What is Remortgaging for UK Properties?

Many of our customers who already have a house that they have lived in for a few years, at some stage come back to us because they’re looking to move home. They might be looking to change area due to a new job, or maybe they need more family space as they are having a(nother) child and their current home appears to be bulging at the seams!

Some customers are a little confused about what to do. They may ask ‘can we buy another house when we already have a house’. Well, the answer is of course ‘yes’, but there are so many options. As it is unlikely that you’ll be a cash buyer after just one home. You already have a mortgage, so you will need to change this mortgage. Your current mortgage may be fixed already, but this doesn’t mean it can’t be changed quite cost-effectively with a remortgage with same lender.

At Masutes Capital, we provide bespoke expertise to individuals seeking reliable returns on investment in the UK property market.

Where can I get a remortgage?

So who does residential remortgages? Banks that offer remortgage services include NatWest, HSBC, Bank of Scotland, Barclays, Halifax, Lloyds, RBS and Santander. To search for the best deals for remortgage, you can also approach mortgage brokers and specialist lenders which provide remortgaging options. If you require remortgaging finance, usually your current lender is best placed to assist. Whilst these loans are fairly straightforward, you will still need to discuss your situation directly with your bank and set out exactly what’s being offered in a deal. If your lender does not offer a remortgaging option, perhaps because you currently have a self-employed remortgage or shared ownership remortgage, you may need to find a new lender.

At Masutes Capital, we provide bespoke expertise to individuals seeking reliable returns on investment in the UK property market.

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    Help to buy remortgage services

    If you need help to buy remortgage, there’s something call ‘porting’ which I will explain. Say you have a property with a fixed mortgage with, say for example, Royal Bank of Scotland. Porting is where you can take your existing mortgage and remortgage with same lender for the new property without paying any penalty. So that’s a great option for you to get into a larger house or to change your home.

    Can I remortgage my current home to buy another property?

    The short answer is ‘yes’. Purchasing a second home is seen by many people as a sound way to invest their money in the long term. Despite the extra fees and taxes imposed by the government on those buying second properties – either for another residence or as a buy-to-let property, it can represent a reliable investment.

    How does remortgaging work?

    As house prices rise and you begin to pay down your mortgage, so your equity increases. This provides an investment opportunity for you. By releasing some of this equity you can remortgage to put funds either towards home improvements or buying another property.

    There are several benefits to doing this. If you live in a stable property market and are interested in buying a rental property, it may make sense to use the equity in your primary home towards the down payment on an investment property.

    Can I get a second mortgage to buy another house?

    How easy are UK residential remortgages? And when can you remortgage? Remortgaging your current home can free up some of the value within it to deliver a cash lump sum. This can be a very effective way of obtaining finance for the advance payment on another house or apartment. So if you’re planning to buy another house or flat then it is quite possible to apply for a second mortgage.

    You can have two mortgages running at the same time as long as you can afford to repay the monthly instalments on each of them. Additional borrowing will entail higher monthly financial commitments. The lender will want to be sure you can afford the higher remortgage payments out of your income alone. If you fail to pay the mortgage, you could lose your main home as well as the second one.

    How much equity do I need to buy a second home?

    To qualify to buy a second home with no deposit you need to have a minimum of 20% equity in your existing property, so ideally, owe under 80% of your existing property value.

    Can I remortgage my house if I own it outright?

    If you have no mortgage on your home (known as an unencumbered property), you own 100% of the equity. You are in a strong position to apply for a mortgage on your home but will need to make a case for the remortgage and you will need to meet the criteria for the new mortgage.

    Can I remortgage my house to pay off debt?

    You can take out a remortgage for debt consolidation (or a secured personal loan) to pay off your various debts. This will bring them together under one repayment plan with your mortgage provider, where the interest rate could be more favourable than with other lines of credit. By remortgaging your home, you can release the equity that’s resting in your property in a lump sum and use this to repay your other debts. It might reduce your monthly mortgage payment, freeing up money to repay your other debts. But do be careful, the total credit charges in the long term may be higher than your current short-term arrangements.

    Can I remortgage my house to improve my home?

    After a few years, you may reach a point where you would like to make improvements or alterations to your home. This might be anything from a complete redecoration through to new windows, re-roofing, a modernised kitchen or bathroom, loft conversion or an extension of one room or more to accommodate a larger family.

    Whatever you might like to do, these home improvements will both improve the look and help add value to your property. Raising finance through remortgaging can be the most efficient, and often least-expensive, option to obtain the money for home improvement work.

    Take independent, impartial advice

    As a final thought, before committing to a remortgage, you must carefully consider all your options, and take time to plan how and when you will do it. The actions you take at this point will affect your financial situation for years to come, and you would be strongly advised to get guidance from an expert professional to ensure you are making the most suitable and effective decisions, at the right time.

    At Masutes Group, you can speak with an expert advisor who will look into your full credit score and your circumstances, go through a full fact find and make sure that you’re ready. We are independent, fully FCA, SAP, London Institute of Finance banking and CMM qualified with specialist experience in remortgage services, working with exclusive clients. And we are of course happy to offer home appointments to discuss your requirements.

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    Please check our reviews to see how we seek to exceed the highest expectations of our customers.

    Ashish Srivastava
    Ashish Srivastava
    2022-03-04
    Andrew Lochrie
    Andrew Lochrie
    2022-03-02
    Pav and his team at Masutes supported us recently to a successful conclusion in our house purchase journey. As first time buyers he helped walk us through the whole process including giving us introductions to other professionals needed to complete the process who have proven up to the recommendations provided. Masutes brought their market knowledge to bear and were able to find us a mortgage tackling some challenging features and requirements as we have spent some time living abroad before purchasing and have a high loan to value. Their promise that they have never failed to get a successful conclusion for their client prove true again for us and we would certainly commend them for their attention to detail, proactivity and responsiveness to our natural apprehension as we went through the process for the 1st time. We will certainly return to Masutes in the future.
    Matthew Herbert
    Matthew Herbert
    2022-03-01
    Have work closely with Pav and would highly recommend. Very knowledgeable and really does put is clients first (rare to see)! Key person to have in your power team!!
    kia dashtipour
    kia dashtipour
    2022-02-07
    Great experience working with them, they are available all the time.
    Animesh Tiwari
    Animesh Tiwari
    2021-12-13
    The Best financial broker in the market across the UK. I met Masutes Group after exploring the market and when I met Pav, I decided that he is the person who is ready to invest their time in my case. He made the entire process look so simple and gave me the much need confidence and support and ensuring I get the best deal available in the market. Even when I was not sure with some decision making Pav ensure I go for the thing which is right for me. Extremely reliable and responsive. In the entire UK market - Pav and Team is the best as they not only provide professional service but also by going extra mile, giving personal attention which separate them from others in the market. Pav and Team has exceeded my expectation in all the possible parameters. Feedback from my friends to whom I have already referred Masutes Group is amazing. If you ever want financial advice or suggestion/guidance - just speak with Pav once, you will never go anywhere else and I am saying this with my personal experience. Ani
    Adil T
    Adil T
    2021-11-22
    It has been a great experience with masutes group to get our mortgage secured. From finding a right property, putting an offer in, getting the mortgage principal to final mortgage offer were made very straightforward by Pav and the team at Masutes group. They communicated very clearly throughout the journey and updated us with all the information in timely manner. Pav dealt everything in such a manner that he put me in ease. If someone is looking for the best mortgage deal with the top quality service, then Masutes group will provide that one stop service. Highly recommended. Thank you so much Pav for all your help and support 😀.
    Mimoza Billa
    Mimoza Billa
    2021-09-21
    I strongly recommend Masutes Group specifically Pav for his professionalism and reliability.
    Caroline Shallow
    Caroline Shallow
    2021-09-21
    Masutes Group has been amazing throughout the entire process, it has been a long road for us but we have always been made to feel that there is hope, these actions shone through and we were more than overjoyed with the results and professionalism. We will definitely be using MG again and can recommend highly!
    Eliseu Pinheiro da Silva
    Eliseu Pinheiro da Silva
    2021-08-26
    Pav has the patience of a saint! Given the state of the market at the moment, getting an offer accepted is near impossible and is a lengthy and tiresome process . I can confidently say that Pav was with me every step of the way and helped navigate me through the complicated and at times confusing process . His practical advice and reassurance when I was ready to give up after 20 viewings finally paid off ! I trust this gentleman wholeheartedly. He’s a good guy, very professional and thorough , and most importantly , in such an inflated market , he’s quick to respond and reliable! He genuinely cares about his clients and even advised me not to follow through with an offer I had accepted as he could tell that I wasn’t 100% convinced that the property was a good fit . A week later I went on to secure a property with Pav’s help that was just perfect and I am delighted . My advice is go with Pav and his recommendations , you will not be disappointed!
    noel ohene
    noel ohene
    2021-08-10
    Great service always put there clients first and goes on and beyond I’m very please with the quality of work and I wouldn’t hesitate using there services again. Thank you!!

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