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Thanks, that's reassuring. It's my first remortgage so I'm new to this!
edit: that makes sense/seems obvious now if changing lender. Presumably if staying with the same lender they'd do something similar.
Cupcakes-
Yeah I think so - as far as the lender is concerned, all they care about is how much you are borrowing and how much the house is worth. If that means you suddenly take some equity off the table, they don’t care except about the LTV bracket you’re left with.
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Staying with the same lender is usually very straightforward if you don’t borrow money.
If you borrow money it’s not a ‘remortgage’ as such, it’s further borrowing, and depending on your lender it may be at a different rate.
Your existing lender will typically use an electronic index value rather than sending a physical valuer (unless you pay for this) so might give you a lower value than expected.Remortgaging with a new lender tends to have better results with value and rates offered.
Both will be subject to affordability assessment to make sure you can afford the increased borrowing amount, conveyancing should be pretty straightforward and normally offered by the lender for free.
andyfallsoff
Acliff
Just part of remortgaging isn’t it? You’d apply for a new mortgage anyway to make sure you get a decent rate; all you do at that point is change the numbers.