Remortgage advice
If your fixed or tracker deal ends in the next six months, now's the time to look. We compare your current lender's offer with the wider market and handle the switch for you.
Don't drift onto your lender's standard rate
When a fixed or tracker deal ends, most mortgages move onto the lender's standard variable rate (SVR). The SVR is usually much higher than the deals on offer to new and existing customers, so even a few months on it can add noticeably to your monthly payment.
Remortgaging simply means moving your mortgage onto a new deal, either with a different lender or with your current one. We look at both, explain the full cost of each option including fees, and recommend the one that suits you best. You only go ahead if you're happy.
Switching lenders or staying put
Your current lender will usually offer you a new deal when your existing one is due to end. This is called a product transfer. It's often quick, there's typically no new valuation or legal work, and some lenders don't ask for full affordability checks if you aren't borrowing more.
Moving to a new lender is a full remortgage. It takes a little longer, because the new lender will check your income and credit and value your home, but it can unlock a better rate or features your current lender doesn't offer. Many lenders include a free valuation and free standard legal work on a remortgage, which helps keep costs down.
Neither route is always cheaper. We compare the two side by side, including arrangement fees, so you can see the real difference over the length of the deal.
When to start
Start around six months before your current deal ends. Many lenders let you secure a new rate that far ahead, and if rates fall before you complete, we can often look again. Starting early also gives you time to gather paperwork without rushing.
If you're thinking of leaving before your deal ends, check for an early repayment charge (ERC). It's usually a percentage of what you owe and often falls each year. We'll tell you plainly whether switching early is worth paying it.
Borrowing more when you remortgage
Remortgaging can be a chance to raise money for home improvements, an extension, a family member's deposit or other large costs. How much you can borrow depends on your income, your outgoings and how much your home is worth.
Some people consider using a remortgage to consolidate other debts. That can lower monthly payments, but spreading short-term debts over a long mortgage term can mean paying more interest overall, and the debts become secured on your home. We'll talk it through honestly before you decide.
What you'll need
To compare deals properly we'll ask for your current mortgage statement (or the balance and end date of your deal), recent payslips, or accounts if you're self-employed, plus bank statements and photo ID. If you're only switching with your current lender, you may need less.
How we help
- Start up to six months before your deal ends
- Compare your current lender's offer with the wider market
- Check any early repayment charges before you move
- Raise extra money for home improvements if you need it
- Handle the paperwork and keep you updated until the switch completes
Questions people ask
When should I start looking?
Around six months before your deal ends. Many lenders let you lock in a rate that far ahead.
Will I have to pay an early repayment charge?
If you leave before your current deal ends, usually yes. The charge is often a percentage of what you owe and tends to fall each year. We'll check yours and tell you plainly whether switching early is worth it.
Do I have to switch to a different lender?
No. Your current lender will usually offer you a new deal, called a product transfer. It can be the simplest option, but it isn't always the cheapest, so we compare it with the rest of the market.
Can I borrow more when I remortgage?
Often, yes, for things like home improvements, subject to affordability and the value of your home. Think carefully before securing other debts against your home.
What is a product transfer?
It's a new deal with your current lender. It can be simple and quick, but it isn't always the best value, so we compare it with deals from other lenders before you decide.
Does remortgaging affect my credit score?
Moving to a new lender involves a credit check, which shows on your credit file. A single remortgage application doesn't usually cause problems, and we check which lenders are likely to accept you before applying, to avoid unnecessary applications.
How long does a remortgage take?
A product transfer can often be done within days. Moving to a new lender usually takes around four to eight weeks from application to completion, which is why starting early helps.
Can I remortgage if I'm self-employed or my income has changed?
Often, yes. Lenders usually look at self-employed income using your accounts or tax calculations, typically for the last two years. We'll match you with lenders whose criteria fit your circumstances.