Find the best remortgage deal with expert advice
Refinance to lower interest rates with the help of a mortgage broker who’ll find you the most affordable remortgage deal for you.
Find a remortgage adviser
Save thousands of pounds with a remortgage deal
Getting a mortgage deal isn’t the finishing line – it’s just the start of a marathon journey that could take you 20 years or more.
Even if you found the best deal first time, you’ll probably need to remortgage every few years in order to keep your repayments at a level you’re happy with. You can find the best remortgage deals with the help of an independent mortgage broker. In fact, having a good mortgage broker can save you many thousands of pounds over the lifetime of your mortgage.
How to find the best remortgage deals
A mortgage broker (also known as a mortgage adviser) is a qualified professional who specialises in finding the most suitable mortgage deal for your circumstances.
An independent mortgage broker is not restricted to any particular providers, and will act solely in your best interests. They also have access to the whole of the market, including exclusive broker-only mortgage deals that you won’t find directly through lenders or on price comparison sites.
You can therefore be confident that the deal they recommend will be the best available mortgage for your circumstances.
Save money
A mortgage broker can find you a deal that saves thousands over the length of your mortgage.
Access more deals
Mortgage brokers have access to exclusive deals that are not available on the high street.
Get expert advice
A mortgage broker gives you confidence that you’ve found the best available deal for you.
Time and effort
Take much of the stress out of the mortgage process by letting your broker do the work..
Why should I remortgage?
When a lender offers you a mortgage deal, it will typically offer you special terms, such as fixed interest rates for a number of years. This period of fixed interest rates is called the ‘initial period’ or simply the deal period.
After this initial period has ended (usually within two, three or five years), the interest rates on your mortgage will change to your lender’s Standard Variable Rate (SVR) which is usually higher and always less predictable. This means you will need to take out a new mortgage deal – known as ‘refinancing’ or remortgaging.
Read more about remortgaging
Reasons why you might want to remortgage
Fixed rate deal coming to an end
Your current deal is about to expire, which would push you onto the lender’s SVR.
Improved circumstances
Your circumstances have improved, meaning you might obtain a better deal.
Property value increase
Your home has risen significantly in value – this too could result in a better deal
New deal for better interest rates
You want to refinance to a different kind of mortgage, such as a fixed, capped or tracker.
Flexibility
You need a more flexible mortgage, such as one that can let you miss payments.
Borrow more money
You want to borrow more money against your property.
Frequently Asked Questions
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How do I remortgage?
Find a mortgage broker who can sort out the best deal for you. You can also contact your lender directly, but you won’t get the same range of choice and may end up paying more.
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How soon can I remortgage?
You should start to think about remortgaging when your initial period (i.e. the fixed rate or tracker rate period) is soon to expire. It helps to explore your options at least three months in advance. However, if your mortgage comes with a large redemption penalty, you may be better off waiting until this no longer applies.
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How long does it take to remortgage?
Remortgaging can take up to eight weeks, and the minimum is usually four. This means you should contact your mortgage broker in plenty of time, to allow them time to find you the best deals.
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How much can I remortgage my house for?
If you want to remortgage in order to borrow more money, this may be possible if your home has risen significantly in value (as then your loan-to-value ratio may not rise by much, if at all). However, remortgaging is generally not the most efficient way to borrow money to spend, as you will be repaying it over a far longer period, so will end up repaying more. In most cases, a short-term loan (even on higher interest rates) will prove better value in the long term.
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Will a mortgage application dent my credit score?
Bear in mind that a failed mortgage application may harm your chances of success next time around, as each refusal will appear on your credit record. Using a mortgage broker will improve your chances of being accepted first time.
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What are the costs of remortgaging?
The costs of remortgaging will depend on several factors, including the terms of your current mortgage and the deal offered by your new lender. Some mortgage deals have hefty arrangement fees attached, while others may have fewer up-front costs. Your current mortgage may also have early repayment fees (also known as a redemption penalty) attached. This is not the same as an exit fee (which is usually small) and may be up to 5 per cent of the mortgage value. A large redemption penalty may make the process too costly or just not worthwhile. A redemption penalty may apply beyond the terms of the initial period – for instance, a mortgage might have a two-year fixed rate deal, but charge a penalty if you leave within three years. This is why, whenever you take out a mortgage, you should always try to think ahead to your next one (another reason why having a mortgage broker is so useful).