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Residential Remortgages

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How to remortgage?

To be able to remortgage your home, you first need to find a reliable mortgage lender. DNA financial Solutions can help you to get a reliable and affordable mortgage product. We will do the leg work to find the most suitable lending partner for your needs. All you need to do is make an appointment with DNA today. Either over the phone, via email, or meet us at one of our offices in the North of England and you will be taken through the remortgaging process to ensure you understand what is expected of you by the lenders.

When should I remortgage?

The main motivation for remortgaging is to enjoy the low interest rates being offered by mortgage lenders today. Most lenders are urging homeowners to remortgage with them by offering low interest rates to get ahead of the competition, and to sell their mortgage products. With the current economic uncertainty, fixed-rate remortgage options are expected to continue being popular well into 2020 and the coming years. Take advantage of competitive rates today.

There are certain benefits associated with remortgaging like paying low interest rates and enjoying added security from fixed repayments. However, sometimes lenders may require the borrower to remortgage the whole mortgage which means the interest rate is higher. This is common with mortgages on lifetime tracker rates.

It is also important to understand that remortgaging can incur additional fees like legal, booking, valuation and conveyancing fees.

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What are residential remortgages?

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FAQs

What should i look out for?

Sometimes lenders may require the borrower to remortgage the whole mortgage which means the interest rate is higher. This is common with mortgages on lifetime tracker rates.


How much can I borrow?

This all depends on your personal circumstances. Many factors go into making a decision on how much you are eligible to borrow from a lender when enquiring about a mortgage. These include ‘income multiples’ (please see above what is an income multiple section for more details), your credit score (please see what is a credit score section above for more details), your overall finances – how much you currently have as unsecured debt, how many dependents you have, what mortgage term you will be looking at, what product you will consider and last but certainly not least your income. These are just a few of the factors taken into consideration, but as professional mortgage specialists, we can help advise you on your mortgage needs.


What is a redemption fee?

The lender fee payable at the end of the mortgage deal. Usually this is considered an administration fee however it can also be used to deter short term lending on a product that should be long term.