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What is remortgaging and how does it work?
Remortgaging is when you switch your existing mortgage to a new deal – Either with your current lender or a different one. It doesn’t involve moving home, it’s simply replacing your current mortgage, often to get a better interest rate or release some equity.
For many homeowners, remortgaging is a smart way to stay in control of their finances. Whether your current deal is ending, or you’re reviewing your option early, remortgaging could help you reduce your monthly repayments, avoid your lenders standard variable rate (SVR), or free up funds for things like home improvements.
The process is a lot like taking out a mortgage from scratch, but it’s typically quicker and more straightforward – Especially with the right guidance.
Should I Remortgage? Reasons You Might – and Might Not
Remortgaging can be a smart financial move, but it’s not the right step for everyone. Here’s a breakdown of when it might make sense – and when to think twice.
Reasons to Remortgage
Your current deal is ending: If your fixed or discounted rate is coming to an end, you could move onto your lender’s standard variable rate – Usually more expensive. Remortgaging could help you secure a better deal.
You want a lower monthly payment: Switching to a new deal with a lower interest rate could reduce your monthly repayments and save money over the term.
You want to borrow more: Remortgaging can allow you to release equity for home improvements, debt consolidation or major purchases – depending on your circumstances.
Your home’s value has increased: If your loan-to-value (LTV) has improved, you might now qualify for lower rates than when you first took out your mortgage.
You want to switch from interest-only to repayment: Changing your mortgage type might suit your evolving financial goals or retirement planning.
When Remortgaging Might Not Be Right
You’re already on a competitive deal: If your current rate is better than what’s available, or the savings wouldn’t outweigh the fees, it may be worth staying put
You’d face high early repayment charges (ERCs): Leaving a deal early could cost you. We’ll help calculate whether it’s worth it, but it’s often best to wait until the penalty period ends.
Your credit score has dropped: If your credit profile has worsened, you might not get the rates you’re hoping for. It could be better to wait and improve your credit.
Your income or employment has recently changed: Some lenders may be cautious if your situation has become less stable, making it harder to remortgage right now.
Not sure if remortgaging is the right move right now?
Let’s have a quick chat about your remortgage options – no pressure, just honest advice. Contact us about remortgaging or call us on 0333 090 3221.
When Can You Remortgage?
You can technically remortgage at any time, but whether it makes financial sense depends on your current deal and circumstances.
Most people look to remortgage when their fixed or introductory rate is coming to an end – Usually around 3 to 6 months before. This helps avoid being moved onto their lender standard variable rate (SVR) which is often higher.
But it’s not only about the timing. You might also consider remortgaging earlier if:
- You’ve built up more equity and want a better rate
- You’re borrowing more to fund home improvements or consolidate debt
- Your circumstances have changed (e.g. income, credit score, goals)
Keep in mind: Remortgaging early may come with early repayment charges (ERCs), so it’s important to weigh the costs and benefits before making a move
How the Remortgaging Process Works
Whether your current deal is ending or you’re exploring better rates, the remortgage process is usually straightforward – And with the right support, it can be even smoother.
- Review your current mortgage: We’ll look at your existing deal, any repayment charges, and how much equity you’ve built up to see what options are available.
- Understand your goals: Are you looking to save on monthly repayments, release equity, or switch to a fixed rate? Defining your priorities helps find the right fit.
- Compare deals across the market: With access to a wide range of lenders, including some not available directly, we’ll compare remortgage options tailored to your situation.
- Gather your documents: As with any mortgage, you’ll need to provide proof of income, ID, and other basics. We’ll guide you through exactly what’s needed.
- Valuation and conveyancing: The lender will usually arrange a property valuation. Some deals also include free legal work, which we’ll help manage for you.
- Completion: Once approved, your new lender will pay off your existing mortgage, and your new deal will begin – usually without you lifting a finger.
How a mortgage adviser can Help you Remortgage
Remortgaging isn’t just about switching to a lower rate – it’s about making sure your mortgage still fits your goals. And with so many deals and lenders out there, it’s not always easy to know where to start.
That’s where a mortgage adviser comes in:
- We compare deals from across the market – Including lenders not available directly to consumers, helping you find a competitive rate tailored to your needs.
- We help you avoid hidden costs – Like early repayment charges or setup fees, so you know the true cost of your deal.
- We’ll guide your timing – So you don’t accidentally fall onto your lender’s standard variable rate or remortgage too early and trigger an early repayment charges (ERCs), we’ll guide you on the best time to make the switch.
- We manage the paperwork – Liaising with lenders and solicitors to keep things moving, with minimal hassle for you.
- We tailor the advice – Whether you’re releasing equity, lowering payments, or locking in peace of mind, we’ll help you get there.
In short: We take the stress away from remortgaging, so you can move forward with clarity and confidence.
Frequently Asked Questions
When should I start looking to remortgage?
It’s a good idea to start looking around 3 to 6 months before your current mortgage deal ends. This gives you time to find the new best rate and avoid your lenders standard variable rate (SVR), which is usually more expensive.
Can I remortgage early?
Yes, but it may come with some early repayment charges (ERCs). Depending on the size of these charges and the new rate you’re moving to, it may or may not be worth it. A mortgage adviser can help you weigh up the costs and benefits.
Do I need to use the same lender to remortgage?
Not at all. Remortgaging is a great opportunity to shop around. You can switch to a new lender offering better rates or terms – and a broker can help you compare all your options quickly.
Can I release equity when I remortgage?
Yes. If the value of your property has gone up or you’ve paid down a chunk of your mortgage, you may be able to borrow more by releasing equity. People often do this to fund renovations, consolidate debt, or help family members.
What documents do I need to remortgage?
Lenders usually ask for proof of income, recent bank statements, ID, and details of your existing mortgage. If you’re self employed, expect to provide extra paperwork like tax returns. An adviser can help get everything ready.
How long does a remortgage take?
Once your application is submitted, it typically takes around a week for the lender to issue your remortgage offer, depending on your circumstances. We’ll keep things moving smoothly so there are no delays.
Can I remortgage if my credit score has dropped?
Yes, there are many lenders who consider applicants with lower credit scores – though your options may be more limited. An adviser can help find the best available deal for your situation.
Ready to explore your remortgage options? We're here to help
Whether your deal is ending soon or you’re just looking for a better rate, we can guide you through the process from start to finish. No jargon, no pressure – just clear advice tailored to you.