How does Remortgaging work?

Remortgage

Remortgaging is where you pay off your existing mortgage and switch to another lender. Ideally you should look to remortgage before your product expires, as your initial rate will expire and you will revert to the lenders variable rate; such as:

Santander 4.74%
Halifax 3.99%
Leeds BS 5.69%
Nationwide 3.99%
RBS 4.00%
Virgin 4.79%
Woolwich 3.99%

Applicants will either remortgage to get a better rate (save money) or to borrow more and get a better rate at the same time. Others look to reduce the mortgage term, therefore saving on long term interest payments.

Whole of Market Mortgage Advice

Seek advice before going ahead with a remortgage as new products may come with arrangement fees, early repayment charges, solicitors costs. If you speak to one of our advisers, we will look to reduce fees and look for products with free basic legals and valuation.

When applying for a new product, the remortgage is based on a Loan to Value (how much you want to borrow against how much your property is worth). Applicants are offered better rates if there is more equity in the property.

There are good reasons why you might consider remortgaging – not least saving money. It’s important to receive advice and reassess your affordability. Ask yourself:

Can you reduce your mortgage term?
Can you reduce your rate and continue to pay the same using your over payment facility?
Is it the right time to fix rate for longer?

Note: Remortgaging to pay off short term debt can end up costing you more than other options.
Seek advice and speak to one of advisers. We can also arrange product transfers so you stay with the same lender (depends on the lender); and put you on a better product. We are based in Manchester city centre and will go through your options.