Remortgaging

When your current mortgage deal ends, you'll typically move to your lender's standard variable rate — which is almost always higher. We'll find you a better deal and handle the switch.

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Why remortgage?

There are several reasons to consider remortgaging, and it's not just about getting a lower rate. Here are the most common:

Avoid the SVR

When your introductory deal ends, your lender's SVR kicks in — often 2-3% higher than the deal you were on. Remortgaging to a new deal can save you hundreds of pounds a month.

Switch lenders

Your current lender may not offer the best rate for your circumstances. Moving to a new lender gives you access to potentially better deals, free valuations, and free legal work.

Raise extra money

If your property has gained value, you can release some of that equity when you remortgage. Common uses include home improvements, debt consolidation, or helping family members.

Change your deal type

Perhaps you want to switch from a tracker to a fixed rate for payment certainty, or move from interest-only to capital repayment. Remortgaging lets you restructure your borrowing.

Understanding your equity

Equity is the portion of your property that you own outright — the difference between your property's current value and the amount you still owe on your mortgage.

Equity example

Current property value:£200,000

Outstanding mortgage:£100,000

Your equity:£100,000

Current LTV:50%

In this example, you could potentially borrow up to 90% LTV (£180,000), releasing up to £80,000 of equity — subject to affordability checks.

Early repayment charges

If you're still within your initial deal period, leaving early may trigger an early repayment charge (ERC). These vary by lender and product but are typically 1-5% of the outstanding balance, reducing each year.

However, in some cases the savings from switching to a better deal can still outweigh the ERC. We'll always calculate the full picture — including any charges — before recommending a switch.

The ideal time to start your remortgage is 3-6 months before your current deal expires. This allows time to secure a new rate without incurring any penalties.

Frequently asked questions

What is remortgaging?

Remortgaging means switching your mortgage to a new deal — either with your existing lender (a product transfer) or by moving to a different lender entirely. Most people remortgage to get a better interest rate, release equity, or consolidate debts.

When should I remortgage?

The best time to start looking is around three to six months before your current deal ends. Most lenders will reserve a rate for you during this period. If you wait until you've already moved to the SVR, you're likely paying more than you need to.

Will I have to pay early repayment charges?

If you're still within your initial deal period (e.g., a 2 or 5-year fix), there may be an early repayment charge (ERC) for switching. These can be significant — typically 1-5% of the outstanding balance. We'll check your existing terms and calculate whether switching early still saves you money.

Can I remortgage to release equity?

Yes. If your property has increased in value or you've paid down a significant amount of the mortgage, you may be able to borrow more against the property. This can be used for home improvements, debt consolidation, or other purposes.

Do I need a solicitor to remortgage?

Yes, if you're switching to a new lender. However, many lenders offer free legal work and free valuations as part of their remortgage deals, which can save you several hundred pounds.

Is your mortgage deal ending soon?

Don't wait until you're on the SVR. Get in touch and we'll find you a better deal.

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