REMORTGAGE
Remortgage Advice From People Who Will Help You Navigate the Remortgage Process
When you remortgage, you’re switching your current mortgage to a new deal, often with a different lender. It sounds simple enough, but there’s a lot riding on getting the timing and the deal right. That’s where we come in. Our advisors search the whole market on your behalf, explain your options in plain English, and help you find a deal that works for your circumstances now.
Think carefully before securing other debts against your home. The overall cost of repayment of other debts might be more when added to your mortgage.
Your home might be repossessed if you do not keep up repayments on your mortgage.
You may have to pay an early repayment charge to your existing lender if you remortgage.
What is remortgaging?
Remortgaging means replacing your current mortgage with a new one, usually to get a better rate, release some equity, or change the terms of your borrowing to suit your life now rather than when you first bought. Most people remortgage when their fixed rate or discount period is coming to an end, since without doing anything you’ll usually move onto your lender’s standard variable rate, which tends to be considerably more expensive.
It isn’t always the right move though, and a good broker will tell you that honestly rather than push you into switching regardless. Depending on your current deal, there could be an early repayment charge for leaving early, and a new lender may charge valuation or solicitor fees even if you’ve paid these before. We’ll always run the numbers with you first, so you know whether remortgaging actually makes financial sense before you commit to anything.
Common reasons people remortgage
People come to us wanting to remortgage for all sorts of reasons. The most common ones we see are:
- Their current fixed or discounted rate is ending and they want to avoid moving onto the lender’s standard variable rate
- They want to lower their monthly payments by finding a more competitive rate elsewhere
- They need to release equity from their home, for renovations, a big purchase, or to help a family member
- They want to consolidate other debts into their mortgage to bring their monthly outgoings down
- Their circumstances have changed since they took out their original mortgage, and they need a deal that fits their life now
Whatever the reason, we’ll talk it through with you properly before recommending anything.
When should you start thinking about remortgaging?
Ideally, start looking around three to six months before your current deal ends. That gives us enough time to compare the market properly, get your application in, and switch over smoothly, without you slipping onto a more expensive rate while you wait. If your deal has already ended, it’s still worth getting in touch. There may be options to move you across quickly, and every month on the wrong rate is money you don’t need to be spending.
What does it cost to remortgage?
Costs vary depending on the deal and your circumstances. Some remortgages come with no product fees at all, others have arrangement fees that can often be added to the loan rather than paid upfront. If you’re leaving your current deal early, there may also be an early repayment charge from your existing lender.
We’re upfront about our own fees too. We typically charge £395 for arranging a mortgage, though we can also be paid by commission from the lender, or a mix of both, and we’ll agree this with you before any work begins. Either way, you’ll see the full cost of any deal we recommend, including any charges from your current lender, before you decide whether to go ahead.
Why work with our team
We’re whole-of-market advisors, which means we’re not tied to any one lender. Our team searches the deals actually available to you and explains them without the jargon, so you understand exactly what you’re signing up for. We cover South Yorkshire, Cheshire, and Manchester, with appointments available in person, over the phone, or by video call, whichever suits you.
Getting in touch is simple. We’ll start with a quick chat about your current mortgage and what you’re hoping to achieve, search the market for deals that fit, and talk you through the options with the full costs laid out clearly. If you decide to go ahead, we’ll handle the application and stay in touch throughout, so you’re never left wondering what’s happening.
Remortgage questions we get asked a lot
When should I remortgage?
Most people start looking three to six months before their current deal ends, so there’s time to compare the market and switch without moving onto a more expensive rate in the meantime.
How early can I remortgage?
You can remortgage at any point, though if you’re still within your current deal’s tie-in period, you may face an early repayment charge from your existing lender. We’ll check this for you before recommending a switch.
How much does it cost to remortgage?
It depends on the deal. Some come with no fees, others have arrangement fees that can usually be added to the loan. There may also be an early repayment charge from your current lender if you’re switching before your deal ends. We’ll show you the full cost before you commit to anything.
Can I remortgage to release equity?
Yes. Releasing equity through a remortgage means borrowing more than you currently owe against the value of your home, and using the difference for things like home improvements, a deposit for another property, or other large costs. We’ll talk through how much you could release and what it means for your monthly payments.
Do I need a broker to remortgage?
You don’t have to use a broker, but going whole-of-market means we can compare deals across lenders rather than just what’s on offer from your current one or a single high street bank. It also means you’ve got someone checking the fine print and the true cost, not just the headline rate.
What happens if I do nothing when my deal ends?
You’ll usually move onto your lender’s standard variable rate automatically, which is typically higher than the rate you’ve been paying. It’s worth getting in touch even if your deal ended a while ago, since every month on that rate tends to cost more than it needs to.