How remortgaging works
A mortgage lender will base your application on a number of things including:
- Your credit file
- The value of your house
- How much you want to borrow
If you are in arrears with your mortgage or any other debts:
If your current mortgage deal that has not ended:
- There is often 'an early redemption fee' if you remortgage early
- For example:
- Last year, you got a fixed term mortgage for three years
- You pay extra to remortgage this year
Will I be able to remortgage if I'm in debt?
Being in debt means you probably missed payments. That affects your credit file.
You may find it hard to get a new mortgage with a good rate.
A mortgage broker may be able to help you to find you a good deal.