Remortgages

Securing a Better Rate

When your fixed or tracker deal ends, you usually move onto your lender’s Standard Variable Rate, which is often significantly higher. Remortgaging can reduce your monthly payments.

Releasing Equity

If your property has increased in value, you may be able to release funds for home improvements, debt consolidation, or other major expenses.

Changing Your Mortgage Term

You can shorten your term to pay off your mortgage sooner or extend it to reduce monthly payments.

Switching Mortgage Type

You may want to move from interest-only to repayment, or vice versa, depending on your goals.

Debt Consolidation

Some lenders allow you to consolidate unsecured borrowing into your mortgage. This spreads payments over a longer period but requires careful consideration due to long-term interest implications.

Remortgage Features and Incentives

Many lenders include incentives to make remortgaging smoother and more affordable:

• Free Standard Valuation — Most remortgage products include a free valuation of your property.

• Free Legal Work — Many lenders provide a free legal package for straightforward remortgages, covering the basic conveyancing required.

• Reduced or No Product Fees — Some lenders offer fee-free products, helping keep upfront costs low.

• Flexible Overpayment Options — Many remortgage deals allow regular or lump-sum overpayments without penalty.

• Fast Turnaround Times — Remortgages often complete quicker than purchases because there is no property chain involved.

Product Transfers

A product transfer is when you stay with your existing lender but switch to a new rate. This can be a simple and cost-effective option.

• No legal work required
• No valuation needed in most cases
• Minimal documentation
• Often completed within days
• Useful if your circumstances have changed and a full remortgage may be more difficult

A broker can compare your lender’s product transfer options with the wider market to ensure you’re not missing out on a better deal elsewhere.

• Remortgaging can reduce your monthly payments or help you achieve financial goals.
• Incentives such as free valuations and free legal work keep costs low.
• Product transfers offer a quick, simple alternative when staying with your current lender.
• Equity release can support home improvements or investment plans.
• No stamp duty is payable on a remortgage.
• Planning ahead before your current deal ends helps you avoid moving onto a higher variable rate.