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Remortgaging

Remortgaging can save you money, unlock equity, or give you greater control over your finances.

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Remortgaging

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Remortgaging can save you money, unlock equity, or give you greater control over your finances.

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Remortgaging
Costs to Consider
Top Tips
Remortgaging is the process of switching your current mortgage to a new deal, either with your existing lender or a new one. It allows you to:
  • Secure a better interest rate.
  • Reduce monthly repayments.
  • Access equity in your home.
  • Adjust your mortgage term.
Why Remortgage?
The buy-to-let market has evolved in recent years due to changes in tax rules, stricter mortgage requirements, and economic shifts. However, it remains an attractive option for many investors.
1. Your Fixed Rate is Ending
If you're on a fixed-rate mortgage, your deal will likely end after 2-5 years, reverting to your lender's standard variable rate (SVR). The SVR is typically higher, increasing your monthly repayments.
2. Save Money with Better Rates
Interest rates vary widely, and shopping around could save you thousands. Even a small reduction in your rate can make a big difference over the term of your mortgage.
3. Access Equity in Your Home
If your property’s value has increased, you may be able to release equity for:
  • Home improvements.
  • Debt consolidation.
  • Funding major purchases, like a car or wedding.
4. Overpaying or Reducing the Term
Switching to a more flexible deal could allow you to make overpayments or shorten your mortgage term, helping you become mortgage-free faster.
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Steps to Remortgaging
If you’re thinking or remortgages there are three important factors to consider:
1. Plan Ahead
Start preparing 3-6 months before your current deal ends to avoid moving onto the SVR. This ensures you have enough time to research deals and complete the application process.
2. Review The Terms of Your Current Mortgage
Check the details of your existing deal:
  • End date of your fixed term.
  • Outstanding balance.
  • Early repayment charges (if applicable).
3. Define Your Goals
Think about why you’re remortgaging:
  • Do you want lower monthly payments?
  • Need extra funds for a big expense?
  • Want to pay off your mortgage faster?
4. Shop for Deals & Speak to an Adviser
Research mortgage deals from various lenders. Comparing rates, fees, and flexibility is crucial. Look at:
  • Fixed-rate deals for stability.
  • Tracker rates for flexibility.
  • Offset mortgages to link your savings and reduce interest.
Our mortgage brokers can find the best remortgage deal tailored to your goals and circumstances. Click here to speak to a mortgage adviser.
Get help finding the right mortgage from a qualified & regulated adviser
5. Apply for Your New Mortgage
Once you’ve chosen a deal, you’ll need to provide:
  • Proof of income (e.g., payslips or tax returns).
  • Bank statements.
  • Details of your existing mortgage and property.
Your lender will also conduct a property valuation to confirm its current market value.
Costs to Consider
Remortgaging isn’t free, so it’s important to account for potential costs:
  • Early Repayment Charges: If you leave your current deal before the fixed term ends.
  • Arrangement Fees: Charged by lenders for setting up a new deal, typically £0–£1,000.
  • Valuation Fees: May apply for a property valuation.
  • Legal Fees: If you’re switching lenders, solicitors are needed to transfer the mortgage.
Top Tips for Successful Remortgaging
  • Start Early: Begin researching deals 3-6 months before your fixed rate ends.
  • Check Fees: Ensure that savings from a new rate outweigh any switching costs.
  • Improve Your Credit Score: A good credit score helps you access the best deals. Pay off outstanding debts and avoid new credit applications before remortgaging.
  • Consider Overpayments: Some deals allow overpayments, which can reduce the overall interest paid.

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Looking for alternatives?
If you’re not quite ready to speak to a financial adviser, we’ve got some greatcontent and tools to help you on your way.
Buy to Let Calculator
Mortgage Calculator
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Questions to ask when you view a property

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