Frequently Asked Questions
What does it mean to remortgage?
Remortgaging means switching your existing mortgage to a new deal, either with your current lender or a different one. Many people remortgage to secure a better interest rate, reduce monthly payments, or release equity from their property.
Can I remortgage early?
You can remortgage before your current deal ends, but this may involve early repayment charges (ERCs). Whether it’s worth doing so depends on the size of the charges and the potential savings. A mortgage adviser can help you weigh this up.
When is the best time to remortgage?
Most people start reviewing their remortgage options around six months before their current deal ends. This allows time to explore new rates and avoid moving onto a lender’s standard variable rate (SVR), which is often higher.
Will remortgaging save me money?
Remortgaging can reduce your monthly payments or overall mortgage costs, but this isn’t guaranteed. It’s important to look at the full picture, including fees, interest rates, and the remaining term, to decide what’s for you.
Can I remortgage to release equity?
Yes. Many people remortgage to release equity from their home for purposes such as home improvements, consolidating borrowing, or other personal projects. We’ll help you understand how much you may be able to borrow and whether it’s affordable.
Do I need a property valuation to remortgage?
In most cases, yes. Lenders usually require a valuation to confirm the property’s current value. Some lenders offer free valuations as part of a remortgage deal, depending on the product.
How long does the remortgaging process take?
A remortgage typically takes 4 - 8 weeks, although timescales can vary depending on the lender, valuation and legal work involved. Starting early helps reduce the risk of delays.
Is it better to stay with my current lender or switch?
Staying with your existing lender can sometimes be quicker, but switching lenders may offer preferential rates or more flexible terms. Comparing options across the market helps ensure you don’t miss out on a more suitable deal.
Are there fees involved in remortgaging?
There may be costs such as arrangement fees, valuation fees, legal fees, and early repayment charges from your current lender. We’ll explain all costs clearly so you can make an informed decision.
Do I need a mortgage broker to remortgage?
You don’t have to use a mortgage broker, but a broker can compare a wide range of lenders and deals, including those not available directly to the public. This can save time and help ensure the remortgage suits your circumstances.
