Muuvin Mortgages.

A remortgage occurs when you already own a property and secure a new mortgage on that property. The primary reason for remortgaging is often the conclusion of a fixed-rate period, prompting the need to secure a new rate before transitioning to the lender's standard variable rate.

Other common reasons for remortgaging include raising capital for purposes like home improvements, repaying the Help to Buy Equity Loan and utilizing equity to acquire additional properties such as holiday homes or buy-to-let investments. Some individuals also choose to consolidate debt through remortgaging, provided it aligns with their financial strategy.

Even with a remortgage, the involvement of a conveyancer and property valuation remains essential. The positive aspect is that these arrangements are often facilitated by the lender, and Muuvin can assist by offering referrals to conveyancers or RICS surveyors if necessary.

Typically, the remortgage process is initiated around four months before the existing rate's end date, although some firms may reach out to clients earlier. The longest offer period for a remortgage is generally around six months, ensuring the new deal is ready for completion when the current fixed-rate term concludes, minimizing exposure to the standard variable rate.

Sticking with the same lender is known as a product transfer, offering a more straightforward process without the need for a standard application. Muuvin incorporates product transfer rates as part of its remortgage service where available. If such rates are unavailable, your adviser will inform you of the reasons.

If you seek additional funds from your existing lender, it is termed a further advance. This creates a separate account running alongside your existing mortgage. It is crucial to seek advice before pursuing a further advance to fully understand the associated pros and cons.