Should You Use a Mortgage Broker to Remortgage?

Many people use a mortgage broker to remortgage, but is this a necessity and is it the right option for you? Here you'll learn what a broker can do for you, what services they offer for refinancing customers, how much it costs and more.

Do you need a mortgage broker to remortgage?

While it isn’t a legal requirement to use a mortgage broker when you are remortgaging, it is highly recommended. Speaking to the right advisor before you refinance can open up more of the market to you, meaning that your chances of landing the best deal will increase.

There are brokers at Teito who specialise in remortgages. They have the knowledge, experience and lender contacts to help you in this exact scenario.

We also offer a free service that you can use to compare remortgage rates before you speak to your advisor. Once you have selected a product, you can begin a free, no-obligation chat with a broker, who will review your case to make sure you’re getting the best available deal.

What are the benefits of using a remortgage advisor?

The biggest advantages of using a broker to help you remortgage are as follows:

• Access more of the market with their help
• They can often secure exclusive rates and deals
• They can provide bespoke remortgage advice
• Save time because they will help with the paperwork
• Decrease the risk of your application being declined
• Increase your chances of landing the best rate
• Potentially borrow more through specialist lenders

Whole-of-market remortgage advisors can increase the number of deals available to you. Some lenders are intermediary-only, which means they can only be reached through a broker. Having access to more of the market means a greater chance of landing the best rates.

Are there any disadvantages?

The only real disadvantage is that there are usually broker fees to pay for whole-of-market remortgage advice. But this isn’t always a drawback in the traditional sense, as the amount of money a broker can potentially save you has to be offset against the cost of their services.

The majority of our customers who use a broker to remortgage their property save money in the long run, over the course of the mortgage term, by securing a lower interest rate. This leaves them in pocket overall, with all of the broker fees factored in.

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Can a broker help you refinance with bad credit?

Yes. They can certainly increase your chances of being approved for a remortgage as many of the lenders who offer finance under these circumstances only work via brokers.

The key to getting approved for a bad credit remortgage is to find a lender whose appetite for risk matches your credit history. Ideally, you will need to pinpoint the mortgage provider who is offering the best rates based on the age, severity and reason for your credit issues.

Many of these specialist lenders are broker-only. They include:

• Bluestone
• Accord Mortgages
• Pepper Money
• Precise
• Aldermore
• Kent Reliance
• Vida Homeloans
• Kensington
• Paragon

Our bad credit mortgage specialists have deep working relationships with flexible lenders who offer remortgages for all kinds of adverse, including CCJs, IVA, missed payments and arrears.

Brokers for buy-to-let remortgages

At Teito, we also have mortgage advisors who specialise in buy-to-let remortgages. The advantages of speaking to one before you refinance an investment property are largely the same as they would be for residential homeowners who are fixing back in.

Landlords can increase their chances of securing their ideal buy-to-let remortgage through our whole-of-market brokers. They can access specialist lenders in this corner of the market and often secure exclusive interest rates and deals for customers just like you.

Our mortgage brokers can offer bespoke remortgage advice for: 

• First-time landlords
• Accidental landlords
• Portfolio landlords
• Commercial mortgage holders

How much remortgage advice will cost

Your initial consultation for your remortgage advisor will be free with no-obligation to proceed. During this chat, they will be fully transparent about the overall cost involved and provide a full breakdown of any broker fees that will be applicable.

The broker fee will be based on a small percentage of the remortgage amount, but you won’t pay anything until completion, so it’s in our best interest to get your remortgage approved.

Getting started with your remortgage broker

It’s quick and easy to arrange a free, no-obligation chat with one of our remortgage brokers. We recommend the following steps to ensure the process goes smoothly:

Have documents ready in advance: This includes proof of ID, bank statements, proof of address and your latest mortgage statement. You will need this paperwork when the time comes to formally prepare your remortgage application.

Check your credit reports: This isn’t essential but it can help you prepare for any obstacles you might face during the remortgage process. You can download and review your credit reports by signing up for a free trial with Checkmyfile.

Compare deals and apply for an AiP: You can compare remortgage rates across the market and apply for an agreement in principle for free through Teito. This will help your broker get an idea of your needs before they oversee your application.

Ready to compare remortgage rates and take advantage of a free, no-obligation chat with your 5-star rated mortgage broker? Get started here.