There are various reasons to remortgage. Many people want to save money or shorten their mortgage term. You might want to switch to a better rate, or your fixed rate might be nearing renewal. Whatever your reason, our remortgage advisors can help you understand the process and decide if now is the right time.
We strive to save you time, hassle, and money. Our advisors offer flexible appointments by phone, video call, or in person from 8 am to 7 pm. Book now for your remortgage quote—it only takes 30 seconds.
Your Home may be repossessed if you do not keep up repayments on your mortgage.
You can remortgage at any time, though there might be an early repayment fee if you haven’t completed your fixed or discount rate term. People often remortgage to reduce their monthly payments. If your current standard variable rate is higher than available fixed-rate deals, switching could save you money. You could also opt for a mortgage that ‘tracks’ the Bank of England’s base rate. Remortgaging could lead to lower monthly payments because you’re reducing your loan amount and the associated interest.
When choosing a mortgage, you typically have two payment options: capital repayment and interest-only. It’s crucial to carefully consider these choices. Capital repayment mortgage: This type includes both capital repayments and interest payments monthly. By using this method, your mortgage will be fully repaid by the end of the term.
Interest-only mortgage: With this option, your monthly payment covers only the interest on the loan, without reducing the capital debt over time. Lenders require assurance that you can repay the principal in the future, making it popular for buy-to-let investments.
Existing lender fees: If you exit your mortgage early during a fixed period, your current lender may impose an ‘early repayment charge’ of 1% to 5% of your remaining mortgage balance. Additionally, expect to pay an ‘exit’ fee of approximately £50 to £100 for administrative costs.
New lender fees: Before committing, it’s crucial to review the fees charged by your new lender to assess the overall financial benefit of switching. These fees may include:
