Mortgage top up/ remortgage

A

Ann-Marie

Registered User
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Hello all,



Can you tell me what the difference is with a mortgage top up and re-mortgage?
Thanks again
Pink
 
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top up = same provider owe a tad more money or a lot more money

remortgage = change from fix to variable with same provider or change to different provider
 
If you are in a fixed rate you should consider a top up with your current lender. You will probably avoid legal fees also by staying with your current mortgage provider, although this depends on your lender and/or top up amount.

You could, however, avail of a better rate based on the LTV if you switched lenders. This requires a solicitor but some lenders are now covering this cost. Also, bear in mind that a penalty will be apply if you are currently in a fixed rate.
 
yes we are on a fixed rate for the 1st year
when would the best time be to do this? before our fixed rate is up or after?
 
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It depends on whether you want to top up or remortgage. If you want to top up with your existing lender you can do this at any time. If you want to switch you should wait until your 1 year fixed is up. The remortgage process takes a few weeks so if you wanted you could apply, say in August, so that by the time you are ready to switch, your 1 year fixed rate will be up.
 
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