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UK MORTGAGE CENTRE

How many times can I remortgage?

June 12, 2024

how many times can I remortgage

Many homeowners consider remortgaging their property to save money, or when they reach the end of their current mortgage arrangement.

They may also want to switch if their home’s overall value increases or if they’re worried about rising interest rates.

If you remortgage, you can stick with your lender or choose a different one that offers preferential terms and is a better fit for your circumstances.

But how many times can you remortgage a house?

Is there a limit on how many times you can remortgage?

For those typing ‘how many times can you remortgage’ into a search engine, the simple answer is there’s no agreed limit on the number.

Indeed, many homeowners remortgage several times.

How often that happens depends on their personal circumstances, the terms of their current mortgage arrangement, and fluctuations in interest rates.

However, it’s important to keep in mind your remortgage application must meet certain criteria to be approved and accepted by a lender and each one differs in terms of what it expects from an application.

If you’re considering whether to remortgage, remember that an early repayment charge may be applied if you do so before the end of your current mortgage term.

At UKMC, we understand the remortgaging process can feel overwhelming without any support. For that reason, we recommend talking to an expert who can provide guidance tailored to your personal circumstances.

That’s why we aim to make remortgaging as stress-free as possible.

By adopting a down-to-earth approach, we can help you understand your options and choose the most suitable arrangement for you.

Is it worth remortgaging regularly?

The short answer is; it depends.

It can make sense to remortgage more than once, depending of course on your situation and the terms in your original mortgage arrangement.

Remortgaging several times can have many benefits.

For example, you may negotiate a new deal with a reduced interest rate, helping you to build savings over the long term.

Not only that, remortgaging potentially provides access to more suitable products.

All it requires is a sensible examination of your personal circumstances, particularly if they’ve changed, and assess if there are options that suit you better.

If your property’s value has increased, then remortgaging provides access to equity – something that is useful if you’re looking to release extra cash.

At the other end of the scale, those facing financial challenges could remortgage as a way of consolidating several debts into one affordable monthly repayment.

If you’re feeling the pressure, then remortgaging over a longer period may be the best option. This spreads the cost, resulting in reduced monthly payments while making things more manageable.

With a fixed-rate mortgage, you’ll have predictable monthly sums to find which can assist with preparing for the future.

Indeed, remortgaging helps avoid a lender’s standard variable rate (SVR) when your fixed-rate mortgage deal ends – often beneficial because monthly payments tend to be higher when a SVR applies.

What are the terms and conditions of remortgaging?

To qualify for a remortgage, you’ll need to have an existing one.

You’ll also need to be reaching the end of your current deal. Usually, that means it’s due to expire six months (or less).

Applying to end the arrangement before then usually activates an early repayment charge.

A lender will want reassurance that you monthly income means you’ll be able to meet the repayments. Providing documents such as bank statements and payslips will do that.

Another factor that helps if you’re intending to remortgage is a good credit score.

Of course, no two remortgage applications are the same.

The terms of your deal will vary according to where you live, your personal circumstances, and of course the lender’s own products.

To make the process less daunting, we’d always advise seeking assistance from a mortgage expert who can guide you every step of the way.

Contact UKMC today

Whether you’re ready to start the process of remortgaging, or want clarity on how it works, our team possesses the know-how and patience to assist.

Don’t just take our word for it, a tally of more than 400 positive reviews on Trustindex is proof we know what we’re doing.

Want to secure the best remortgage deal for you? Then why not book your consultation today?

Our remortgage advice process is quick, easy and hassle-free.

First, you book a fact-finding call with a member of our expert staff.

From there, your dedicated mortgage advisor will work with you to identify your options.

If you don’t want to arrange a call straightaway, we’re more than happy for you to request a callback at a more convenient date and time.

Alternatively, you can complete our online contact form or book your own appointment.

Disclaimer

UK Mortgage Centre is a trading style of Refresh Mortgage Network Limited. Refresh Mortgage Network Limited is authorised and regulated by the Financial Conduct Authority. FRN – 826982. Registered in England & Wales: 11614569. As a mortgage is secured against your home, it could be repossessed if you do not keep up the mortgage repayments. The Financial Conduct Authority does not regulate some forms of buy-to-let mortgages. The Financial Conduct Authority does not regulate will writing and taxation and trust advice.