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What is a Refinance Mortgage?
Remortgaging is the process of ending a mortgage with one lender and taking out a new one with another. A refinanced mortgage is carried out by taking out an existing mortgage on your property with another lender and using the money to repay your original mortgage. NBKI is here to help you navigate remortgaging your property. Depending on the outstanding mortgage amount, you might be eligible to increase your borrowing secured by the property.
Reasons to refinance your mortgage
Interest rates - a change in your interest rate could lower your monthly payments or help you pay off your mortgage sooner.
Early settlement - if you switch to a mortgage that allows you to make overpayments, you could end up paying off your mortgage debt before the end of your term.
Increase in property value - in this case, you may be able to apply for more loans for things such as home improvements. Because your loan-to-value ratio is lower, you might be able to qualify for a wider variety of interest rates.
Maturity of existing mortgage - if your existing mortgage is non-amortizing and approaching its maturity, you can refinance your mortgage with the same or a new lender.
Get in contact with us to discuss building your perfect deal together.
Cost to leave your current mortgage
Some mortgages have fees that you have to pay when you take out a loan, like an exit fee, or an early repayment fee. It is important to check these details with your current lender.
What is the desired outcome of your new mortgage?
Consider your current requirements and how they may evolve in the future. Are you looking to reduce your mortgage payments or have more time to pay your mortgage off. It is important to always understand how a change in interest rates could affect your finances.
How much can you borrow?
Try our mortgage calculator to find out how much you can borrow and how much you will have to pay each month. You can also request an Agreement in Principle to get a more customized uncommitted set of potential terms for your mortgage.
Islamic finance
This offering is also available in line with the principles of Islamic finance, on a case-by-case basis. If you are interested, please contact us for further information.
Applying for a Mortgage
The application process includes the following key steps:
Use this to receive a personalised estimate and indicative terms.
Once you've got your Agreement in Principle, you can start your full mortgage application.
An Agreement in Principle does not guarantee a mortgage, final approval is subject to NBKI.
- Call your dedicated UK Relationship Manager if you're an existing client
- Or call: +44 20 7224 2277
- Email: mortgages@NBKI.com
Failing to make mortgage payments can result in the repossession of your property.
Your recurring mortgage payments will fluctuate in line with the Bank of England base rate.
NBKI Mortgages for personal use are restricted to non-UK residents.