Assumptions & Disclaimer

Assumptions
1. 5% mortgage rate for a remaining 25 year mortgage term.

2. Over the last 50 years UK property prices have increased on average by 5% per year.
Disclaimer
This calculator is for informational and illustrative purposes only and is based on some general hypothetical assumptions. The calculations may not reflect results based on your actual individual circumstances. The pricing methodology used for the purposes of the calculations is proprietary and is subject to change without notice. Past performance may not be a reflection of future results.

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Remortgage

Why should remortgaging?
You might consider remortgaging when:

The fixed rate on your current mortgage is coming to an end.

Looking for a deal that could save money on your current mortgage.

Considering borrowing more, for home improvements or to consolidate existing loans for example.

How to get best remortgage deal?
Credit score

Before you apply, make sure the details on your credit score are correct. The new lender will check your credit score with credit reference agencies when applying for a remortgage.

Loan to value

If you can reduce your LTV, you interest rate deal might be lower.

Compare deals

Compare different deals from a range of lenders, giving your better chance of finding a rate that match your needs and personal circumstances.

Preparing for a Mortgage Application: A UK Homebuyer's Checklist
Understanding Your Finances

Before applying for a mortgage, you must have a realistic understanding of your financial situation. If your financial health is in good standing, you are already improving your chances of becoming a homeowner.”

Saving for a Deposit

When buying a property for the first time in the UK- as a first-time homeowner- the chances are substantially high that you will need to put down a deposit. The higher this deposit- usually a percentage of the property price above 15%- the better your chances are of securing a lender willing to assist a first-time lender on such a scale.”

Mortgage Research

It is important to have a good understanding of the different types of mortgages available in the market and to look for the best deals

Preparing Documentation

It's important to gather all the necessary documents well in advance when applying for a loan or credit. Here are the essential documents you'll need to have:

  • Proof of income: This can be in the form of payslips, tax returns, or accounts if you're self employed.
  • Bank statements: Usually, you'll need to provide the last three to six months of bank statements.
  • Identification and address proof: You'll need to provide a valid ID and utility bills or bank statements for address verification
Budget for Additional Costs

When buying a home in the UK, there are several extra costs to consider besides the purchase price, and being aware of these costs can save you a lot of unnerving head-scratching:

  • Stamp Duty Land Tax (SDLT): This tax is applicable to properties over a certain value, and the amount varies based on the property price and whether you are a first-time buyer or not
  • Valuation Fee: The lender charges this fee to evaluate the value of the property you are interested in purchasing
  • Survey Costs: These are the expenses related to examining the condition of the property you wish to buy.
  • Legal Fees: This fee is paid to a solicitor or conveyancer for handling the legal aspects of your property purchase.
  • Mortgage Arrangement and Broker Fees: If you use a mortgage broker, you may be charged a fee for their services. Furthermore, there may be a charge for setting up your mortgage.
  • Insurance: You must buy building insurance, which mortgage lenders typically require, to safeguard your property in case of unforeseen events.
Why should remortgaging?
You might consider remortgaging when:

The fixed rate on your current mortgage is coming to an end.

Looking for a deal that could save money on your current mortgage.

Considering borrowing more, for home improvements or to consolidate existing loans for example.

How to get best remortgage deal?
How to get best remortgage deal?
Credit score

Before you apply, make sure the details on your credit score are correct. The new lender will check your credit score with credit reference agencies when applying for a remortgage.

Loan to value

If you can reduce your LTV, you interest rate deal might be lower.

Compare deals

Compare different deals from a range of lenders, giving your better chance of finding a rate that match your needs and personal circumstances.

Understanding the Stamp Duty Land Tax (SDLT) on Property Purchases
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Helping the community during this difficult time

14 consecutive interest rate hikes by the Bank of England since December 2021

More than 1.5 million British homeowners have their low fixed rate mortgage deals expiring in 2024

Mortgage arrears rose to 1.14% hitting a six-year high, reflecting the impact of high borrowing costs on household finances

Explore Mortgage Aid

Helping the community during this difficult time

14 consecutive interest rate hikes by the Bank of England since December 2021

More than 1.5 million British homeowners have their low fixed rate mortgage deals expiring in 2024

Mortgage arrears rose to 1.14% hitting a six-year high, reflecting the impact of high borrowing costs on household finances

Explore Mortgage Aid

Related Insights

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THINK CAREFULLY BEFORE SECURING DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY DEBT SECURED ON IT.

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