Commonly asked questions about remortgaging
Still unsure whether remortgaging is the right move? We’ve compiled answers to the more common questions we get asked at Norton Finance.
How long are the repayment terms?
Our flexible repayment terms range from 3 to 30 years.
What are the interest rates?
Interest rates will depend on your individual circumstances, starting from 1.38%.
Are there any loan fees?
We get our commission from the lender, not the customer. We may charge a broker fee of 7.5% of the loan amount requested, but that’s capped at £2,495.
Do I need a solicitor?
If you’re remortgaging with the same lender, they’ll handle the legal work. However, if you’re switching for a better rate elsewhere or want to release a cash lump sum, a conveyancing solicitor can assist with all the legal paperwork. This is sometimes provided from the lender’s own panel of solicitors.
Do I need a valuation?
You’ll need to get a valuation on your property or know what it is currently worth. This will give you an idea of how much you may be able to borrow and if you could find a better deal elsewhere.
Can I pay off a remortgage early?
You can pay off a remortgage in full at any time during the agreement - but most lenders will charge an Early Repayment Fee if your mortgage contract includes this as part of your original terms and conditions. It’s worth considering whether it is beneficial to pay these fees before deciding if you should repay your mortgage off early.