Mortgages
Remortgage
Thinking about a Remortgage?
Here’s What You Need to Know
A remortgage is something most homeowners will go through multiple times before fully repaying their mortgage. When your current deal is coming to an end, it’s the perfect time to explore your options—whether that’s staying with your existing lender or switching to a better deal elsewhere.
That’s where we come in! Our expert mortgage advisers can help you find the right remortgage solution, ensuring you avoid unnecessary costs or charges while securing the right deal for your circumstances.
If you’re looking for tailored advice, check out our frequently asked questions below. Still need help? Get in touch, and we’ll be happy to guide you through the process!
When Can I Remortgage?
You can remortgage when your current mortgage’s tie-in period is set to expire, typically within the next 4-6 months. Your new mortgage deal will usually begin the day after your existing one ends.
It’s also possible to remortgage earlier, but doing so may result in early repayment charges (ERCs)—fees charged by your current lender for leaving the deal before its official end date.
Can I Borrow More When I Remortgage?
Yes! If you have enough equity in your home and your income allows for extra borrowing, you may be able to release additional funds. Many homeowners choose to borrow more for:
🏡 Home improvements (e.g., extensions, renovations)
💰 Debt consolidation (repaying loans, credit cards, or other debts)
🏠 A deposit for another property (buy-to-let or second home)
However, keep in mind that borrowing more will increase your mortgage balance, and early repayment charges may apply if you leave your current deal early.
How Much Will a Remortgage Cost?
A remortgage can come with some costs, depending on your lender and the product you choose. Here are some potential fees to be aware of:
💸 Early Repayment Charge (ERC): If you leave your current mortgage before the end of its tie-in period, you may have to pay an ERC.
📄 Admin/Deeds Release Fee: Some lenders charge a small fee (usually £0 – £300) to release your title deeds to your solicitor.
🏦 Arrangement/Product Fee: Some new mortgage products come with a fee, typically ranging from £199 to £2,000. However, some deals come with no fees at all.
🏡 Valuation Fee: Many lenders offer free valuations on remortgage deals, but if a fee applies, it can range from £100 to £500, depending on your property’s value.
⚖️ Conveyancing/Solicitor Fees: If you’re switching lenders, a solicitor will need to update the title deeds. Some mortgage deals include free legal services, but if extra legal work is required (such as adding or removing a name), additional costs may apply.
Is Now the Right Time to Remortgage?
A remortgage isn’t just about switching deals—it’s an opportunity to save money, borrow more if needed, and secure better terms. Whether your deal is ending soon or you’re exploring your options, our expert advisers are here to help.
Get in touch today to discuss your options and find the best remortgage deal for you!
