Knowing when the right time to remortgage can sometimes be tricky. You might have heard your friends talking about how they remortgaged the house and added a huge two-story extension, giving them the room they needed for their young family. However, it's important to remember that everyone's circumstances are different and just because that worked for your friend, doesn't mean that it could be the right thing for you too.
There are lots of times when we'd advise against remortgaging...
Little equity
If you owe your lender more than the property is worth, then you’re in what they call ‘negative equity’. It can be difficult to remortgage your house when you’re in negative equity - unless you have separate funds to repay the difference.
However, don’t just assume this is impossible. Everyone’s circumstances are different, just like every lender’s criteria is different, so it’s always worth speaking with a mortgage adviser to consider all your options.