MORTGAGES
REMORTGAGE
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Think carefully before securing other debts against your property. Your property may be repossessed if you do not keep up repayments on your mortgage.
Some buy to let mortgages are not regulated by the Financial Conduct Authority.
All you need to know about Mortgage refinance
Remortgage is just the term for changing your mortgage. Whether you decide to go with a new lender or to choose a different mortgage with the same lender (known as a product transfer), you will be applying for a new mortgage product.
In order to benefit from remortgaging, getting the timing right is critical. There are a range of circumstances whereby remortgaging is a good idea and equally as many circumstances where it’s not and can actually be detrimental.
When is a good time to Mortgage renewal
If any of the below circumstances apply, the likelihood is you will benefit from remortgaging:
Your current fixed rate is ending
If you took out a fixed rate deal for the attractive low introductory interest rate, the likelihood is, your fixed term will end in between two and ten years. When your product term ends, your mortgage repayments will default to the lender’s standard variable rate of interest (SVR).
Standard variable rates are often higher than fixed interest rates, are changeable and set by your mortgage provider. Remaining on a standard variable is almost never your best option.
You’re concerned about a rise in interest rates
Should you have a variable rate or tracker mortgage, a change to the bank of England base rate of interest may impact your monthly repayments. Whilst currently very low, the UK base rate could, of course, change at any time, so it’s worth staying aware. Remortgaging to a fixed mortgage, could help you gain security in your monthly payments to protect against future interest rate increases for a period of time.
Your home has significantly risen in value
If your home is worth much more now than when you took out the mortgage, your loan to value ratio will have fallen. A lower loan to value amount gives you access to better mortgage rates from most lenders which will save you money, as well as presenting the opportunity to increase your borrowing if needed. The increased equity could potentially also allow you to raise additional money out of your property to fund home improvements of other personal financial needs.
Your mortgage terms do not allow for overpayments
If affordable, making overpayments on your mortgage can be very beneficial. It can help you to reduce either the term of your mortgage or the monthly payments over the existing term. Most lenders will allow limited amounts of overpayments without penalties, but if you are looking to make large overpayments then it may be beneficial to remortgage to a product with unlimited overpayments. It’s important to consider, however, whether early exit fees on your current mortgage would outweigh the benefits as you pay off your mortgage.
You want to increase your loan
Remortgaging can sometimes be used to facilitate the purchase of high value items, such as cars. You could also use it for home improvements or to consolidate debts, although it’s often not the cheapest option and a personal loan alongside other financing options such as Further Advances should be fully considered.
You want a more flexible mortgage
If you’re looking for a mortgage with flexible options, such as payment holidays, or the ability to offset your savings against the interest, you may benefit from remortgaging.
You want to change your mortgage type
Although on rare occasions you may need to remortgage, most lenders can change your existing mortgage from an interest-only to a repayment mortgage without the need to remortgage. However if looking to change property use from residential to Buy To Let or visa versa a remortgage may be required.
When is remortgaging not a good idea?
Even where you have a good reason to apply, if any of the below circumstances apply to you, it’s unlikely that remortgaging will be the right choice.
There are high early repayment charge on your existing mortgage
Even though many remortgage offers would result in savings, where the exit fees on your current mortgage are very large, they can outweigh these benefits.
Your remaining debt is very small
If you have less than £50,000 left to pay on your existing mortgage, the fees involved with remortgaging will often outweigh your savings.
Your financial circumstances have worsened
If your financial circumstances are worse now than when you took out your original mortgage, whether as a result of loss or reduction in income or recent adverse credit, it’s likely your application for a remortgage options may be impaired.
You have low or negative equity in your property
If your home is valued at a lower price now than when you took out the mortgage, your loan to value amount will be higher. This will usually result in very little or even negative equity available in your home (you owe more than your home is currently worth). Again, lenders will not accept a remortgage application in these circumstances. Lower equity in the property could also lead to being offered higher interest rates for a prospective lender.
You already have a great mortgage rate
Whilst you should always look out for better deals, if you already have one of the best mortgage rates on the market, it’s unlikely you will benefit from remortgaging. Where the savings are minimal, fees are likely to outweigh them.
What happens if I don’t remortgage after my deal expires?
You are under no obligation to remortgage and all that happens where you choose not to remortgage is that you will transfer to your lender’s standard variable rate.
Standard variable rates are almost always higher than other mortgage deals, so your repayments will often increase with this change.
What fees are associated with a remortgage?
You can expect to pay similar fees to the ones for your original mortgage when you apply to remortgage. Arrangement fees, booking, and legal fees are standard and in some cases, you will have additional valuation fees.
You won’t need a deposit in order to apply for a remortgage, but it can improve your chances of acceptance if you offer one.
It is now more common for lenders to offer a range of fee-free remortgage products where they will cover any property valuation and legal conveyancing costs associated with the remortgage application.
Your home/property may be repossessed if you do not keep up repayments on your mortgage.
Some Buy-To-Let Mortgages are not regulated by the Financial Conduct Authority.
Happy Clients
Jazz Bhangu2026-07-31I found Mohit when doing a local search for mortgage advisors that were local to me. Mortgage Matchmakers popped up with nothing but 5 star reviews. When I reached out to Mohit for an initial discussion, I felt very confident that the 5 star reviews were a true reflection of his service. Mohit was always available to talk through the process, what my options were and unfortunately when my sale and purchase fell through he was very supportive and provided some great advice during what was a challenging period. I always felt like Mohit gave me numerous options and approaches I could take with my new mortgage, I never felt any pressure from him in any shape just excellent advice and guidance throughout what was a stressful period. Mohit has now become my go to guy and will be reaching out to him when my current fixed is due. I would recommend Mohit to family and friends without any doubts, 5 star service from a 5 star guy!!
Nitin Katyal2026-06-03Best in business. From the moment I contacted Bhavna Grover, I was well informed about the options available. I will highly recommend Mortgage Matchmakers.
Loredana Gheorghe2026-05-18Excellent service from start to finish.As a first time buyer, Mohit was professional, responsive, and made the whole mortgage process smooth and stress-free. He took the time to explain everything clearly and worked hard to secure the best deal for me. Highly recommended.⭐️⭐️⭐️⭐️⭐️
Mina T2026-05-15Mohit was really helpful and got me a mortgage offer within a few days! Thank you so much :)
Basavaraj SH2026-04-29I was referred to Bhavna (Mortgage advisor) by a friend, and I’m so glad I was. She has been amazing in helping me with my residential remortgage and finding the best deal suited to my circumstances. Bhavna is incredibly hardworking, responsive, and communicates everything clearly and efficiently, making the whole process stress-free. She truly goes the extra mile for her clients and supports you at every step right through to completion. She also keeps an eye on the market to make sure you secure the best possible deal before everything is finalised. I would highly recommend Bhavna to anyone looking for a reliable and dedicated mortgage advisor.
Jyoti Bains2026-04-02I’ve known Mohit for past so many years, and in that time I’ve seen firsthand just how dedicated, honest, and knowledgeable he is, both professionally and personally. As a mortgage advisor, Mohit goes above and beyond. He takes the time to really understand your situation, explains everything clearly (no jargon or pressure), and make what can feel like a stressful process so much smoother and more manageable. What really stands out is his integrity, you genuinely feel he has your best interests at heart. It’s rare to find someone who combines expertise with such a personal touch. Whether you’re a first-time buyer or remortgaging, you’re in very safe hands. Highly recommend to anyone looking for trustworthy, reliable mortgage advice!
Dripesh Chauhan2026-03-26I would like to thank you Mortgage Matchmakers in helping out the mortgage for our second home. Specially I would like to thank you Bhavna for her dedication and professionalism during the process. I will highly recommend Bhavna of Mortgage Matchmakers Limited for anyone looking for a mortgage. Dripesh & Reena
Jaya Bhardwaj2026-03-17Our experience with Bhavna from mortgage matchmakers has been absolutely fantastic. We have been using her for a while now to get mortgages on several of our properties, including buy to let properties purchased through our limited company and she has always managed to find fantastic deals for us. What particularly stands out is her communication, prompt responses to any queries and her efficiency. Even after the mortgage is approved, she constantly keeps looking to see if any better deals arrive on the market and lets you know if this is the case. She manages everything for you and we have never had any issues with any of the mortgage deals she has sorted for us. Doing business with her is a great pleasure and I would highly recommend Bhavna at Mortgage matchmakers for all of your mortgage needs.
Avanish Tantry2026-03-17I have used Mortgage Matchmakers for several mortgages now and am very happy with their service. Bhavna Grover, who has been our mortgage advisor, is excellent and I can’t recommend her enough. She is professional, very hard working, extremely prompt with her responses and gets things done in super quick time. She has always managed to find really competitive deals for me, including limited company but to let mortgages, and keeps looking out for better deals right till the end. I couldn’t ask for anything more and she completely takes the stress and hassle out of obtaining mortgages. If you are looking for a mortgage advisor and company, look no further than Bhavna and Mortgage Matchmakers.
Richard Smith2026-03-11Mohit was very professional and clearly has a good knowledge of the mortgage market. He was able to secure us a rate ahead of the increase that came in 8 hours later! Would highly recommend for all mortgage related enquiries.