Question 1

When should I start looking at remortgage options?

Accepted Answer

Around six months before your current deal ends. Many lenders allow you to secure a new rate up to six months in advance, which can protect you if rates rise before your renewal date. If rates fall in the meantime, it is often possible to switch to a lower rate before completion. Starting early simply gives you more options and helps you avoid being moved onto your lender's standard variable rate, which is usually more expensive than a new product.

Question 2

What's the difference between a product switch and a remortgage?

Accepted Answer

A product switch keeps you with your current lender and moves you onto a new rate. There is typically no legal work and no new valuation. A remortgage moves your mortgage to a different lender and usually involves a valuation, legal work and a new affordability assessment. Both can be the right choice depending on your circumstances. We compare your existing lender's offer against products available to us and recommend whichever is genuinely most suitable for you, including all fees in the comparison.

Question 3

Will I need a new affordability and credit check?

Accepted Answer

If you stay with your existing lender on a product switch, usually no further affordability assessment is required. If you remortgage to a new lender, they will assess your income, expenditure, credit profile and the property as part of their lending decision. If your circumstances have changed, the choice of lender and how the application is presented can make a significant difference, which is where advice can help.

Question 4

Can I borrow more when I remortgage?

Accepted Answer

It may be possible, subject to affordability, the property's current value and the lender's criteria. Borrowers often consider additional borrowing for things like home improvements, debt consolidation or supporting family. We will discuss whether it is suitable for your situation and what it means for your monthly payments and overall cost. Think carefully before securing other debts against your home.

Question 5

Can I overpay my mortgage at renewal?

Accepted Answer

The end of a fixed term is generally a good moment to make a lump-sum overpayment because early repayment charges typically no longer apply. Reducing the balance before locking in your new rate may save you interest over the remaining term. Even smaller overpayments can add up. We can illustrate the potential impact for your specific circumstances before you decide.

Question 6

Should I shorten or extend my mortgage term?

Accepted Answer

Shortening the term may save you interest over the life of the mortgage if your income comfortably supports a higher monthly payment. Extending the term can lower the monthly payment, which may help with changes such as a new arrival, school fees or a career change, although it will usually mean paying more interest overall. Neither is universally right or wrong. A renewal is a natural point to review what suits your current circumstances and goals.

Question 7

Do I have to use a broker to remortgage?

Accepted Answer

No. You can apply directly with your current lender or with another lender yourself. Using a broker means we compare your existing lender's product transfer alongside products available through us, factor in fees, valuation and legal costs, and handle the application from start to finish. For product switches arranged through us there is no fee to you and our fee for a full remortgage application is £395 for standard cases and £890 for customers with a poor history of managing their credit. The right choice depends on what level of support you want.

Remortgage advice to help you compare your next deal

Product switch or remortgage?

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Common remortgage questions

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