Second-best rates won’t do.
Remortgaging.
Your mortgage likely represents your biggest financial outgoing.
It might seem easier to stick with your current rate, but you could miss out. Just as you'd search for the best deal on other expenses, it pays to review your mortgage. Does it still align with your financial goals?
Remortgaging can help raise capital for things like home improvements or garden renovations.
While most mortgages last 20+ years, your fixed rate usually ends after 2 or 5. Once it does, you’ll move to your lender’s Standard Variable Rate. This is often higher than your initial fixed rate.
When your fixed rate ends, you can remortgage and swap lenders, with no fees from your current one.* Many people continue with their original lender, even though there could be better deals available.
Whether you want to save money on monthly repayments or raise capital, we recommend reviewing your mortgage every 2 years at a minimum. You could already be on the right rate, but there's no harm in looking. You might just be surprised!
Use our smart online mortgage calculator to get a rough idea of possible savings. To find the best deals, book a free meeting with our independent mortgage advisors.
*Always check terms and conditions of your mortgage prior to making any changes to avoid any early repayment charges (ERC).
You may have to pay an early repayment charge to your existing lender if you remortgage.
Speak to a mortgage advisor See how much you can borrowSpeak to one of our Mortgage Advisors.
Things to know before remortgaging.
The best time to look at mortgage rates is 6 months before your current deal ends. This ensures you secure the right rate and don’t slip onto your lender's Standard Variable Rate.
There may be some costs involved in remortgaging, so our IFAs will always be upfront about charges you'll incur.
If you're currently on a fixed rate that hasn't yet expired, you'll likely be subject to an Early Repayment Charge (ERC) to switch. The charge is usually a percentage of the remaining mortgage balance, depending on how long you have left. Our IFAs will take this into account when doing calculations.
If rates have dropped dramatically or there are great deals available, it could be financially better in the long run to still switch and pay the ERC. We'll work this out for you and present options, so you can make an informed choice.
If you're considering releasing equity from your property for a lump sum, this will increase your total borrowing amount, likely resulting in higher mortgage payments. Depending on the amount of equity you have and the amount you want to release, your loan-to-value (LTV) ratio may decrease, potentially leading to an increase in interest rates.
To consolidate debts or fund a project through remortgaging, calculate the costs. While mortgages generally have lower interest rates compared to credit cards or loans, borrowing over a long period may result in higher costs in the long term.
Complete our smart online remortgage calculator above or book a free mortgage meeting with our mortgage advisors. We’re here to answer your questions and guide you through your options.
Speak to a mortgage advisorExplore how much you can borrow.
