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Remortgages

What Is a Remortgage?

A remortgage is when you switch your existing mortgage to a new deal, either with your current lender or a different one. This can help you secure a better interest rate, release equity from your home, or adjust your loan terms to suit your financial situation.

Why Should You Consider Remortgaging?

Many homeowners remortgage to reduce their monthly payments, especially when their current fixed-rate deal is ending. Others do it to access funds for home improvements, debt consolidation, or other financial needs. It can also be beneficial if your property's value has increased, allowing you to get a better loan-to-value ratio and improved rates.

 

Things to Consider :

Before remortgaging, check if there are early repayment charges on your current mortgage. Also, consider fees for setting up a new mortgage, such as valuation and legal costs. A mortgage adviser can help you compare options and find the best deal for your circumstances.

  • It’s best to start looking around six months before your current mortgage deal ends to avoid switching to a higher standard variable rate.

  • Yes, if you have enough equity in your home and can afford the repayments, you may be able to borrow extra funds for home improvements, debt consolidation, or other needs.

  • Yes, you can extend your term to reduce monthly payments or shorten it to pay off your mortgage faster, though this will depend on lender approval.