Remortgaging means moving your mortgage loan from one lender to another, usually for a cheaper rate or better mortgage product.

With the massive amount of choice in today's mortgage market we recommend you seek advice on remortgage products from a professional mortgage adviser, here at Pink we offer impartial advice from a team of mortgage professionals who can assess your individual circumstances and find the right mortgage for you.

Reasons to leave your existing lender

• The early repayment charges on your current mortgage deal have expired and the current lender is unable to offer you a better deal to stay with them
• You are paying the lenders standard variable rate and there are better deals in the market
• You are about to undertake expensive home improvements and need a loan to cover the expense

Releasing funds

Remortgaging is often used as a way to pay off more expensive loans or credit cards. Remember to exercise caution before borrowing additional money to repay your debts , you will potentially pay more interest by consolidating if the loan is increased and the term is extended. Always consult with a financial adviser to make sure this is the right decision to you.

Financial matters

How much can I borrow?

The amount you can borrow will be based on an assessment of your individual circumstances.
Lenders have different methods to calculate maximum lending either based on the traditional income multiple i.e. 3 x your annual income or on an affordability basis where a computer based model is used.

What types of mortgages are available?

In today's marketplace there is a great choice of mortgages. They are available as fixed rate, discounted, tracker and flexible deals with differing options to suit your needs.

What fees are involved?

There are a number of fees that you will need to budget for.
An up front valuation fee will be required, the cost will vary according to the estimated value of the property and it's location.

Some lenders will require arrangement and rate reservation fees, either to be paid up front or in some circumstances be added to the mortgage advance.

You will also need to consider solicitor's costs.

Some lenders offer special deals that help towards these costs, check with your financial adviser to find the most effective mortgage deal.