Remortgage for a Better Deal
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You should remortgage when your fixed or variable mortgage deal ends, typically after 2-5 years, to avoid reverting to your lender’s standard variable rate (SVR), which is usually higher. Additionally, you may remortgage to take advantage of lower interest rates, reduce monthly payments, or release equity from your property. Regularly reviewing your mortgage ensures you’re not overpaying.

Yes, you can remortgage early, but be cautious of early repayment charges (ERCs) from your current lender, which can range from 1-5% of your mortgage balance. You’ll need to weigh the potential savings of a better deal against the ERCs and any new fees associated with the remortgage.

The amount you can borrow depends on your income, outgoings, credit score, and property value. Typically, lenders offer up to 4-4.5 times your annual income. However, borrowing more may be possible with a larger deposit or through equity release. Lenders will also assess your loan-to-value (LTV) ratio, which is the amount of your mortgage compared to your property’s value.

Yes, remortgaging is a common way to release equity—accessing the difference between your home’s value and your current mortgage balance. Homeowners often use this equity to fund renovations, pay off debts, or support other financial goals. However, releasing equity increases your mortgage amount, which means higher monthly repayments.

On average, the remortgage process takes between 4-8 weeks. This includes time for your lender to assess your financial situation, conduct a property valuation, and complete any legal checks. Being prompt with required documents can help expedite the process.

Yes, most lenders will require a property valuation to ensure the property is worth the amount you want to borrow. The valuation could be a physical inspection or a desktop review depending on the lender. A higher property value might give you access to better mortgage rates due to a lower LTV ratio.

Remortgaging with bad credit can be more difficult, but it’s not impossible. Some lenders specialize in offering remortgages to individuals with poor credit, although you may face higher interest rates. Improving your credit score before applying can improve your chances of securing better deals.

Yes, when remortgaging, you can switch to a fixed-rate mortgage, which locks in your interest rate for a set term (typically 2, 3, or 5 years). This is a good option if you want predictable monthly payments. Other options include tracker and variable rate mortgages, which fluctuate based on market interest rates.

Yes, there can be fees when remortgaging, such as arrangement fees, legal fees, and valuation costs. Some lenders offer fee-free deals, or they may cover certain costs, but these offers often come with higher interest rates. It’s essential to compare overall costs and not just focus on interest rates when selecting a remortgage deal.