Remortgages
See if you could save money by remortgaging. A small decrease in a new interest could lead to big saving.
Learn how remortgaging works, the benefits, and more. Compare the best rates and find answers to your questions here!
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What is a re-mortgage?
Remortgaging lets you review your current mortgage and explore better rates, whether with your current lender or a new one.
It’s a great way to avoid the Standard Variable Rate (SVR) trap, which is often higher than your initial fixed or tracker rate, leading to increased monthly payments.
By acting before your current deal expires, you can secure a more competitive rate, saving you money over time. Remortgaging can lower your monthly payments or help you pay off your mortgage faster, potentially saving you thousands in the long run!
Reasons to consider remortgaging your home
Here are some of the main benefits:
Need a New Deal
If your current fixed-rate deal is ending, remortgaging can help you lock in a better interest rate before being moved to a higher Standard Variable Rate (SVR).
Find a More Competitive Deal
If you’re on a variable-rate mortgage, interest rates may rise with the Bank of England base rate. Remortgaging can help you find a more stable, competitive deal.
Now Have Lower LTV
If your property value has risen, a lower Loan-to-Value (LTV) ratio may help you secure a more competitive rate. Lower LTV means more equity in your property.
Want to Become Mortgage-Free
If you want to make overpayments without penalties, remortgaging to a more flexible lender can help you pay off your mortgage faster.
Release Equity
Remortgaging can help you access extra funds, such as for home improvements like an extension, by releasing equity in your home
Utilise Savings
With an offset mortgage, you can use your savings to reduce the interest on your mortgage, potentially lowering your payments.
Consolidate Debt
Remortgaging can allow you to consolidate debts into one loan, possibly at a lower interest rate, to reduce monthly payments.
Not Satisfied with Current Lender
If you’re dissatisfied with your current lender’s service, remortgaging could help you switch to one with better customer service and reputation.
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When is the best time to consider a re-mortgage?
The ideal time to start exploring remortgage deals is 3 to 6 months before your current deal ends.
This allows you time to shop around for a better rate and avoid being moved to your lender’s Standard Variable Rate (SVR), this usually will mean higher interest rates.
Keep in mind that most mortgages, such as fixed, tracker, or discount deals, will automatically switch to an SVR when they expire, leading to higher monthly payments. Starting early ensures you find a more affordable deal and avoid unnecessary costs.
Below are list of fees you may have to pay:
Valuation Fees and Solicitor Fees:
Some lenders may cover these costs as part of the remortgage deal.
Administration Charge:
A fee for processing your remortgage application.
Early Repayment Charge:
If you remortgage before your current mortgage term ends, you may face an early repayment fee.
Bank of Engalnd Base Rate :
It’s a good time to consider a fixed-rate mortgage if the base rate has increased. If the base rate has dropped and your mortgage tracks it, hold off.
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Frequently Asked Question
Do I need a solicitor to remortgage my house?
In most cases, if you’re staying with your current lender, you won’t need a solicitor.
However, if you’re switching lenders, a solicitor may be required to handle the legal aspects of transferring the mortgage.
Is it possible to remortgage with bad credit?
While it’s more challenging, it is still possible to remortgage with bad credit.
You may need to seek specialist lenders who offer products for those with less-than-perfect credit histories.
Be prepared for potentially higher interest rates.
Is it possible to remortgage with bad credit?
While it’s more challenging, it is still possible to remortgage with bad credit.
You may need to seek specialist lenders who offer products for those with less-than-perfect credit histories. Be prepared for potentially higher interest rates.
Will remortgaging affect my credit score?
Remortgaging can have a temporary impact on your credit score.
When you apply for a remortgage, the lender will perform a hard credit check, which may cause a small dip in your score.
However, if you manage your new mortgage well, your credit score could improve in the long term.
Is there a limit on how many times I can remortgage?
There’s no set limit on how many times you can remortgage, but doing so frequently can sometimes affect your credit score.
Lenders may also become cautious if you’re frequently changing your mortgage provider.