Never pay more than you need to
We make it easy for you to switch rates and save money
A mortgage may usually be for a 25-year period but it doesn’t have to be for life! We can review your mortgage arrangements to ensure that you never pay more than you need to. A remortgage is also a good way to free up funds to carry out home improvements, buy another property, or just make sure your mortgage is still the best for your current situation. Your Caenstone advisor will talk you through all the options available to you.
Our step by step guide on
how it all works
We can start discussing your plans and mortgage options 6 months before your current deal expires.
Getting the wheels in motion early allows us to secure you the most suitable deal and also gives us enough time to review the market until your current deal expires.
Put bluntly, it depends on what you can afford.
That’s why we start with a review of your current finances and take into account any change to circumstances since you last took out a mortgage. We’ll also take into account any change to the value of your property and talk you through any associated costs of remortgaging.
We will look at what deals your current lender is offering and compare with the rest of the market to make sure you’re getting the most suitable deal for you.
Once we’ve discussed all options and you’ve made a decision we can start the application process. We’ll let you know what documents you’ll need to get together.
As part of the application process, the mortgage lender will carry out a new valuation of the property.
This may be in the form of a valuer visiting your property, or may take place online. Most lenders will cover the cost of this.
Once everything checks out, your lender will issue your formal mortgage offer.
This will be valid for 3-6 months.
If we’re changing lenders then there will be legal work to be carried out. Most lenders will cover the cost of this.
Once we have the mortgage offer and legal work is ready, we can then set completion to coincide with your current mortgage deal expiring.
Helping to find you the best
We deal with a wide network of lenders offering the best mortgages on the market
Commonly asked questions
Most lenders allow you to consolidate unsecured debt such as credit cards, loans, etc. as part of your new mortgage, but it’s rarely the best thing to do. Firstly, you’re securing the debt against your property which could put your home at risk if things go wrong. Secondly, even if the interest rate on the mortgage is lower, you’re likely to end up paying more in the long run as you’ll be paying interest over a longer period of time.
If you take out a second loan secured on your home, that’s a second charge mortgage.
It’s important that you first speak to your existing lender. They may be willing to lend you the money on more favourable terms rather than taking out a second charge mortgage. If your current lender is not willing to lend you the extra and you have an early repayment charge on your existing mortgage which makes it prohibitive to remortgage to another lender, then a second charge mortgage may be the best option.
Second charge mortgages tend to be offered by specialist lenders, and the rates and fees are often more expensive than first charge mortgages.
Loan to value (LTV) is the ratio of mortgage to property value expressed as a percentage. For example, if you purchase a property at £500k with a £50k deposit (10%), you will need a 90% LTV mortgage.
Typically the lower the LTV the better the rate of interest a lender will offer because a high LTV mortgage represents more of a risk to the lender. In terms of LTV, most mortgage rates fall within the 60% to 95% range.
The complete guide to buying your first home
Buying your first home is exciting! It’s also stressful, with plenty of ‘traps’ for the unwary.
Expert advice and guidance is essential, and we lay out the whole process – step by step and jargon-free – in our complete mortgage guide for first time buyers.
First time buyer - case study
Learn how Mai’s personalised experience saved her time and money, giving her the mortgage she wanted.