Can you remortgage online? In a word: yes!

Just like surfing the web for a better broadband deal or browsing for a new mobile phone contract, you can shop around and remortgage online too. Feet up, cup of tea, money-saving mortgage deal; that’s the life.

But not unlike switching internet or network providers, doing an online remortgage application takes a bit of prep work. It’s something you won’t want to rush, which is why we’ve laid out everything you need to know in this handy article. 

What is remortgaging and why do it?  

First, a bit of housekeeping. What does it mean to remortgage

Put simply, it’s replacing your existing mortgage deal with a new deal, either with your current lender or a different one. There are a few reasons why you might want to do this. 

The most common is because your current deal is coming to an end. If you don’t remortgage in time, you could wind up on your lender’s standard variable rate (SVR). This typically results in paying a higher interest rate. Ouch.

You can also remortgage to borrow more money against the increased value of your home.  This is known as raising capital or releasing equity and it gives you access to money previously tied up in your property. You can use this money for home improvements or paying off debt, for example. (Note that this isn’t the same thing as Equity Release, which is a specific type of mortgage for people over 55 years old.)

If you want to dig a little deeper into the process and the reasons behind it, here’s more about  how remortgaging works in detail.

Can you apply for a remortgage online?

Absolutely. In fact, whether you do the application online or in person, there’s a fairly good chance you’ll kick things off by typing “remortgage” into Google (other search engines are available).

Is an online remortgage application different from an in person application?

Well, besides not having to put on any trousers, the online application process isn’t all that different from sitting face-to-face with a broker:

  1. Once you’ve found some rough remortgage quotes online, you’ll speak to a qualified mortgage broker to get the ball rolling.  

  2. Next, you need to get all of your important documents together, such as proof of ID, proof of salary, and recent bank statements. Here’s a list of everything you’ll need.

  3. With the paperwork in place, your broker sends off your application.

  4. The lender then values your property (sometimes automatically).

  5. All being well, you’ll get a mortgage offer from the lender to confirm everything has been approved. 
  1. A solicitor handles the transfer of deeds from your old lender to the new one.
  1. Your remortgage is finalised. Happy dance.

  2. Your new lender will get in touch to confirm your mortgage has been transferred and you’ll start making your new monthly payments.

Important note: If you’re sticking with your current lender, this process is usually a bit shorter. They won’t need to see as many documents and it won’t involve any extra legal work (or fees). All told, it can take around six weeks to switch to a new deal with the same lender.

However, if you’re planning on changing lenders, it can take longer. We always recommend giving yourself around 6 months before your fixed rate period ends to get everything sorted.

Is remortgaging online better than the traditional way?

Who are we to say it’s better? Maybe you live for the hum of the office photocopier or you’re partial to your broker’s selection of biscuits. No judgement here. 

But remortgaging online is certainly faster. More convenient, too. 

When you do it the old-fashioned way, you can give up a chunk of your precious time travelling to and from meetings, playing phone tag, chasing information, and badgering for updates. It can feel like you’re being kept at arm’s length and everything is shrouded in mystery. 

Remortgaging online is different. You get to do it at a time that suits you, the process is clearly laid out in front of you, and you’re kept in the loop every step of the way. 

So, what’s the first step to remortgaging online?

We can’t speak for other online mortgage brokers, but when you remortgage with Habito, we like to keep things smooth, simple, and largely paperwork-free (for you). 

You can start by telling us a bit about yourself (do you live in your home or let it out?) and your situation (when does your fixed term end?). That helps us match you to the best deals for you.

Once we have a handle on your remortgage options, we set you up with your very own remortgage expert. And that’s when we kick things up a notch. 

You’re about to see the benefits of remortgaging online

As a whole-of-market broker, we can access almost every single mortgage deal out there. We can even see the exclusive offers your own bank won’t tell you about…!

Your remortgage expert then gets to work, doing all of the applying and following up on your behalf, and pestering anyone who needs pestering to make sure your application stays on track. 

The best bit? Your remortgage expert will stick with you through the entire process, keeping you in the loop the whole way. Plus, you can track everything on your own online dashboard, right to the very end.

Is remortgaging online the way forward?

We might be a bit biased here, but...  YES.

Our customers tell us they find remortgaging with us fast, easy, convenient, and transparent. And doing it online can save you lots of time and energy – no waiting for appointments, no travelling to meetings. 

With access to the entire market at our fingertips, we save people, on average, £341 a month when we help them remortgage online. Imagine that. 

Seriously, try our remortgage calculator and see how much you could save.