In this brief guide, we will cover First direct remortgages and where you can obtain a first redirect remortgage.

Getting a first direct remortgage

You may want to consider a first direct remortgage if you currently have a first direct mortgage and are considering remortgage to a better rate with First direct. This is known as a product transfer.

You may want to get a first direct remortgage:

To save money

Remortgaging to a better mortgage deal when your fixed-rate mortgage deal comes to and end could be an easy and straightforward way to save some money. This is especially true as most mortgage lenders will move you to their standard variable rate mortgage product which usually has a higher APR when your fixed-rate mortgage deal comes to an end.

You may also be able to save on interest charges on your current mortgage by overpaying your mortgage. You can see how much you may be able to save by using the first direct overpayment calculator.

to release equity

You may also want a first direct remortgage if you want to release equity. This could be the case if your property has risen in value and you now have considerable equity in the property which you now want to convert to cash so you can go on a holiday or fund other purchases.

To release equity with a first direct remortgage you will simply get a mortgage which is bigger than the current balance you owe on your current mortgage. Your conveyancer will then pay you the balance that is left after your original mortgage balance has been paid off by your new remortgage lender.

To borrow more money

You may want a first direct remortgage if you want to borrow more money. This is also known as a further advance if you have your original mortgage with first direct.

Should you get a First direct remortgage?

When considering if to get a remortgage, you may want to consider if getting a first direct remortgage is the best course of action. You may want to consider getting a mortgage broker who may be able to advise you on all the mortgage products available to you.

The mortgage broker may be able to assess more products than one mortgage lender and hence a first direct remortgage may not be the best option.

What is the first direct remortgage process?

The first direct remortgage process could take between 6 to 8 weeks and you may be required to have some of your documents ready to ensure the process runs smoothly.

Some of the documents you may require for your first direct remortgage include:

3 months worth of bank statements

Your identification documents

Any utility bill from your current address

3 months worth of payslips

Your mortgage statement

Your mortgage redemption statement

Your P60 tax return

Your SA302 calculation form if self-employed

Your company accounts or self employed accounts if self-employed

To get your first direct remortgage you won’t need to have any face to face meetings and everything can be done online or over the phone.

When getting a first direct remortgage you wont need to pay for most fees aside from a valuation fee for your property.

John Bate

John has 22 years of experience in financial services. This spans across financial research, financial services (As a qualified mortgage broker and underwriter), financial trading and sales at global investment banks. While working as a publishing research analyst, he covered European bank credit and advised institutional clients on investment strategies at both JP Morgan and Societe Generale. John has passed all three levels of the CFA (Chartered Financial Analyst) programme.