Remortgage

Your current deal ending? There's likely a better option waiting.

Remortgaging means switching your existing mortgage to a new deal, either with your current lender or a different one. Most people remortgage when their fixed rate period ends to avoid moving onto their lender's standard variable rate, which is almost always significantly higher.

But remortgaging isn't just about chasing a better rate. It can also be the right way to release equity, consolidate debt, fund home improvements, or move to a more flexible product. I'll look at your full picture and recommend the right approach.

When should I remortgage?

The right time to start looking is around three to six months before your current deal expires. Many mortgage offers are valid for up to six months, so securing a new rate early protects you against rate rises while still allowing you to switch at the right time.

If you're already on your lender's standard variable rate, the sooner you act the better, you're almost certainly paying more than you need to.

Should I stay with my current lender or switch?

Staying with your current lender through a product transfer is quicker and involves less paperwork. But it limits you to that lender's products and may not give you the most competitive rate. Switching to a new lender opens up the whole market but involves a full application process.

I'll compare both options and give you an honest recommendation. Sometimes staying makes sense. Often it doesn't.

Reasons to remortgage

  • Your fixed or discounted rate is ending

  • You want to release equity for home improvements, a deposit on a second property or other purposes

  • You want to consolidate debts into your mortgage to reduce monthly outgoings

  • Your property has increased significantly in value and a lower loan to value gives you access to better rates

  • Your circumstances have changed and your current product no longer fits

Who I work with

  • Homeowners coming to the end of a fixed rate

  • Clients already on a standard variable rate

  • Clients looking to release equity

  • Clients wanting to consolidate debts

  • Self employed clients whose income has changed since their last mortgage

FAQs

How much could I save by remortgaging?
It depends on your current rate, your balance and the deals available to you. The difference between a standard variable rate and a competitive fixed rate can be hundreds of pounds a month on a typical mortgage. Get in touch and I'll give you a clear comparison based on your actual figures.

Will I have to pay early repayment charges?
If you're still within your fixed or discounted rate period, your lender will likely charge an early repayment charge for leaving early. These can be significant. I'll factor this into the comparison and only recommend switching early if the saving outweighs the cost.

How long does a remortgage take?
A straightforward remortgage typically takes two to four weeks from application to completion. A product transfer with your existing lender can be much quicker. Starting the process three to six months before your current deal ends gives you plenty of time.

Can I borrow more when I remortgage?
Yes, subject to affordability and loan to value. If your property has increased in value or you've paid down a significant portion of your balance, you may be able to borrow more. Common reasons include funding home improvements or raising a deposit for a second property.

Can I remortgage if I'm self employed?
Yes. Lenders will assess your income in the same way as for a purchase mortgage. If your income has grown since your last mortgage, remortgaging can actually improve your position. See my Self Employed Mortgages page for more detail.

What is a product transfer?
A product transfer is switching to a new deal with your existing lender rather than moving to a new one. It's quicker and simpler than a full remortgage but limits you to that lender's product range. I'll compare product transfer rates against the whole market and tell you which is the better option.

What if I'm in negative equity?
Negative equity means your mortgage balance is higher than the current value of your property. Options are more limited in this situation but not impossible. Get in touch and I'll give you an honest assessment of what's available.

What happens if I do nothing when my deal ends?
You move onto your lender's standard variable rate. This is almost always significantly higher than the rate you were paying and means your monthly payments increase with no fixed period of certainty. Most people remortgage to avoid this.

The information on this page is intended as a general guide only and was accurate at the time of writing. Lender criteria and mortgage products can change. Please get in touch for current and personalised advice.

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