Remortgaging is where you take out a new mortgage with a new lender on a property you already own and have a mortgage on. The new mortgage takes the place of the mortgage you originally had on the property.

When your mortgage deal expires you move onto the lenders standard variable rate. At this stage you can select to stay with your lender and secure a new product from their existing customers range (if available). However, there may be another solution available to you that takes into account your current circumstances. The mortgage you initially took may have been the best for you at the time, but it may not be right for you now.

You may be looking to carry out home renovations, consolidate other debts or quite simply looking to secure a better rate than your current lender is able to offer you. We will tailor the best solution for you and find you the best product. Staying with your current lender may be our ultimate recommendation but you can rest in the knowledge that you have had an advised journey to this outcome.

When Remortgaging

  • Be prepared – Find out when your current deal is due to end. Start looking for a new mortgage from six months before your mortgage product ends.
  • Let us shop around for you – you don’t have to stick with your current lender, we may well be able to find a much more competitive rate than what your current lender is offering. If your current lender is the most competitive we will advise you with regards to selecting a new product, which is referred to as a “Product Switch”
  • Overall cost – you may simply want a better deal, compare what your new repayments will be, plus your existing monthly costs, to decide if you will be better off, particularly if you are looking to include the lenders arrangement fee into the loan as well as exploring any exit penalties from your current mortgage.
  • Mortgage Features differ from lender to lender, some mortgage products come with features such as over-payments of up to 20%, the option to take payments holidays, etc. Consider what features are important to you as this is a conversation we will be engaging in with you

Things we will need to know:

  • Your current mortgage details – We’ll need to know your current balance, term and monthly payment as well as if there are any early repayment charges still applicable
  • Your income details
  • Your financial commitments – details of debts (loans, credit cards, car finance) or regular outgoings you may have
  • Have you considered you future plans – we can’t predict our futures, but we can consider how your circumstance may change and plan accordingly

Remortgaging may be unsuitable for you if:

  • You need a small mortgage below £25,000
  • You need to borrow a very high percentage of your property’s value
  • You took out your current mortgage very recently
  • Your mortgage has high ERCs (early repayment charges)
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