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Remortgage guide

When you remortgage you are moving your mortgage from one company to another.

Many mortgage lenders are quite happy for you to continue paying their standard variable rate (SVR) after any special product has expired. Put simply, they make more money this way. But remortgaging is an extremely simple process and not an estate agent in sight! Don't think that remortgaging your home is complicated and drawn out because this is far from the truth. As there is no chain to worry about and no estate agent the process generally take around 4-6 weeks.

It's even simpler if you ask a mortgage broker to take care of things. We have your interests at heart, so we will find you the best deal and then help with all of the paperwork.

Why switch?

The main reason people remortgage is to save money. The surprising fact is that such a high percentage of people do not re mortgage! And there is no good reason not to, with literally thousands of remortgage schemes available.

When your introductory interest rate ends you will normally be put onto the lenders SVR, which is usually higher. They should write to tell you and some of the better lenders will even offer some other products to consider. You are now able to consider remortgaging. But wait, there is one important thing you need to do first. Ask your lender what penalties you will pay by switching your morgage away. Some early repayment charges apply after your special interest rate has finished.

The remortgage process (simplified)

Mortgage alterations

Remortgaging is also a good time to think about whether your mortgage needs changing. Some people will not only choose a different interest rate but will also change:

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