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There are several reasons why remortgaging makes sense including getting a better deal, raising money to pay off expensive debt, or raising money to pay for a home renovation/extension.

If you are on your lenders standard variable rate or your deal is about to expire, then absolutely YES you need to consider the best options going forward.

If you have over £5k+ in expensive credit card, loans or car finance debts, then YES, absolutely you should speak with a broker to discuss your options.

If you have early repayment charges for leaving your current provider or existing deal, your mortgage broker would need to work out the maths to determine if this is the best thing to do.

A debt consolidation remortgage works by raising additional funds through a new remortgage deal to pay off all of your high-interest unsecured debt (like credit card debt, loans, car finance, etc). This achieves 2 things:

It means you only have one monthly payment to worry about (i.e. your mortgage) so it makes your life a little more simplified.
But most importantly, because mortgage interest rates are generally much lower than expensive unsecured debt, like your credit card, you can end up reducing your total monthly payments
by quite a lot!

Let’s face it, credit card debt is expensive (an average of 19.9%!*) so you could benefit from moving it to a lower rate. With a debt consolidation remortgage, you can consolidate your debt into your mortgage so it’s one simple monthly payment. And because mortgage interest rates are much lower, your total monthly outgoings will also be lower.

That said, it doesn’t always make sense because it can you mean you pay more in the long-run so it’s essential that you speak with an FCA regulated mortgage broker first to discuss your
options.

By taking our free online assessment, you can find out if you qualify, and if you do, we’ll match you with a specialist broker who will be able to advise you on the best solution.

The initial consultation is free and there’s no obligation to proceed so you’ve got nothing to lose, but everything to gain.

*Data taken from the Bank of England for the month of Jan 2023: https://www.bankofengland.co.uk/statistics/money-and-credit/2023/january-2023

If you have an existing mortgage.

If you are within 6 months of your current deal expiring or have no early repayment charges applicable.

You have sufficient income to support the level of borrowing required.

If you have a mortgage balance of no more than 90% of the property value.

We don’t complete any credit checks without your permission and our 30-second assessment won’t impact your credit score.

We would normally expect the mortgage application to be approved within 2 to 6 weeks, often less*. Some lenders are a little faster and if speed was a key concern, your mortgage broker could promote certain mortgage providers to assist with a faster turnaround.

*51% of Your Mortgage People’s clients who submitted a re-mortgage application between 01/07/2022 and 30/06/2023 received an offer in 14 days or less.

Your level of borrowing will be determined by several factors, which will include your level of household income, your level of existing financial commitments i.e. personal loans, credit cards, car finance etc and how long you wish to borrow the money over. Your mortgage advisor will be able to confirm the realistic level of borrowing you could secure.

The vast majority of lenders do like to see that you have paid all your financial commitments over the last 3 years however there are a number of lenders that will consider clients with bad credit. Your specialist advisor will look at these providers if your situation requires.

There are several options you could consider:

One would be to do a further advance with your existing provider, often used if you have an early repayment penalty in conjunction with your existing deal.

Two consider a secured loan from a third-party provider, again often used if your existing lender cannot assist a further advance and if you have early repayment charges present.

Debt-consolidation: consider a re-mortgage with a new lender and combine your current borrowings with any new monies required. This allows the entire balance to be on one set of terms and conditions.

Consider an un-secured loan i.e. a personal loan, which then does not secure the debt against your property.