Remortgage
Remortgage and switch lender
When your current deal ends, you could move to a new lender or a new rate. Comparing your options early could help you avoid reverting to a higher standard rate.
Talk to TonyAt a glance
- Compare new deals as your current one nears its end
- You can often arrange a new deal up to six months before your current one ends
- Could help lower payments or release funds, depending on your circumstances
Quick answer
When should I remortgage?
Many people start looking three to six months before their current deal ends, so they do not drift onto their lender's standard variable rate, which is often higher. Tony can compare new deals from over 100 lenders.
Check whether your current mortgage has early repayment charges before you switch.
What is a remortgage?
Remortgaging means replacing your current mortgage with a new one, usually with a different lender, often when a fixed or discounted rate ends. It can also be a way to borrow more or change the term.
Who it may suit
Everyone's situation is different, but these are some of the situations where people look at this.
How it works with Tony
Good to know
- Your existing mortgage may have early repayment charges if you leave before the deal ends.
- Fees such as arrangement, valuation and legal costs may apply, although some deals include free valuations or legal help.
- A longer term may lower monthly payments but could cost more in interest overall.
- Your home may be repossessed if you do not keep up repayments on your mortgage.
Meet your adviser
Hi, I'm Tony Flynn
I'm a mortgage and protection adviser based in Carluke, helping people across Lanarkshire and Scotland.
I've spent 15+ years in finance and have been named Mortgage Professional of the Year at the Prestige Awards Scotland five years in a row. I'll explain your options in plain English so you know exactly where you stand.
Remortgage questions
When should I start looking to remortgage?
Many people start three to six months before their deal ends. Lenders often let you lock in a new rate several months in advance.
What happens if I do nothing when my deal ends?
You will normally move onto your lender's standard variable rate, which is often higher than a new deal.
Will I pay fees to remortgage?
There can be fees such as arrangement, valuation and legal costs. Some deals include help with these, so it is worth comparing the whole cost.
Can I borrow more when I remortgage?
Often, yes, depending on your circumstances and affordability. Tony can talk through what may be possible.
Do you charge a fee for mortgage advice?
There may be a fee for mortgage advice. The actual amount you pay will depend upon your circumstances. The fee is up to 1% but a typical fee is 0.3% of the amount borrowed.
Ready to talk it through?
A quick chat with Tony is a good first step. No jargon, no pressure.
Talk to Tony