remortgage. Whether your present terms are coming to an end, if you want to explore cheaper alternatives or you want to break a mortgage for any reason, Enness will be able to help.
Contact Enness to have a no-obligation chat about your plans, to answer any questions or simply find out more about remortgaging.
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