Remortgages
We all want the cheapest deal and to pay off our mortgage as soon as possible. At Mortgage Light, we can help you wherever you are in the UK.
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REMORTGAGE WITH MORTGAGE LIGHT
Remortgage with us, Mortgage Light serving clients in Milton Keynes and across the UK
HOW REMORTGAGE WORKS
We all want the cheapest deal and to pay off our mortgage as quickly as possible. The simplest way of doing this is by making sure you always have the most competitive product suitable to you at all times. You can do this by remortgaging.
Remortgaging means switching your current mortgage to a new deal - either with your existing lender or a new one - to better suit your financial goals. Whether you’re aiming for lower monthly payments, want to fix your rate for peace of mind, or are planning ahead for future borrowing, it’s something worth reviewing every few years or when your circumstances change.
At Mortgage Light, our dedicated remortgage team with over 60 years of combined experience helps clients do just that. With a large percentage of our clients choosing to return to us, we’ll help you make sure your mortgage keeps working for you, not the other way around.
Product transfer vs remortgage
When your current mortgage deal ends, you’ll usually have two main options: a product transfer or a remortgage. A product transfer (sometimes called a rate switch) means staying with your existing lender but moving onto a new deal. It can be a quicker, more straightforward option, often with minimal checks or legal work involved.
A remortgage, on the other hand, involves switching to a new lender entirely. This may open up access to a wider range of deals across the market, which could better suit your financial goals or changing circumstances.
At Mortgage Light, we’ll help you weigh up both routes. Whether you’re looking for ease, flexibility, or long-term value, we’ll guide you through the best option to suit your needs.
REMORTGAGE WITH MORTGAGE LIGHT
Why remortgage?
There are many reasons why you might choose to remortgage and it’s often about more than just getting a better rate. You might be:
01
Your mortgage product has come to an end, and you’re about to be put onto a lender’s standard variable rate - which is often more expensive.
02
You need cheaper monthly payments because of additional commitments.
03
You’re currently on a variable rate mortgage and you want payment stability.
04
You have received money and would like to pay off a lump sum of your mortgage with it.
HOMEOWNERSHIP FOR EVERYONE.
10 ways first time buyers are getting on the property ladder
As a first-time buyer, there are a number of mortgage products designed to help make homeownership more accessible - particularly if you’re struggling to build up a large deposit.
Low deposit mortgages
Where some lenders will accept deposits as low as 5%, depending on your credit profile and income.
Higher income multiples
Available to applicants with strong rental histories, a high salary, or professional qualifications, often more accessible when you have a larger deposit
Cashback mortgages
A fixed sum back upon completion to help with initial costs - normally linked to new build homes.
Shared ownership
Where you buy a share of a property and pay rent on the remainder – with the option to purchase more shares over time.
Builder or developer incentives
Often offered on new-builds to reduce your upfront costs - there are often ways to work directly with the developer to tailor the deal and explore additional mortgage options.
Joint borrower, sole proprietor mortgages
Sometimes called “income booster” - allowing a parent or family member to support your income without being named on the property
Zero deposit (100%) mortgages
Available in specific circumstances – such as where you've been renting for a period of time and can show a consistent payment record. These are subject to stricter eligibility criteria and affordability checks.
Looking to get more information on your first mortgage?
You might also choose to remortgage to raise additional money against the security of your home. This could be for:
Home improvements
Buying a car
A deposit on a second home
Paying off a Help-to-buy loan
Staircasing out of Shared Ownership
University costs
The consolidation of debts
Wedding saving
REMORTGAGING AND WHAT IT MEANS FOR YOU
Adjusting your monthly payments through remortgaging
Remortgaging gives you the flexibility to adjust your mortgage term and your monthly payments depending on your goals. If you need to reduce your monthly outgoings, you may be able to extend your mortgage term, spreading the cost over a longer period. This can free up money each month for other priorities.
On the other hand, if you're in a position to pay more, you could shorten your mortgage term - for example, moving from 23 years to 15 - which increases monthly payments but helps you pay off your mortgage sooner and reduce the total interest paid. Our advisers will talk through your options and help you decide what’s right for you and your finances.
IT CAN BE DAUNTING - WE GET IT.
What is the process of remortgaging?
1
STAGE 1 - FACT FIND
Speak to our remortgage advisers here at Mortgage Light and we’ll firstly work with you to complete a fact find. This allows us to get an idea of where you stand financially by assessing factors such as your incomings and outgoings. All we need is:
- 3 months wage slips & proof of any commission or bonuses
- 3 months bank statements
- Proof of ID & proof of address
- Mortgage Statement
We will then advise you of your options and help you decide on your preference.
If you’re an existing client, we already hold most of the details we need on file. Unless your circumstances have changed, we usually won’t need to ask for updated documents - but if we do, we’ll let you know exactly what’s required.
2
STAGE 2 - GET THE OFFER
Once we’ve found you the right deal, we will complete a decision in principle with the recommended lender and submit your application. The lender will do their valuation (often remotely without needing to go to the property), and assess the documents needed for the application. If everything is accepted, an offer will be issued.
3
STAGE 3 - MORTGAGE ACTIVATION
The solicitor paperwork is complete and a date is set for the new mortgage product to be activated. If you’re remortgaging to pay off a Help to Buy loan, there’s an extra stage in the process but our advisers will be able to guide you through.
WHEN SHOULDN'T I REMORTGAGE?
Remortgaging is not right for everybody. There might be circumstances where it would be best not to remortgage. This could be if…
- Your mortgage debt is really small. You would be less likely to make a saving due to the fees.
- Your financial circumstances have changed. Strict mortgage rules mean lenders need to see evidence of your income so if one person in the household has stopped working or you have become self-employed, you may no longer fit into a lender’s criteria and your option may be a product transfer with your current lender.
- Your home has dropped in value. This is because the amount you owe on your mortgage will be larger than your home is worth.
- You’re already on a great rate. However, it’s always worth shopping around to make sure this is the case - now and in the future.
By speaking with us early on, we can help you plan for all eventualities so nothing comes as a surprise later in the process.
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Frequently asked questions
Got a question? It might be answered here. You can also head over to our FAQ page to read more of our frequently asked questions.
How can Mortgage Light help?
At Mortgage Light, we stay in touch with our clients and help review your mortgage as it approaches renewal - whether you’ve been with us for years or are speaking to us for the first time.
Our dedicated remortgage team has over 60 years of combined experience, and with 80% of our clients choosing to return to us, you're in safe hands. We’ll guide you through your options, whether that’s switching to a better rate, staying with your current lender, or releasing equity for future plans.
When it comes to remortgaging, we’ll help you:
- Review how many years you have left on your mortgage
- Check if your monthly payments still suit your lifestyle
- Explore fixed and variable rate options
- Look into borrowing more for things like home improvements or debt consolidation
- Give you peace of mind with a product that fits your goals - now and in the future
We make the process easy. If you're local to Milton Keynes, pop into our office, we'd love to see you. Not local or short on time? No problem. We support clients all over the UK, and can talk things through over the phone or by video - whatever suits you best.
How much does it cost to remortgage?
The cost of remortgaging can vary depending on your current deal and circumstances. If you're leaving your existing mortgage before the end of your deal, you may have to pay an early repayment charge – usually a percentage of the outstanding balance.
Some lenders offer incentives to help with costs, such as free legals or cashback towards fees, which can help reduce the upfront outlay.
If you're opting for a product transfer (PT) – switching to a new deal with your current lender – this is usually free of charge and doesn’t involve legal work or valuations.
It’s also important to factor in any product fees, which some lenders may charge for arranging a new deal. Don’t worry – we’ll talk you through all the potential costs and make sure you know exactly what to expect and when.
Can I remortgage early?
If approved, you can remortgage at any time. That being said, it’s not worth remortgaging unless you could save more than you’ll spend on fees. If you want to switch mortgages before your current mortgage term has ended, you might have to pay some early repayment fees. Make sure you speak to a mortgage adviser if you’re thinking of remortgaging early.
Can I remortgage with the same lender?
This process is actually referred to as a product transfer. The lender will give you or your broker a selection of products you can switch over to. However, if you wish to increase the size of your mortgage, the lender will need to undertake the full underwriting process and will need additional documentation to support the application for approval. It’s a good idea to shop around first to check that you are getting the best deal available.
Will I be credit checked?
If you are switching to a new lender they will need to understand your financial position and a part of this process will be running a credit check. If you are staying with your existing mortgage provider they will generally not do a credit check, unless you are raising additional money.
Can I remortgage with bad credit?
Yes, in many cases you can, though your options may be more limited. Some lenders are more flexible than others and offer products designed for borrowers with lower credit scores. We’ll assess your situation and help you find the most suitable route, even if that means staying with your current lender for now.
How much could I borrow?
How much you could borrow will depend on your personal circumstances and your financial situation. This includes your income, your outgoings, your loan-to-value (LTV) ratio and the current value of your property. It will also depend on how much the lender is willing to lend.
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CONTACT US TODAY ABOUT YOUR REMORTGAGE
Straight talking advice.
We make this easy for you. Simply contact us to arrange to come in and discuss your needs. If you’re pushed for time, call one of our expert advisers and we will be able to go through your options in a quick chat over the phone.