A remortgage is when you take a mortgage against your existing property to either repay your current mortgage or take a mortgage against your property to raise funds i.e for home improvements. If your existing mortgage deal has expired and you want to see if a more competitive deal is available. You could also consider this if your circumstances have changed, and you want to borrow more. There are many circumstances that may lead you to remortgage, but this does not involve moving home.

Each lender is different in their approach to what you are able to borrow. The amount you’re eligible to borrow will be determined by the property value, size of deposit/equity, income and affordability (taking into account your monthly financial commitments and any future commitments).

Deposit size is heavily dependent on your circumstances. Generally, the larger the deposit the lower the interest rate and cheaper the mortgage repayments due to the lenders reduced risk.

You will be required to have a mortgage valuation if you are purchasing or remortgaging a property, but do not need to have a full survey. Speak to one of our experienced advisers to learn about the different types of survey available.

Monthly mortgage payment amounts will vary depending on the loan amount, interest rate, term length and amortising period length.

A repayment mortgage will pay off your mortgage by the end of the term if all payments have been made.

An interest only mortgage is where your monthly payments are only covering the cost of the interest, your loan amount will remain the same. When the term of the loan ends, you would either need to source a new interest only mortgage, sell the property, or find another source to repay the loan.

The list of fees would usually include:

• A valuation fee
• Solicitor fees
• Stamp duty land tax
• Lender arrangement fees
• Broker fees

There is no set amount of time it takes to receive a lending decision. Typically, from mortgage application to mortgage offer, we would expect 4 weeks. However, the lender may return with questions or require additional documentation. Using an experienced broker will give you the best chance of having a smooth and speedbump-free application process.

A mortgage offer will last between 3 to 6 months from the date it is issued; however, this will vary from lender to lender.

It is normally possible to get a mortgage with a bad credit score, however the lender options may be limited, and the lender may increase the interest rates.

A buy-to-let mortgage is a mortgage on a residential property that’s purchased to be let out. Unlike purchasing a new home, lenders will take into account the rent generated by the property when assessing affordability.