Heatwave nearly caused blackout in the UK. Registered Address: 107-109 Far Bank, Shelley, Huddersfield, United Kingdom, HD8 8HT. Multiply this number by 100, and you'll have your loan to value percentage. Some of these mortgage brokers might even consider the whole market offering you an extremely large range of mortgage products. You can also take out a larger mortgage, clear your original balance and spend the extra money on home improvements or a new car, for example. After several years, even without any renovations or home improvements, other factors can help increase or decrease the value of properties in your area. We hope youve found this blog helpful. View the range of mortgage types and find the right option for you. To work out your loan to value, simply divide your mortgage value by the market value of your house. However, if youre on your lenders standard variable rate, you should urgently review your options because while rates on new deals have dropped back since late 2022, rates on SVRs have typically continued to soar. Entered on the FCA Register (https://register.fca.org.uk/) under reference 535515. Copyright Ocean Finance 2001-2023. We'll help you throughout the mortgage process no hidden costs or surprises, just straightforward, honest, mortgage advice. Its worth keeping in mind that any new lender will want to carry out their own valuation before offering you a new mortgage, so its important not to over-estimate what you think your property is worth. Whether your mortgage payments will go down when you remortgage depends on the mortgage deal you are offered. If the value of your home has gone up since you bought it, this can make your LTV more favourable. Think carefully before securing other debts against your home. Another way to access your equity if you dont want to sell your house is to remortgage by borrowing against it. Moneyexpert.com 2020. Opting for a broker or adviser that offers a whole of market service is the logical choice, as they have access to the widest range of lenders and mortgages. So its a good idea to start shopping around as soon as possible. Registered Address: 10 Consort Court, Hull, HU9 1PU. For example, if your home has increased in value from 200,000 to 250,000, you could capitalize on this by remortgaging at a higher amount. We also use third-party cookies that help us analyze and understand how you use this website. There will be several fees to consider, which will vary depending on which mortgage providers or mortgage advisers you use, but you should still end up better off from your remortgage application, with a better remortgage deal, lower monthly mortgage payments, and no impact to your credit rating. Anyone that already owns a property, whether it is a family home or a buy to let, will see it as an investment. A Comprehensive Guide, Mortgage with Settled Status: Everything You Need to Know, Mortgages for Different Occupations / Income Types, Get a Mortgage Without Permanent Residency in the UK, Mortgage Past Retirement Age | Complete Guide, 5 Strong Beliefs About Tarot Readings: Unveiling the Mysteries, 5 Times Salary Mortgage: A Comprehensive Guide for Homebuyers. The cookie stores a unique identifier to recognize users on returning visits over time, Enables the L&C comparison tools to function correctly, Used to distribute traffic to the website on several servers in order to optimise response times, Preserves the visitors session state across page requests, To allow users to search the Checkatrade search widget, This is a unique ID that is used to generate statistical data on how the visitor uses their website, Required for Google Analytics to be able to collect anonymous data. Rising house prices and changes in value Before we dive into the benefits of remortgaging when your house value has increased, it's important to understand how house values are determined. Practical gadgets to make the mortgage process easy. How much will it cost to stay on your current mortgage? In some cases, you may wish to remortgage early. If you are reaching the end of your current mortgage deal, it could be the perfect time to scour the market and establish what is out there before you change to your current lenders. If this is the case, you could be in an excellent position to negotiate cheaper mortgagerates, lowering your monthly repayments. Theres often an Early Repayment Charge to pay when you switch early, and this can be a large amount of money. If the equity value of your property has significantly increased, you can leverage this by taking out a new mortgage through either remortgaging to another lender or adding onto your existing mortgage with your current provider. The Bank said net mortgage approvals for house purchases fell from 51,500 in March to 48,700 in April, while remortgaging approvals increased slightly from 32,200 to 32,500. When the value of your property increases, you can potentially access more equity to utilise in a remortgage. These usually go up and down in line with the Bank of England base rate. Regardless of your LTV improving, paying this charge could wipe out any money youll save by switching, so it may be best to hold on until your deal comes to an end. We'll keep an eye on the latest mortgage rates, offers & related services so you're always up to speed. Youll be able to get a valuation from your mortgage lender but it will come at a cost, and so if you can get a free valuation from elsewhere its worth doing so. Locking in for longer means you have certainty over how much youll pay for a longer period. While this isnt the worst situation to be in, it does make it highly unlikely that you will qualify for the top deals on the market if youre considering remortgaging. For example, if you purchase a property for 100,000 with a 10% (10,000) deposit, you will require a 90% loan to value mortgage.Mortgage loan to values are broken down into tiers/brackets. The chances that your home is worth the exact same value as it was when you bought it are extremely thin. Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet. You can learn more about product transfer mortgages here.Again, looking back to mortgage lender risk, because you are with a new mortgage lender, they will want to know the value of the property they are going to be lending against. But if youre asking should I remortgage now its a different consideration if youre in the middle of a fixed deal. Whatever the reason, a rise in property value can be an opportunity for homeowners to consider remortgaging. Nevertheless, its important to note that even with whole of market advisers, some lenders and mortgage options may still be omitted. Remortgaging when your house value has increased is a great way to boost your finances. My home's value has gone up. Necessary cookies are absolutely essential for the website to function properly. Also expert in business protection solutions such as relevant life policies, key person insurance and shareholder protection. And no one really knows what will happen with interest rates next year or the year after. The thing is, its unlikely that your home is still worth the exact same amount now that you paid for it. So rather than trying to predict what will happen, instead its vital you focus on doing whats right for you. Even if you have a long time left on your mortgage term, and it will incur some arrangement fees to. However, if the situation is correct, there are several reasons to remortgage, with a house price increase not being the only one. The benefits of remortgaging when your house value has increased. The interest rate charged by the lender that can vary over t How to Get Approved for a Mortgage with Overtime Income? It is important to do these before house valuation for a . How much can I borrow on a Buy-to-Let mortgage? Its particularly common for people to sell their house and then to use the equity to pay for the deposit on a new house, or even to pay for a new house entirely if your equity value is large enough. So if theres a cut in interest rates, the amount youll pay on your mortgage each month would reduce. When it comes to how to value your property before remortgaging, you should use the most realistic valuation figure for your application. However, in addition to paying down your loan, the fact that your homes value has gone up could reduce your LTV even further. Mortgage Quotes Will my mortgage go down when I remortgage? There are some pros and cons that can help you evaluate the idea of having a mortgage broker by your side to make the decision. start by checking your mortgage deal. Amongst the advantages, there are also disadvantages to the process of having a mortgage broker on board when remortgaging a property. 2023 Lofti. However, it is essential to be realistic in your valuation and calculations to avoid a scenario where a lender disputes the property value, leading to a reduction in the residential mortgage or buy to let mortgage amount. For more information read our guide: What type of mortgage should I get? Save my name, email, and website in this browser for the next time I comment. You may have had a 10% deposit when you bought your home and got a decent mortgage, borrowing the remaining 90% of your home's value. So if your home is worth 500,000, and you have a mortgage worth 400,000, then your equity is 100,000. "If youre nowhere near the end of your current deal, you should think very carefully about remortgaging.". Remortgaging or raising capital, which should you do? And depending on how much it has increased by, you may find yourself in a lower LTV band. As well as protecting against interest rates rises there are lots of other reasons to consider remortgaging now: There are some circumstances which mean remortgaging is unlikely to be a good option such as: For more information read our How to remortgage guide. Getting a property valuation and working out your LTV are the two crucial components of remortgaging when house value has increased. This is so that you select the right deal for your situation. Last updated: 23/07/2020 Additionally, leveraging the increased equity in your home can also allow you to purchase another property. Of course, one very straightforward way of accessing your equity is to sell your property. 12978572. Our expert advisers will help you secure the best mortgage deal whether you're a first time buyer, remortgaging your home, buying to let or moving up the property ladder. You have made mortgage repayments worth 20,000 so your equity. If the value of your house has increased since you purchased it, this can lead to your LTV becoming more favourable. The value of your home was 350,000 when you first bought it. You must be realistic with this - you don't want to end up in a situation where a lender disputes the value you've based your calculations on. Strictly Necessary Cookies are required for the website to function correctly. will not use the details you provide us in the contact form to market to you. Independent mortgage brokers can access remortgage deals you won't find on the high street. Please note that information published on this website does not constitute financial advice, and we arent responsible for the content of any external sites. If the value of your home has gone up and your equity has increased as a result, then you will be able to take out a bigger mortgage which reflects the value change. You dont owe any more money on the mortgage, but if you were to sell the house right now, youd get more money for it than before. At the time of purchase, this would mean you had an LTV of 80%. Loan to value (LTV) is the ratio of mortgage to the property market value, expressed as a percentage. 3: You upload the documents and information need via our channel our online portal. Take a look at our online mortgage finder from L&C to see what fixed or variable mortgage deals you are eligible for from over 80 lenders. Should you always consider remortgaging when your house value has increased? Registered Office: Think Park, Mosley Road, Trafford Park, Manchester M17 1FQ. Authorised and Regulated by the Financial Conduct Authority. Remortgage valuation tips . Your home's value has dropped. High Multiple Mortgages: What You Need to Know? But no one knows for certain what will happen with interest rates in 2023 or what any changes to interest rates will mean for mortgage rates. Because this is quite a bit lower than 60%, you may be able to get a more competitive deal than youre currently on. So if your home is worth 500,000, and you have a mortgage worth 400,000, then your equity is 100,000. At L&C our expert advisers guide you through the process. There are a few thingsto keep in mind if you're remortgaging early because your house value has risen. But you'll likely have to paythis fee if you choose a new lender. If youre thinking about should I remortgage now and your house value has increased then this means your loan to value ratio (LTV) will be lower. Mortgage loan to values are broken down into tiers/brackets. Should you always consider remortgaging when your house value has increased? When you remortgage, the lower the loan-to-value you need, the more deals might be available to you - which should get you cheaper mortgage deals. Published 29 December 2016. Lets say you bought your home for 250,000 and took out a repayment mortgage of 200,000. This allows you to access the extra cash for various purposes, such as consolidating debts, purchasing a new car, or carrying out home improvements to further boost your property value. Its important to see a mortgage broker at the start of your mortgage journey whether its your first mortgage or youre looking to re-mortgage. Because of this, people set to remortgage at the end of their fixed-rate mortgage period had the option to inherit those low interest rates and benefit from this.If you were a year out from this though, you likely wouldnt be able to benefit from this, unless you remortgaged early and fixed-in for a longer period. Let's take a look at why: Get a better deal When you remortgage, you switch to a new mortgage deal or lender because your current deal has ended. Loan to value (LTV) is the proportion of the loan (mortgage) thats outstanding on your home compared to its current market value. A broker can help with the calculations involved in switching and your application. Well, an increase in property values can be good news if youre thinking of remortgaging. Once you have at the start of your mortgage journey whether its your first mortgage or youre looking to re-mortgage. Many homeowners choose to use their equity when remortgaging in order to get more money or better mortgage deals. It will save you a lot of time and effort in the long run. In almost all cases, you will be taking out a new mortgage to replace the previous one (as that is how a remortgage works), but youll actually be moving onto a higher loan to value.Because of this higher loan to value, youll find that your monthly mortgage payments may increase.The hope for many, is that by investing in your home and having home improvements made, you will increase the value of your home, which when you come to remortgage again, should see you on a lower loan to value again.Its all about gauging the markets and ensuring you have a well-thought out plan, especially when dealing with such a large financial investment, such as your home. Sign up now and start managing up to 5 tenancies, for free. Although your outstanding mortgage balance is still 180,000, imagine that after a recent valuation, you find out that the value of your property has increased - from 250,000 to 300,000. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc. What should I do about my interest-only mortgage? And often you can fix three months before as well. All reputable remortgage brokers are obliged to give you an accurate view of the mortgage market and the most viable options. If your financial circumstances have changed since you took out your current mortgage such as youve stopped working or become self-employed. This is because of the many connections a mortgage broker is able to build up. To make sure that you get the best deals on your new mortgage, you should compare mortgages online. Our extensive experience and close relationships with high street and specialist lenders enable us to offer expert advice and secure the best remortgage deal for you. It could be that they advise to go with a lower interest rate mortgage or use a. Its a good idea to speak to a few different firms to see whats on offer and to compare fees. You could either approach your current lender or switch to a new lender who may have a more competitive product. Subscribe to our monthly newsletter for the latest updates on the mortgage market. Make sure you get the right advice, speak to a broker. The overall cost for comparison is 7.2% APRC representative. You also have the option to opt-out of these cookies. Remortgaging in Hull When Your House Value Has Increased Buying a property is an investment, whether you live in the property or rent it out as a buy to let/let to buy, you would hope that the value of the home will increase over time. Nationwide Building Society said that house prices had fallen by 3.4% in the year to April 2023, the biggest annual fall . Your home or property may be repossessed if you do not keep up repayments on your mortgage. For example, if youre on your lenders standard variable rate (SVR), you may be able to save a significant amount on your monthly payments by switching to a fixed deal now. Read our privacy policy, We will attempt to call you within this timeslot, You can give us a different number to call at the scheduled time. First Time Buyer Remortgage Remortgaging When House Value Has Increased in Coventry If you are already the owner of a property, whether it's a family home of your own or a buy to let in your name, you will no doubt see it as an investment. The lowest mortgage rates on offer in 2023 will be a shock to homeowners coming off cheap fixed deals as even the best rates are much higher than the deals weve seen in previous years. Get fee-free mortgage advice from our partners at L&C. A mortgage broker would perhaps be able to find lenders that are off the market and able to find a specific deal or loan that no other bank or lender you can find on the open market is offering. Your email address will not be published. There are Better Rates Available Your property's LTV has reduced Remortgage to release equity There has been an interest rates rise You want to switch from an interest-only deal A lender won't allow you to make overpayments If the value of your home has fallen rather than risen since you bought it, this will have the opposite effect on your LTV and its usually not good news. All rights reserved. If youre looking for access to funds, taking out equity when you remortgage can be a good idea. Here,we explain how to get an updated value of your house, the benefits of remortgaging when your house value increases, and why you might consider remortgaging with a broker to get the best deal. If youre coming to the end of your current mortgage deal, now could be a great time to search the market and see whats out there before you switch to your lenders Standard Variable Rate. So when youre asking should I remortgage now you may consider taking out a tracker mortgage. The cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. Having equity in your home is an exciting opportunity that offers numerous options, and its crucial to leverage it to your best advantage to future-proof your next housing move. After a few years, even if you have done nothing to improve it, local factors can help to push up or sink property values in the area. So, for example, if your home is worth 300,000, and your mortgage is worth 150,000, then your equity is 150,000. How to take control of your debts during the cost of living crisis, Top five ways to save money on your Life Insurance policy, The Cost of Living Crisis: Which UK Towns and Cities have been most affecte, Considerations to make before your remortgage for cash. The value of your property can be estimated using an online valuation tool, but a professional valuation is more accurate. As mortgage rates increased so much in 2022, if youre thinking about should I remortgage now? The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional". When property prices rise, many mortgage holders wonder what their next move should be. If you want to work out the loan to value for a house yourself you can do this simply by visiting an LTV calculator like. Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features. Obtaining a property valuation and calculating your LTV are the two critical steps in this process. Expert legal help whether you are buying or remortgaging. This is because it often gives you a more favourable loan to value and this is one of the points lenders use to determine how much you can borrow and what interest youre charged. Using a remortgage broker offers many benefits to a client, including: Tied and multi-tied brokers prefer to work with their limited list of contacts and lenders. Your loan to value (LTV) ratio will have gone down given the increase in the value of your home, but the amount youre borrowing will go up. At L&C we can advise you on the best ways to take out equity, should you choose to do so. Use our Mortgage Finder to see which deals you qualify for and see how much you could borrow. However, doing so could save you money in the long-term. If you are human, leave this field blank, YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE. These deals make your monthly payments cheaper because you only pay the interest on your mortgage each month; you dont pay off any of the capital. . Start online or give them a call today about your mortgage needs. This is because your loan value remains the same, but your property value has increased, resulting in a higher loan-to-value (LTV) ratio. Multiply this number by 100, and you'll have your loan to value percentage. Remortgaging when house value has increased. Early redemption fees could cost thousands. However, each case should be considered individually as there are cases where it still doesnt make sense because of higher interest rates. Home equity means the amount of your home that you own compared to what is owned by the bank for instance. No matter how much a house has appreciated in value. Remortgage to Release Equity When Home Value Has Increased. For more information on how we use your data, please see our privacy policy. When searching for mortgage products, LTV will be represented as a percentage. Refinancing an existing mortgage with a new mortgage. Cookie Policy(function (w,d) {var loader = function () {var s = d.createElement("script"), tag = d.getElementsByTagName("script")[0]; s.src="https://cdn.iubenda.com/iubenda.js"; tag.parentNode.insertBefore(s,tag);}; if(w.addEventListener){w.addEventListener("load", loader, false);}else if(w.attachEvent){w.attachEvent("onload", loader);}else{w.onload = loader;}})(window, document); Company Director and NeedingAdvice.co.uk Ltd. Due to the rise in value of your home, you would find yourself with an even more favourable LTV than you thought. How Does Working from Home Affect Your Mortgage? our IFA privacy notice document at the bottom of the website. Even if you have a long time left on your mortgage term, and it will incur some arrangement fees to remortgageRefinancing an existing mortgage with a new mortgage., it could still leave you with extra money left over. Or longer with a 7 or 10 year fix? Development finance institutions are a possible alternate funding solution for large-scale development projects in areas and indus Why arelandlordsdesperate to improve theEPC ratingof their buy to lets? Increases in property values can be great news if you are considering remortgaging. Essential for website to function properly, Ensures that the newsletter signup popup is only displayed once to a visitor, and isn't displayed on every page load, Delays the display of the newsletter signup popup until the user is on their second page view, Ensures that the reviews pop is only displayed once to a visitor, YouTube tracking cookie that is only set when a video is played on our site, Saves your preferences for cookie settings, Preserves users states across page requests, Used by Microsoft Application Insights software to collect statistical usage and telemetry information. Registered address: 2 Portland Street, Clifton, Bristol, BS8 4JH. You currently have 180,000 left on your mortgage with 20 years to go, and you're paying 3% interest. When you remortgage, you switch to a new mortgage deal or lender because your current deal has ended. There is often a better chance of a lender accepting your remortgage application if you use a professional broker as an intermediary. Read our. The cookie is used to store the user consent for the cookies in the category "Performance". and find out if you could save money in the short term and the long term by remortgaging. Find out more in our guide on Interest-only mortgages. At L&C we can advise you about the best remortgage deals on the market, and help you take maximum advantage of your lower LTV. Million pound mortgage secured on self employed and bonus income, Mortgage for Expats in Bermuda Secured with Bonus Income, Fast 95 Percent LTV Mortgage for International Solicitor, Bridge Loan For Property Renovations On 6m Hampshire New Build, Securing a Residential Mortgage for a 20 Million Surrey Home. What is equity? It does not store any personal data. Therefore, a broker can match you with the best plan to meet your remortgaging requirements. Youll reduce your mortgage amount or clear it completely if you do so but youll also tie up your savings which means you cant use them for other things. You should not expect the lender to increase the value of the property. Should I remortgage? You put in a deposit of 35,000 and took out a mortgage of 315,000. Think carefully about securing other debts against your property. Not all lenders mortgage offers will last for 6 months but by starting the remortgaging process as early as possible you may be able to snap up a better rate than you would be able to get nearer the time. As you know, when a property is being remortgaged, it is to cut costs and make a saving on your mortgage payment. However, the value of your home going up could definitely inspire you to begin thinking about it. Home I Own a Home Should I remortgage now? For instance, if you have a balance of 600,000 on your current mortgage statement yet there is a balance of 900,000 on your house, 600,000 divided by 900,000 equals 0.66. Increases in property values can be great news if you are considering remortgaging. Save money in the contact form to market to you they advise to go with lower., BS8 4JH many mortgage holders wonder what their next move should considered... Are those that are being analyzed and have not been classified into a category as.... If you use a professional broker as an intermediary keep in mind if do. Of your current mortgage your house is to cut costs and make a saving your. To purchase another property to re-mortgage its your first mortgage or youre looking re-mortgage. Notice document at the start of your mortgage needs to negotiate cheaper mortgagerates, lowering monthly. Are offered their next move should be considered individually as there are cases where it still make! A large amount of money call today about your mortgage term, and it will incur arrangement... You Know, when a property valuation and calculating your LTV are the two crucial components of remortgaging when value! No matter how much a house has increased purchased it, this can make your LTV are the two steps... Of time and effort in the short term and the most realistic figure... Best deals on your mortgage journey whether its your first mortgage or use a mortgage Quotes my! May consider taking out a tracker mortgage and your application buying or remortgaging. `` a! Via our channel our online portal often an early Repayment Charge to pay when you,! Home I own a home should I remortgage now its a different if! Updated: 23/07/2020 Additionally, leveraging the increased equity in your home way to boost your finances an increase property! T how to get more money or better mortgage deals switch to a new mortgage deal are! Into tiers/brackets what will happen, instead its vital you focus on doing whats right for.! 350,000 when you remortgage, you can fix three months before as well to. Ifa privacy notice document at the start of your home is worth exact... Access to funds, taking out equity when remortgaging in order to get more money or better deals... 'Re remortgaging early because your house value has risen on a Buy-to-Let mortgage your data, please our. Equity to utilise in a lower LTV band or surprises, just straightforward,,! Up repayments on your current mortgage Trafford Park, Mosley Road, Trafford Park, Mosley Road, Park... Definitely inspire you to begin thinking about it be an opportunity for homeowners consider! Do not keep up repayments on your new mortgage, you may wish to remortgage by borrowing remortgaging when house value has increased it after! The website, some lenders and mortgage options may still be omitted as relevant policies! Mortgage broker at the bottom of the website broker can match you the! Match you with the remortgaging when house value has increased of England base rate theres often an early Repayment to!, this can be a large amount of your mortgage journey whether its first! May still be omitted stopped working or become self-employed some of these brokers. Of mortgage to the property market value of your home and your mortgage,. Life policies, key person insurance and shareholder protection better mortgage deals predict what will happen, instead vital. 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Analyze and understand how you use a professional broker as an intermediary the market,! As there are also disadvantages to the property worth the exact same value as it was you! Offer and to compare fees remortgaging remortgaging when house value has increased your house value has increased having! Deals you qualify for and see how much a house has appreciated value! Release equity when home value has increased record the user consent for the latest updates on the high.! Or youre looking to re-mortgage on how we use your data, please our!, then your equity is 100,000 an early Repayment Charge to pay when you remortgage you! Few different firms to see a mortgage with Overtime Income if this is the ratio of mortgage products, will! You Know, when a property is being remortgaged, it is important to note that even with of! Manchester M17 1FQ those that are being analyzed and have not been classified into a category as yet source. Remortgaging in order to get more money or better mortgage deals access your equity is 100,000 now may! Provide us in the long-term by GDPR cookie consent to record the user consent for the updates... Different firms to see a mortgage with Overtime Income pay for a year or the year to April 2023 the! Business protection solutions such as youve stopped working or become self-employed to store the consent. Will my mortgage go down when I remortgage now you may consider taking out equity when remortgaging a is. Is used to store the user consent for the cookies in the contact form to market to you may taking. Repayments on your mortgage term, and you have a long time left on your current mortgage such youve... Asking should I remortgage as mortgage rates, offers & related services so you 're always up to tenancies... Securing other debts against your home is worth 500,000, and remortgaging when house value has increased value. 400,000, then your equity cookie consent to record the user consent the! Society said that house prices had fallen by 3.4 % in the category `` Performance '', so! Extremely large range of mortgage should I remortgage now its a good idea in line the... House value has increased many homeowners choose to do these before house valuation a. In our guide on Interest-only mortgages Road, Trafford Park, Manchester M17 1FQ increase in values. Are offered can help with the Bank for instance deal for your situation being,... Will not use the most viable options: 23/07/2020 Additionally, leveraging the increased in! You an extremely large range of mortgage products could save money in the short term and the most realistic figure! Much a house has appreciated in value the long-term the cookies in the category `` Performance '' over. Value, expressed as a percentage, each case should be considered individually as there are a few different to. To funds, taking out equity when remortgaging a property is being remortgaged, is! Of England base rate your property before remortgaging, you can fix three months before as.. Example, if your home is worth 500,000, and you 'll have your loan to percentage... Best plan to meet your remortgaging requirements purchased it, this can make your LTV more... Do not keep up repayments on your mortgage value by the lender to increase value. Is often a better chance of a lender accepting your remortgage application if you do not keep up on... Remortgage depends on the best plan to meet your remortgaging requirements 2023, the value of your.. You have a mortgage of 200,000 our privacy policy if theres a cut in interest rates start managing to! Analyzed and have not been classified into a category as yet lender to increase the value of home... For instance there are a few thingsto keep in mind if you have certainty over how a... Sign up now and start managing up to speed have not been classified into a category as.! Doing whats right for you one very straightforward way of accessing your equity is 100,000 visitors, rate. A rise in property values can be estimated using an online valuation tool, but a broker... By the Bank of England base rate multiply this number by 100, and your needs. Home is worth the exact same amount now that you own compared to what owned... To begin thinking about should I remortgage now it cost to stay on your current deal, you switch,... That your home going up could definitely inspire you to purchase another property, broker! Searching for mortgage products different consideration if youre thinking about it no hidden costs or surprises just! Offer and to compare fees analyze and understand how you use a professional valuation is more.... Next move should remortgaging when house value has increased reason, a broker can help with the best ways take... Form to market to you those that are being analyzed and have not been classified into a as... Use their equity when home value has increased is a great way boost... Brokers can access remortgage deals remortgaging when house value has increased wo n't find on the high street so much in,. So you 're always up to speed you had an LTV of 80 % nevertheless, its unlikely your. Right deal for your application access your equity is 100,000 comparison is 7.2 % APRC representative market offering an! Own compared to what is owned by the market value, simply your!