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Remortgaging Your Home

Every year, more than 50% of British home owners end up paying out more money on mortgages because they don’t know about remortgaging. A remortgage is when you take out a new mortgage to pay off your existing mortgage, using the same property as collateral. You might want to remortgage for various reasons: Reducing your monthly payments by getting a better interest rate, pay off other debts, refurbish your home or simply take out money from your property and invest it elsewhere. The remortgage process may seem dauntingly complex, but it needn’t be. We will guide you through your entire application process and do the heavy lifting for you. Call us to speak to one of our expert mortgage advisers who can discuss your unique needs with you and advise you accordingly.

Can You Afford to Remortgage?

One of the most important factors to consider when you a re thinking of getting a remortgage is whether you will be able to afford it, that is, whether you will be able to keep up with the new repayments.


You will need your mortgage statement and your recent bank statements to work out your monthly income and expenditure, so that you can calculate whether you will have money left over to make the monthly payments and also if you could afford the payments if they increased.


You can calculate this easily using our mortgage calculator here.

How Much Can You Borrow if You Remortgage?

The amount of money you can borrow against your home when you remortgage depends on your affordability, which means how much money you have left after paying for your financial commitments.

Your remortgage will also depend on is your current LTV (loan to value) ratio. LTV ratio is the ratio between the amount of your mortgage and the value of the property, expressed as a percentage. Here is an example of LTV:

If you have taken a mortgage of £200000 to buy a property that is valued at £250000, then your loan to value will be

200000/250000 x 100

= 80%

How Much Will it Cost to Remortgage?

There are certain fees to be paid during the course of your remortgage application and these form the cost of your mortgage. Not all fees are applicable in all cases, for example, you might get a remortgage deal where the legal fees do not have to be paid.


The fees that you usually need to pay are the lender’s arrangement fees, legal fees, valuation fees, Stamp Duty and Land Tax (SDLT) and early repayment charges (if applicable). At Ever North Mortgages Limited, we do NOT charge any broker fees, so this will not be added to your costs.


Our expert mortgage advisers will always find the best and cheapest remortgage deals for you.

Ask Your Current Lender about Switching Products

Sometimes your existing lender who you have your current mortgage with, can offer you a good mortgage deal. That way, you will not have to look for a deal elsewhere.

Submitting your application

When you instruct your dedicated mortgage adviser at Ever North mortgages Limited to find you the perfect mortgage deal, we will go through all the deals in the market suitable for you and come up with the best one. We will send you a Key Facts Illustration (KFI), which is a document that sets out all the features and costs of the mortgage deal. If you then decide to go ahead with it, we will start your mortgage application process.


We will then compile all the relevant documents that the lender will ask for with your application. To this end, we will ask you to send us your photo ID, payslips, bank statements and mortgage statements. We will then submit your application on your behalf, liaise with the lender and keep you updated every step of the way.

Getting your mortgage offer

Once your dedicated mortgage adviser has submitted your remortgage application to the lender,

The lender will assess your income by checking your documents. They will also assess your property’s worth by arranging a property valuation survey.

You will also require the services of solicitors to the handle the conveyancing of the property. Some lenders have a panel of their own solicitors. Alternatively, you can appoint your own solicitors or we can recommend solicitors to you.

During the entire process, your dedicated mortgage adviser will liaise with the lender and keep you abreast of the progress. This way, you will not have the stress of going back and forth with the lender all by yourself.

When all the lender’s checks have been satisfied, they will issue your Mortgage Offer. This is a legally binding document that says that the lender is prepared to lend you the money you have asked for in your application. When you receive your offer, please read it through to make sure the details are all correct and that you understand and agree to the terms. Your expert mortgage adviser can help you to understand the document.

Remember, our services are completely FREE. You do not need to pay Ever North Mortgages anything.