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Remortgaging is the process of changing your current mortgage to a new deal, typically with a new lender but using the same property as security. Additionally, if you own your property outright and want to release some equity, this also counts as remortgaging.
You have two options when you are reaching the end of your current mortgage deal:
- Product transfer – staying with your existing lender and switching to a new deal
- Switching lenders – switch to a new lender and new deal
Please be aware that your home may be repossessed if you do not keep up repayments on your mortgage.
Currently, average mortgage rates are higher than what most people have been used to and it is likely that when your current deal expires, your rates will go up.
It is important to get in touch with a mortgage consultant at least six months before your current deal ends. This is to ensure you have enough time to arrange your new mortgage and not risk closing any doors by leaving this too late. Staying with an existing lender could mean being put on a high standard variable rate.
Your consultant can help you look at options before your current deal expires and find a new mortgage rate early.
Finding a better rate is not the only reason why someone may choose to remortgage. Other reasons include but are not limited to:
When it comes to remortgaging, there are important factors to consider:
Early repayment charges are the most common factor to consider when leaving a mortgage early, as well as other costs such as valuation and lender fees. Though while there may be a short-term financial cost, remortgaging could result in long-term savings.
Switching to a lower rate than your current mortgage may not always be cheaper, especially in the short term when accounting for all the additional costs.
Navigating the best route for you can be complex. Our specialist consultants will review your unique circumstances and present your options in a simple format, including the costs and benefits of remortgaging. You can trust our experts to guide you through the process in a seamless manner.
Trusted by clients for 25 years, our consultants have an excellent knowledge of the finer points of the mortgage market.
Here are some of the reasons that our clients trust us with their mortgage needs:
We’re an independent, whole-of-market broker using over 175 different lenders, with strong ties to high-street lenders, Private Banks, and other specialist providers. That means we have access to exclusive rates and can arrange bespoke solutions – we’re optimally positioned to find the right mortgage solution for you.
We believe in mortgage advice that considers not just your personal and financial situation, but also the wider financial landscape. To accomplish this, we partner with wealth advisers and accountants to draw on their expertise when needed, tailoring advice to align with your present and future needs.
With an average rating of 4.97/5 from more than 2,000 reviews, we offer an outstanding client experience with simple mortgage processes. Save time researching and comparing mortgages. We do all the heavy lifting and will keep you updated along the way when is most convenient for you.
It is possible to remortgage in advance of your current mortgage deal expiring, however, you may be subject to ERCs (early repayment charges). These charges can vary depending on your specific mortgage agreement, so it’s important to check with your lender.
It’s also important to consider the overall costs and benefits of remortgaging early, including any potential savings in interest rates versus the cost of ERCs and other fees associated with remortgaging.
You should start looking for a new mortgage deal at least six months before your current mortgage deal ends.
You can remortgage at any point you feel you would benefit from switching to a new lender or changing your mortgage. However, there may be early repayment charges if you leave your current mortgage early.
Your house will only need to be valued for a remortgage if you are changing lenders, whereas you will not need a valuation if you are doing a product transfer with your current lender.
Typically, remortgaging takes between 4 to 8 weeks on average, however this will depend on your individual circumstances and the conveyancing process as a third party involvement. We have a selection of trusted professionals we can recommend in this area. All partners we recommend to you are met with the high premium level service we offer.
Your mortgage can be useful as a financial planning tool. Remortgaging may enable you to raise capital on your existing property and allow you to finance the purchase of a second property or buy-to-let or finance home improvements which could add value to your home.
Remortgaging can help to finance outstanding debt however, you may find the total interest payments are higher compared to using alternative types of loans. Our consultants can help you understand the best option for you.
A solicitor will be required to remortgage for the conveyancing process, however as there is no exchange of contracts or change of ownership, this is much simpler process than buying a house.
If you own your property outright or have paid a large chunk of your mortgage already, you may want to release some equity to:
