A remortgage is the changing from one mortgage product to another and normally remortgaging involves changing from one mortgage lender to another.

Only homeowners can apply for remortgages as they require to be secured on the asset of a property.

Remortgaging is a very common thing for homeowners to do.

Until about twenty odd years or so again most people applied for their first mortgage when they were getting married. Very few bought houses before that. They approached mortgage lenders and having chosen one very often stayed faithful to the same mortgage lender throughout their entire stay at that address.

This was the case whether the mortgage borrower stayed at the same property or whether they moved house once or even more in the course of their lifetime.

Currently most mortgage payers obtain quotations for remortgages every few years when their mortgage reverts to the Standard Variable Rate.

Sometimes a remortgage is sought simply to get a better rate of interest, and at other times remortgaging is the way of choice to obtain additional money for numerous reasons.

Obtaining a mortgage or a remortgage now is certainly much easier than it used to be.

For example the maximum income multiplier was three times the applicant’s earned income.

All mortgage lenders now advance more than three times the income with some granting remortgages and mortgages of as much as five times the income.

In our mother’s generation only about a quarter of even regular additional income such as bonus was taken into account.

In the old days mortgage lenders were unwilling to take much of this income into account and only accepted a tiny fraction of it.

Another problem when requiring a remortgage or a mortgage in past generations was that lenders did not like using any or much of a female applicant’s income whether she was single or had a partner.This was because they reckoned that if she left her employment as she wanted to have children that the mortgage would not be affordable on only the husband’s salary.

Additional income based on commission, bonus and overtime is now readily accepted usually at half of it but some lenders take the whole sum of additional income into the income equation.

The question of whether a woman may give up work for family reasons seems to not be taken into account these days

These are some of the factors that make obtaining mortgages and remortgages simpler now than previously

Remortgages and mortgages are certainly easier to obtain currently than they were in the past.

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