Adding someone to your mortgage when you remortgage
Adding someone to your mortgage usually happens through a remortgage or a transfer of equity, and both applicants’ finances and credit files are assessed together.
Guides · 51 articles
Remortgaging basics guides
How remortgaging works, what it costs, how long it takes and the choices along the way.
Can a remortgage offer be withdrawn?
A mortgage offer isn't a guarantee. Lenders can withdraw one before completion if circumstances change. This guide explains what can trigger it and what to do next.
Can you port your mortgage with bad credit?
Porting lets you take your current mortgage deal with you when you move house. Bad credit can still affect the decision, because you're reassessed as if new. This guide explains what's involved.
Can you remortgage early?
You can usually remortgage before your current deal ends, but leaving early can mean an early repayment charge. This guide explains when remortgaging early makes sense and how to check the cost first.
Can you remortgage on benefits?
Being on benefits doesn't automatically stop you remortgaging, but lenders assess benefit income differently and some are more flexible than others. This guide explains what to expect.
Can you remortgage to fund a business?
Some homeowners remortgage to raise money for a business, but lenders assess this differently to home improvements, and it puts your home at risk. This guide explains what to consider.
Can you remortgage with a secured loan?
Having an existing secured loan on your home doesn't rule out remortgaging, but it changes what's assessed and what your options are. This guide explains how.
Do you need a broker for a bad credit remortgage?
You are not legally required to use a broker, but many people with a CCJ, default or other adverse credit find one useful, since brokers who specialise in this area know which lenders are more likely to consider a particular situation.
Do you need a deposit to remortgage?
You don’t put down a deposit to remortgage in the way you do when buying. What matters is your equity, the difference between your home’s value and what you owe.
Do you need a solicitor to remortgage?
Most remortgages involve some legal work, often provided free through your lender's panel solicitor. This guide explains what a solicitor does in a remortgage and when you might need your own.
Do you need a valuation to remortgage?
Most remortgages involve a valuation of some kind, though many are now done as a free desktop valuation rather than a physical visit. This guide explains how valuations work and why they matter.
Does a mortgage in principle affect your credit score?
Most lenders use a soft credit search for a mortgage in principle, which does not affect your score or show to other lenders. A minority use a hard search, so it is worth asking before you apply.
Does remortgaging affect your credit score?
Remortgaging usually involves a hard credit search, which can have a short-term effect on your file, but the bigger factor for most people is what is already on it.
Early repayment charges explained
An early repayment charge (ERC) is a charge some lenders apply if you leave a mortgage deal before it ends. This guide explains when it applies, how it's usually structured and how to avoid it.
Equity release or remortgage?
Equity release and remortgaging both let you raise money using your home, but they work in very different ways, with different risks. This guide compares them.
Fixed or tracker remortgage?
A fixed rate stays the same for a set period, while a tracker moves with a reference rate such as the Bank of England base rate. Neither is automatically right, and the choice can interact with early repayment charges and affordability.
How do lenders assess affordability?
Lenders look at your income, your regular outgoings and how you would cope if rates rose, then apply their own criteria on top. Bad credit does not remove you from this process, but it can narrow which lenders will consider you.
How does remortgaging to release equity work?
Releasing equity through a remortgage means borrowing more than you currently owe, secured against your home’s value, and it’s a different product from equity release schemes for older homeowners.
How long does a remortgage take?
A straightforward remortgage often completes within a matter of weeks, though timing depends on your lender, the legal work and your own circumstances. This guide sets out a realistic timeline and what can slow it down.
How LTV affects a bad credit remortgage
Your loan to value (LTV) is one of the biggest factors in a bad credit remortgage. This guide shows how to work it out, how LTV bands work and why more equity can widen your options.
How much can I remortgage for?
How much you can remortgage for depends on your property’s value, how much you already owe, and what a lender’s affordability checks say you can manage, not a fixed formula.
How much does it cost to remortgage?
Remortgaging can involve several possible costs, including a valuation fee, a product or arrangement fee, legal fees and sometimes a broker fee. This guide explains each one and what typically applies.
How often can you remortgage?
There’s no set limit on how often you can remortgage, but early repayment charges, deal terms and how each application affects your credit file all shape what’s practical.
How to remortgage with bad credit: step by step
Remortgaging with adverse credit follows the same broad steps as any remortgage, with extra emphasis on checking your credit file and comparing specialist options. This guide walks through each stage.
Interest-only or repayment?
A repayment mortgage clears both interest and capital, so the balance falls to zero by the end of the term. An interest-only mortgage only covers the interest, leaving the capital due at the end, and needs a credible plan to repay it.
Remortgage checklist: what to do before your deal ends
A practical, step-by-step checklist to work through before your current deal ends, including what to check first if you have adverse credit.
Remortgage or product transfer?
A remortgage moves your mortgage to a new lender, while a product transfer keeps it with your current one. This guide compares the two so you can weigh up which fits your circumstances.
Remortgage or second charge mortgage?
Both a remortgage and a second charge mortgage can raise money against your home, but they work very differently. This guide compares the two so you can weigh up which fits your situation.
Remortgaging a leasehold flat
Leasehold flats come with extra checks that freehold homes do not, mainly around how long the lease has left to run. Here is what matters and how bad credit changes the picture.
Remortgaging after changing jobs
A new job, especially one still on probation, changes what a lender needs to see about your income. Here is what to expect and how adverse credit fits into the picture.
Remortgaging on maternity leave
Lenders can remortgage someone on maternity leave, but they need to understand your income both during leave and once you return to work. Here is what that involves.
Remortgaging with little or no equity
Low equity and adverse credit together can narrow your remortgage options, and with very little equity a product transfer is often the main route. This guide explains why, and what may improve your position.
Remortgaging with the same lender: is there a credit check?
A like-for-like switch with your current lender often involves fewer checks than a full remortgage, while borrowing more usually means a fuller assessment. This guide explains what to expect and when comparing other lenders is still worth it.
Should I remortgage?
This guide isn’t personal advice, but it sets out the main questions worth working through before deciding whether to remortgage, including a few extra ones if you have bad credit.
What are free legals on a remortgage?
Free legals is a package many lenders offer to cover the standard legal work of a remortgage, using their own panel solicitor. This guide explains what's included, what isn't, and when it may not be offered.
What documents do you need to remortgage?
Most remortgage applications need proof of ID and address, income evidence, recent bank statements and your existing mortgage details, plus more if you’re self-employed or have adverse credit.
What happens on remortgage completion day?
Completion day is when your old mortgage is redeemed and your new one begins. This guide walks through what happens, when, and who is involved.
What happens when you remortgage?
Remortgaging replaces your existing mortgage with a new one: your old loan is repaid on completion day, a new one starts, and the change is registered against your property.
What if your remortgage valuation comes in low?
A down valuation means the lender's surveyor values your home for less than you or an estimate suggested. This can move you into a higher loan to value band, change which rates and lenders are available, or reduce how much a lender will offer.
What is a further advance?
A further advance is extra borrowing from your existing mortgage lender, added to your current mortgage. This guide explains how it works, what's assessed and how it compares with other ways of raising money.
What is a mortgage offer and how long does it last?
A mortgage offer is a lender’s formal, written confirmation that they will lend, usually valid for a limited period such as 3 to 6 months while you complete the legal work.
What is a mortgage redemption statement?
A redemption statement is a figure from your current lender showing exactly what it costs to pay off your mortgage on a set date. This guide explains what's in it and why it matters.
What is a mortgage stress test?
A stress test checks whether you could still afford your mortgage if interest rates were higher than the rate you are actually being offered. It is a standard part of affordability checking and applies to everyone, not just people with adverse credit.
What is a product transfer?
A product transfer is a new deal with your existing mortgage lender, rather than a move to a new one. This guide explains how it works, what's involved and when it might not be offered.
What is a remortgage?
A remortgage means replacing your current mortgage with a new one, usually to get a better deal, borrow more or raise money against your home. This guide explains how it works and what to expect.
What is a second charge mortgage?
A second charge mortgage is a separate loan secured against your home, sitting behind your existing mortgage. This guide explains how it works, what it's used for and the risks involved.
What is a standard variable rate?
A standard variable rate is the rate your mortgage moves to once a fixed or tracker deal ends, and it's usually higher. This guide explains how it works and how to avoid getting stuck on it.
What is equity in a house?
Equity is the part of your home’s value that belongs to you outright, worked out by subtracting your outstanding mortgage from the property’s current value.
What to do if your remortgage is declined
A decline usually comes down to affordability, credit history, the property itself or missing documentation. Finding out why, correcting anything you can, and considering a specialist lender or broker are the usual next steps.
When should you remortgage?
Many people start looking at a new deal a few months before their current one ends, though other life changes can also be good reasons to remortgage. This guide explains the main timing considerations.
Why do people remortgage?
Homeowners usually remortgage to get a better deal, release equity, consolidate debts, or change their mortgage term. Bad credit adds a few extra reasons and some extra hurdles.
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