Remortgage

Additional Information

A remortgage is when you take out a new mortgage with a new lender on a property you currently own. The new mortgage will take the place of the existing mortgage you had on the property. This could be on your main residential property or another property you own e.g. a buy to let property. There are many different reasons you may choose to remortgage your property and we are here to help you decide whether this is the right option for you.

Reasons to remortgage:

· You are coming to the end of the introductory deal on your current mortgage and wish to take out a new deal with another lender, rather than being transferred onto the lenders Standard Variable Rate.

· You would like to release some of the equity in your property to fund home improvements.

· You have some unsecured debts that you would prefer to consolidate to lower your monthly outgoings.

· You would like to make changes to your mortgage e.g. reduce/extend the term.

· You wish to add or remove another party to the loan.

· You want to borrow some additional money to purchase a new property.

· Your circumstances have changed since you took your current mortgage out and you now feel you could be eligible for a mortgage with a lower interest rate.

· You can also take out a mortgage on an unencumbered property (a property you own without a mortgage) to raise capital which will also be classed as a remortgage.

Lenders assess suitability for a remortgage in a similar way to a new purchase and will require to see various documents from you as proof of income. As with a purchase they will also have ‘loan to value’ criteria so they will arrange for a valuation of the property to be done. Once the lender has agreed the mortgage a solicitor will be appointed to deal with the legal aspect of transferring your mortgage to a new lender.

If you would like to release some equity from your property but your current mortgage has high Early Repayment Charges then a ‘secured loan’ may be a more suitable option for you to avoid the penalty for repaying your mortgage early.

As mortgage advisers we have access to a wide range of lenders and will always give unbiased advice on what we think is right for you.

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If you are looking for a remortgage and require sound professional advice. For information and mortgage advice you can trust Enquire now

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YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

Registered in England and Wales

Citrine Mortgages Ltd is an Appointed Representative of PRIMIS Mortgage Network, a trading name of TenetLime Ltd. TenetLime Ltd is authorised and regulated by the Financial Conduct Authority.

The guidance contained within this website is subject to the UK regulatory regime and is therefore primarily targeted at consumers based in the UK

Registered office address - 39 St. Laurence Way, Bidford-On-Avon, Alcester, England, B50 4FG

Registration number - 12616327

What are our Fees and Charges?

Insurance

We will not charge you a fee for our services relating to insurance, but we will receive commission from the product provider. The commission will be calculated as a proportion of the premiums paid for the insurance product.

You will receive a quotation which will tell you about the fees and charges relating to any insurance policy that we recommend.

Mortgages

For our advice services, we will charge a fee of between £395 minimum and £795 maximum. This will depend on the complexity of the case for example adverse credit/ debt consolidation.

• For residential mortgages we charge a fee of £395.

• For buy to let mortgages we charge a fee of £395.

• For clients with complex cases for example adverse credit/ debt consolidation we charge a fee of £795.

Our fee becomes payable when we provide you with our recommendation(s).

If you choose to proceed with our recommendation and the mortgage goes ahead, we will also be paid commission from the lender for arranging the mortgage on your behalf.

The amount of commission we receive varies from lender to lender. Information about the range of commissions available to us from the mortgage products we recommend is available on request.

If you apply for a mortgage that does not go ahead, you will receive no refund.

You will receive a personalised illustration when considering a particular mortgage. This will highlight the key facts about the mortgage product including any fees relating to it and the amount of any commission due to us from the mortgage lender.

If an application is submitted to a lender via a packager (a 3rdparty specialist) we will be paid commission by the packager. This will be disclosed to you.