Usually, the minimum interval between securing your mortgage and going for a remortgage is six months. Both variable-rate and fixed-rate mortgages can carry an early repayment charge if you switch mortgages within a certain timeframe, which can range from 1% to 5% of your mortgage debt but can be higher.

For fixed-rate mortgages, if the agreement is that the mortgage rate is fixed for (for example) 2 years, then this is the minimum amount of time that must pass between getting your mortgage and then switching to avoid an exit fee. This is because by leaving before that amount of time, you are breaking the terms of the agreement.

For mortgages as a whole, usually, the first year of your mortgage will have the largest exit fee associated with it. After this first year, the exit fees will reduce towards 0% as you complete the term agreed in your initial mortgage.

It’s possible to remortgage while on maternity leave. Your lender will consider your credit score, financial situation, and history. If while on maternity leave you can evidence earning a steady income that exceeds the affordability requirements, in addition to the usual mortgage requirements, you can likely apply for a remortgage.

A lender is not likely to directly ask if you are on maternity leave, however, they are likely to ask you about your future plans. Honesty is the best policy here, as your financial situation will be likely to change by the end of maternity leave. A lender may ask to see payslips from before you went on maternity leave, bank statements, and/or a letter from your employer outlining what your return date will be, and what your salary will be upon your return. This is to inform lenders of your financial situation before maternity leave, during, and what it is likely to look like after you return.

A remortgage can, on average, take anything from 4 to 8 weeks from making your initial application. Oftentimes, you will have meetings with your lender’s mortgage advisors if you go to them directly. There are a few points to consider if you are looking to go down the remortgage route.

If you are leaving your current mortgage before your current mortgage term, you could incur an early repayment charge or exit fee. It is worth checking the terms of your mortgage and weighing this into your decision. You will also have to consider how your credit score is when you apply, and whether you will be able to exceed the affordability requirements for your new mortgage.

It would also be wise to consider what you want to achieve from your new mortgage. Are you looking for lower monthly repayments? Do you want to be able to pay off your outstanding balance sooner? Is what you want now going to be the same thing in the future?

Here is a rough guide on how much it costs to remortgage. However, the actual costs will depend on the current mortgage deal you have with your lender, as well as the value of your property.

Mortgage arrangement fee: This can be paid upfront or added to your mortgage debt. This would then mean you’d pay interest on this fee. Cost £1,000-£2,000

Mortgage broker: no extra cost when you go with Fees Free Mortgages

Valuation and survey fees: Cost £250-£600

Legal costs: Cost £850-£1,500

The best time to remortgage is not when the mortgage term comes to an end. You need to start looking for a new mortgage deal at least three months before the expiry date of your current mortgage. However, if for any reason you feel you’d like to find a better mortgage deal for yourself earlier than three months prior to the end of the term, please get in touch and we can help you find the best solution.

The first thing to consider when planning for a remortgage your home is to calculate how much you can afford to pay. Consider any additional fees you may need to pay such as an arrangement fee to your new lender or an early repayment fee for leaving your current lender. There may also be legal and valuation fees.

When working with Fees Free Mortgages, we take all of that into consideration when presenting you with the best options for your remortgage.

Most people are able to remortgage their home and there are plenty of incentives to do so. We can help you explore the different options available to you and help you sift through the numerous deals to find the right one for you when you are ready to remortgage your home.

No! Coronavirus will not stop you from remortgaging. Advances in technology mean that we can conduct our initial discussion via telephone and we can email you our recommendations. The application process too can be completed with online ID checks and digital documents.

Get in touch to start your remortgaging process now!