Remortgaging
Remortgaging: The Risks and Benefits
Remortgaging can save you money, release equity or give you more flexibility. But it is not always the right move. Here are the benefits, the risks and the questions to ask before you switch.
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What It Is
Moving Your Mortgage to a New Deal
Remortgaging means switching to a new mortgage, either with a new lender or your existing one, on the same home.
- ✓Save money: a lower rate can cut your payments
- ✓Borrow more: release equity for improvements or other plans
- ✓Change terms: shorten or extend your term
- ✓Watch the costs: fees and early repayment charges can eat into savings
How We Help
Before You Remortgage
Five things to check.
Check Your Deal End Date
Switching early may mean an early repayment charge.
Work Out the Savings
Compare the total cost, not just the rate.
Know Your Equity
A lower loan to value can mean a better rate.
Check Your Credit
A full remortgage needs a new application.
Compare Both Routes
A product transfer may be simpler and just as good.
Benefits and Risks
Is Remortgaging Right for You?
Weigh up both sides.
Common Questions
Remortgage Questions, Answered
The things homeowners ask us most.
What are the benefits of remortgaging?
A lower rate, releasing equity, changing your term or getting more flexible features.
What are the risks of remortgaging?
Fees, early repayment charges and paying more interest if you extend your term or borrow more.
When should I remortgage?
Usually a few months before your current deal ends, to avoid moving onto the standard variable rate.
Does remortgaging affect my credit score?
A new application means a credit search, but the impact is usually small.
Can I remortgage with bad credit?
Sometimes, with specialist lenders. A product transfer with your current lender may also be possible.
How long does a remortgage take?
Often four to eight weeks, depending on the lender.
Related guides
- What happens when your fixed rate ends
- Can you remortgage early?
- Remortgaging for home improvements
- Debt consolidation remortgage
- All mortgage questions answered
Written by Tony Flynn, mortgage broker at Tony Flynn Mortgages, helping homebuyers across Lanarkshire and Scotland. This page is general information, not personal advice. Speak to Tony about your own circumstances.
Get in Touch
Thinking of Remortgaging?
Fill in the form and we will be in touch within one working day. We will tell you straight if switching makes sense.