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
We would suggest you don’t leave it to the last minute. We can start discussing your plans and mortgage options six 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 properly review the market before your current deal expires.
It’s important to take into account the associated fees which may apply when remortgaging. The main fees are:
Early Repayment Charge (ERC)
If you’re still in the initial rate period of your current mortgage, then your existing lender may apply an early repayment charge when you pay off the mortgage early. It’s important to check as an ERC could mean that it’s not cost-effective to change deals just yet.
Whether you stay with your current lender or change lender for a better deal, then you may have to pay an arrangement fee in order to get the best deal. Lenders will usually offer you their lowest rate which will come with their highest fee, whereas a higher rate usually comes with a lower fee. We’ll calculate which works best for you based on the size of your mortgage.
If you change lenders then the new lender will want to value the property. In most remortgage deals, the new lender will cover this cost.
When changing lenders there is legal work to be done in order to remove the legal charge of the existing lender and to register the new lender. Most lenders will cover the cost of this.
When your existing deal ends, then your current lender may offer you a new deal rather than their standard variable rate. We’ll take this into account when assessing your options.
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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.
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