Remortgaging is essentially when you switch lenders for a number of reasons, but remain in your property.
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When your current mortgage deal ends, you might be moved to a higher interest rate, called Standard Variable Rate (SVR). To avoid this, you can choose whether to accept your current lender’s offer for a new period or switch to another lender. In the same time, you can borrow against the equity in your property for home improvements or other reasons or to make a lump sum payment reducing your loan.
You’ll hear the terms ‘rate switch’ and ‘product transfer’ a lot, let us explain what this means: It refers to changing your current mortgage interest rate deal to a new one offered by your existing lender. This process allows you to take advantage of better interest rates or different mortgage terms without switching lenders. Typically, rate switches involve fewer fees compared to a full remortgage. The process is usually quicker since you’re staying with the same lender.
It’s also important to note the costs that you may incur when looking to remortgage. Costs can include arrangement fees, valuation fees, legal fees, and potentially early repayment charges (ERCs) if you exit your current mortgage early. Some lenders offer free legal services meaning that they will appoint a solicitor to perform the related legal process without any fee.
At SA Brokers, we offer personalised advice, providing tailored mortgage solutions based on your financial situation and future goals. We will also help you find the best rates available, ensuring you save money over the life of your loan. Our process is streamlined, meaning we provide support and guidance from application to closing to make the process smooth and stress-free.
Contact us and a member of the team will discuss your requirements and options with you.
Once we’ve explored your options, we will guide you all the way to completion and beyond.
With our help, we’ll guide you to completion on your mortgage application and you can enjoy your new property.
Check out our top frequently asked questions about Remortgage Advice, or view them all by clicking below.
Common reasons include securing a better interest rate, releasing equity for home improvements or other expenses, and switching to a different mortgage type.
The best time to remortgage is typically when your current mortgage deal is ending, especially if you’re on a fixed-rate deal. You can start looking for deals three to six months before your current deal expires.
Yes, you can remortgage to release equity from your property by increasing your loan amount, which can be used for home improvements, debt consolidation, or other financial needs.
It may be more challenging to remortgage with bad credit, but some lenders specialize in offering products for those with less-than-perfect credit histories. In this case, a rate switch/product transfer would be a more suitable solution.
Yes, you can remortgage to consolidate debt, but it’s important to consider the long-term implications and ensure it’s the best financial decision for your circumstances.
You will only pay us a fee when your mortgage application is approved. If we are unable to secure you a mortgage for whatever reason, then you will pay us £0!
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The guidance and/or information contained within this website is subject to the UK regulatory regime and is therefore targeted at consumers based in the UK.
