What is a Remortgage?
Remortgaging is the process of moving your mortgage on your existing property from one lender to another.
Your new mortgage will then replace your old one.
You may want to remortgage if you’re:
coming to the end of your existing rate
looking for a better deal than your current lender can offer
planning to borrow more money against your property
How long does the remortgage process take?
Remortgaging your home typically takes 4 to 8 weeks after applying. The amount of time needed will depend on your individual circumstances and remortgage needs.
Providing clear, accurate, and relevant documents when needed, such as proof of earnings can speed up the process.
When should you remortgage?
You can remortgage anytime but to avoid potential early repayment charges, people tend to look at remortgaging towards the end of their existing mortgage rate.
If you choose not to review your mortgage rate before it ends, then you will likely be moved onto your lender’s standard variable rate (SVR) and you could end up paying more. This is because the SVR is generally higher than the rate you were on.
Keep in mind – if you’re not coming to the end of your existing mortgage rate, you’ll need to check whether there’s an early repayment charge or fee for exiting your current mortgage.
Think carefully before securing other debts against your home.
Your home may be repossessed if you do not keep up repayments on your mortgage.