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Remortgaging
Start about six months before your rate ends.
When a fixed rate finishes, most lenders move you onto their standard variable rate, which is usually a lot more expensive. It happens automatically. Nobody stops you.
Six months out is roughly the right time to look, because most offers hold for three to six months. That gives you time to lock something in and still take a better deal if rates move.
Book a free chatReasons people remortgage
Your deal is ending
The most common one. Comparing a new deal from your existing lender against the wider market.
You want to borrow more
Home improvements, an extension, a deposit for something else.
Your circumstances have changed
Newly self-employed, changed jobs, income structured differently. Your existing lender may not want to know. Someone else will.
You want to change the mortgage itself
Shortening the term, switching from interest only, adding or removing a name.
Product transfer or full remortgage?
A product transfer means staying with your current lender on a new rate. It's often quicker and involves less paperwork. A remortgage means moving lender, which opens up the whole market.
We look at both, every time, and tell you which one comes out ahead for you. Sometimes staying put genuinely is the better answer.
A note on consolidating debt
If you're thinking about rolling credit cards or loans into your mortgage, it can bring your monthly outgoings down. But it's not free money and it isn't automatically a good idea. Each debt has to be looked at on its own: what rate it's on, how long it has left to run, and what it would cost you spread over your mortgage term instead.
Think carefully before securing other debts against your home. Consolidating debt into your mortgage may reduce your monthly payments, but because the debt is spread over a longer term you may pay more overall, and debts that were not previously secured on your home will become secured against it.
We'll go through the numbers with you properly and put them in writing, and we won't recommend consolidating something where it doesn't stack up.
You may have to pay an early repayment charge to your existing lender if you remortgage.
Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it.
Not sure where you stand?
A first conversation costs nothing and commits you to nothing. Tell us what's going on and we'll tell you honestly what your options look like, including if the answer is "not yet".
Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it.