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Why remortgage?
There are many reasons to remortgage. From your fixed term ending to your circumstances changing. Remortgaging could offer flexibility, shorten your mortgage term or save you money.
We can help you understand
- How remortgaging may be able to help you.
- What you need to think about when you remortgage.
- When the best time to remortgage is.
Reasons to remortgage
Reduce your monthly repayment
When your current deal comes to an end, you might be able to get a deal on a lower interest rate. A new mortgage lender may offer introductory rates, or you could lower your monthly repayments by extending your mortgage term. Although this may cost you more in the end.
Lower your term
If you can afford to, you might consider shortening your mortgage term and paying more each month. This could save you money. See what you could afford with our mortgage calculator.
If you're on a standard variable rate
This could be expensive, so you may want to look at switching to a fixed or variable rate deal. Have a look at our mortgage rates.
Your fixed term is ending
You may want to remortgage before your current fixed deal ends to prevent going on a higher standard variable rate (SVR).
Increased value of your home
If you homes value has gone up since you took out your mortgage, your loan to value ratio should have improved. You may be able to get a mortgage with a lower interest rate.
Increased flexibility
A new lender might be able to offer more flexibility. You could find a deal that lets you make larger repayments each month or take a mortgage holiday.
Things to consider when remortgaging
When to remortgage
The most common time to remortgage is when your current deal is coming to an end.
In most cases, when a fixed, tracker or discount deal expires, it automatically transfers to a standard variable rate (SVR) mortgage.
These often have higher interest rates than other types of mortgage, meaning you’ll pay more each month.
You could lose your home if you don’t keep up your mortgage repayments
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