Everything You Need to Know When Getting an Urgent Remortgage

When people think about remortgaging, they usually associate it with a long and drawn-out process. However, there are some situations where you may need to get an “urgent remortgage”. This could be because you have been unexpectedly made redundant, or you have fallen behind on mortgage payments and are at risk of losing your home.

urgent remortgage

For most people, their home is their biggest asset, so it’s important to protect it. An urgent remortgage may give you the security and peace of mind you need in a difficult financial situation. This blog will help you decide whether an urgent remortgage is right for you and explain how you can go about getting one.

What Is an Urgent Remortgage?

Remortgaging is the process of paying off what you have left on your existing mortgage by moving onto another mortgage deal, typically with a different lender. It allows the homeowner to release equity from their home. An urgent remortgage is the same process simply done on an accelerated timeline. A normal remortgage takes around 4-8 weeks, whilst an urgent remortgage can take 2-3 weeks or sometimes even a matter of days

Someone who applies for an urgent remortgage will likely be in a much worse financial position than someone applying for a normal one. Whilst someone may remortgage their house to raise some extra funds for renovation, urgent remortgages are typically reserved for those who are really struggling to make payments. 

The Remortgaging Process

The first step is to contact your lender and let them know you are interested in refinancing. They will then provide you with a list of documents that you will need to submit, including proof of income, employment history, and credit reports. The lender will assess your affordability, as they will want to make sure you can afford the new mortgage payments. Once you have gathered all the required documentation, you will need to fill out an application and submit it to your lender.

If your application is approved, you will be given a new loan with different interest rates and terms. It is important to carefully review the new loan agreement before signing it, as there may be some significant changes from your current loan. 

Especially if you need a mortgage urgently, it is easy to simply go with the first lender that will accept you. Nonetheless, you need to take the time to ensure the deal is right for you, as you will be stuck with the consequences of a remortgage for a long time

Making a Decision – Should I Remortgage to Clear Debt?

One of the biggest advantages of an urgent remortgage is that it can give you access to additional funds that you may not have otherwise had. In other words, it can help you save money on your monthly payments by allowing you to borrow at a lower interest rate, and thus steady your financial situation.

At the same time, however, it can also be a risky move. When your home is used as collateral, it may be repossessed if you are still unable to keep up with the new payment plan. Equally, closing costs associated with a remortgage can add up quickly. Be sure to factor these costs into your decision before moving forward with your remortgage. 

When it comes to making such an important decision, it is always best to seek expert advice. If you are under the threat of repossession and considering remortgaging your house, contact us immediately so that we can talk you through your possible options. Our ultimate goal is always to stop the repossession of your home and we have years of expertise in doing so. Call us on 0808 109 3559 for free advice.