ReMortgage Advice 

Fees may include a property valuation fee, solicitors costs and a mortgage broker fee. The good news is the remortgage market is very competitive and in most cases the fees will be minimal. Lenders generally offer free valuations and even free conveyancing. Most brokers will also offer a lower fee for remortgages if it is a simple case. A good broker will compare the total cost of switching lenders to the total cost of remaining with your existing lender. 

Yes when remortgaging you can vary all aspects of the mortgage including the product term. When extending the term the lenders maximum borrowing age may need to be taken into account. The maximum age differs between lenders which is something your adviser will take into account when selecting the best fit lender. 

Generally no, remortgaging is a far simpler process especially as the buying and selling process is not taking place. Lenders will still have to assess you and your property however expect a much smoother transaction than your initial purchase

No, for obvious reasons raising money for illegal purposes is not allowed. Many lenders will also refuse reasons such as consolidating gambling debts or to pay a tax bill. It is important you are truthful with your adviser who can they offer the best experience by identifying a lender who is likely to accept your case. 

Yes however it is important you are aware of the penalty that will be imposed from your existing lender. This is known as the early repayment charge or ERC. It should be detailed in your original loan illustration and is normally expressed as a % of the outstanding balance. A typical charge is 1% of the balance in the last year of a mortgage product. 

Yes, even though you have been paying your current mortgage each month the new lender has a responsibility to assess what you are borrowing is affordable to you. If your circumstances have changed since you obtained the original mortgage you may be unable to switch lenders.  

Generally only debts which it is in your financial interest to consolidate can be considered as part of your remortgage. Credit Cards, Loans and Store Cards with high APR's normally fall into this category and can be consolidated to improve your cashflow and minimise the total interest payable. Low rate loans or loans with short terms could be more costly to consolidate into a mortgage and would therefore not be considered. 

While this may be possible your affordability will be impacted by the new larger monthly mortgage payment. If you are aware of future borrowing needs it is also important your adviser is made aware of this at the outset and prior to any research on a new mortgage solution. 

This will make your application more difficult and narrow the number of lenders willing to consider your case but it is not impossible. Some lenders will base decisions purely off your affordability and ignore credit score and certain issue which are in the past.