Remortgaging FAQs

In our information on the things to consider when remortgaging, we cover off the most important points that you need to think about when deciding whether a remortgage is right for you. However, you are likely to have many more questions about remortgaging, so on this page we'll answer some of the most frequently asked questions we hear - including what the costs of remortgaging are, how long it will take, and what documents you will need to provide.

If your question isn't answered below, take a look at our information on remortgaging to us, as well as the reasons why you may be considering a remortgage with Newcastle Building Society. You can also speak to one of our qualified mortgage advisers by calling 0345 606 4488, or book an appointment at your local branch now.

What are the costs of remortgaging?

The average cost of remortgaging is usually over £1000; however the actual cost will depend on many factors. These may include:

  • the valuation fee;
  • the reservation fee;
  • the arrangement fee;
  • legal fees;
  • a broker commission fee, if applicable.

You should also check the terms and conditions of your current mortgage to find out whether there is an early repayment charge, as well as an exit fee, as this information will help you to decide whether the costs of remortgaging are worth it. Lenders will often incentivise you to switch to their mortgage product by offering free valuations and free legal fees, so you may find that it's cheaper to choose one of these products, rather than one with a cheaper rate. It's always worth shopping around and comparing all of the options available.

Before making a final decision, obtain a full mortgage redemption cost from your current lender and carefully check the Key Facts Information (KFI) of any new mortgage, which will include the details of any costs involved.

To see our full range of mortgages available to remortgaging customers, compare all mortgages from Newcastle Building Society now.

 

How much can I borrow?

For a rough idea of how much we could be willing to lend you when you remortgage, you can use our mortgage affordability calculator before you speak to one of our qualified mortgage advisers. However, this quote should only be regarded as an estimate, as you would need to make a full mortgage application to us in order to get a firm figure of how much you can borrow from us.

What documents do I need to remortgage?

If you are remortgaging with another lender, the documents you need to provide will be similar to when you applied for your first mortgage.

You will usually need to provide the following paperwork:

  • Details of the property;
  • Details of your bank account;
  • Proof of identity, such as a passport or driving licence;
  • Proof of address, such as a council tax or utility bill;
  • Proof of employment;
  • Proof of your financial situation;
  • Proof of your income, such as pay slips, P45, or your accounts if you are self-employed;
  • Proof of your outgoings, such as bank statements, and including debts and loans;
  • Proof of your assets, such as investments, other properties, or accounts.

How long does it take to remortgage?

The remortgage process can be time consuming, so make sure you factor this into your decision and start researching your options early, especially if you are thinking about remortgaging because your current mortgage deal period is coming to an end.

Can I remortgage to free up money for home improvements?

If you're in a good position to remortgage then yes, you can do so to make money available for improvements on your current home. Many people do consider borrowing more money for home improvements as this can increase the value of the property in the long run, although it's important to know that this is never guaranteed.

Can I remortgage to pay off debt?

If you have several debts and are struggling to make the repayments, you may consider remortgaging in order to obtain money to pay them off. However, you should be extremely cautious with choosing remortgaging to clear debt as your home will be at risk if you fail to make the repayments on your mortgage. You can find more information on what to do if you are experiencing payment difficulties here.

Can I remortgage more than once?

There are no rules on how many times you can remortgage, so in theory, you can remortgage as often as you like. However, it's important to calculate your remortgage fees and charges to make sure it's worthwhile to remortgage. You should give your current lender the chance to offer you a better deal and consider switching mortgages instead, which could be simpler and cheaper than remortgaging.

At Newcastle Building Society we have been helping people to buy their homes for over 150 years, and if you are thinking about remortgaging or wondering about your other options, one of our qualified mortgage advisers would be pleased to speak to you. Call us now on on 0345 606 4488, or book an appointment at your local branch to discuss your next step.

Your mortgage will be secured on your home. Your home may be repossessed if you do not keep up repayments on your mortgage.