Why people remortgage
Your fixed rate is ending
When your deal ends you move onto your lender's standard variable rate, which is usually higher. Most people start looking three to six months before the end date.
You want to borrow more
A remortgage can release equity for home improvements or a large purchase, if the figures work. A broker checks the new total against what you can afford.
You want to consolidate other borrowing
Moving loans or cards onto your mortgage can lower the monthly payment. Spread over a longer term it can cost more in total. A broker shows you both figures before you decide.
You'd rather stay with your lender
A product transfer keeps you with your current lender, often with less paperwork. A broker will say if that beats moving, and can usually arrange it for you.
Your bank, or a broker?
Your bank can only offer its own products and assesses you against its own criteria. A broker from our panel looks across a range of lenders, checks your circumstances against their criteria before anything is applied for, and handles the paperwork through to completion. See the bank and broker table.
Timing
Start three to six months before your deal ends. That leaves time to weigh up, apply and complete before you roll onto the standard variable rate.
Six months out
Tell us your situation: we introduce you to a broker who handles your kind of case.
Three months out
The broker applies: a new deal lined up to start when your current one ends.
Deal end date
The new rate starts: no months on the standard variable rate in between.
What you'll need
- Your current lender, the balance and the date your deal ends
- Roughly what your home is worth
- Your income, and how you're paid: employed, self-employed or contracting
- What you want to do: switch, borrow more, or consolidate
- Any early repayment charge on your current deal (it's on your statement)
Most people's finances aren't textbook.
Lenders' criteria differ. A broker from our panel checks yours against them before anything is applied for.
What it costs
It's free to enquire. We may receive a payment from the firm we introduce you to. That firm may charge a fee for its advice or for arranging your mortgage or loan, and will tell you before you decide to go ahead.
Questions people ask
Will remortgaging always save money?
No. If your early repayment charge is large, or your current rate is lower than anything available now, staying put can be the right answer. The broker will say so.
Can I remortgage with a late payment on my record?
It depends on the lender and the detail. The broker checks before anything is applied for.
How long does it take?
It depends on the lender and your case. Starting three to six months before your deal ends leaves room.
Do I have to go ahead?
No. You can stop at any point, including after the broker has made a recommendation.