Why Should You Remortgage?
Remortgaging means switching your existing mortgage to a new deal, either with your current lender or a different one. Most homeowners remortgage every 2-5 years to avoid expensive standard variable rates and take advantage of better deals in the market.
The average homeowner can save £3,000-£5,000 per year by remortgaging to a better rate. With interest rates constantly changing and new products entering the market, there is often an opportunity to reduce your monthly payments or release equity from your home.
When Is the Right Time to Remortgage?
The best time to start looking at remortgage options is 3-6 months before your current deal ends. This gives you time to compare the market, secure the best rate, and avoid any early repayment charges. Most lenders allow you to lock in a new rate up to 6 months in advance.
- Your fixed rate period is ending soon
- Your circumstances have changed (income increase, improved credit score)
- You want to borrow more for home improvements
- Interest rates have dropped since you took your current mortgage
- You want to consolidate debts into your mortgage
How the Remortgage Process Works
Remortgaging is simpler than buying a home as you already own the property. The process typically takes 4-8 weeks from application to completion. You will not need to pack or move - it is purely a financial transaction that could save you thousands.
- Get a remortgage quote and see how much you could save
- We search over 90 lenders to find your best deal
- Property valuation arranged (often free or automated)
- Legal work completed (many lenders offer free legal services)
- New mortgage completes and old one is paid off
Our fee-free service means you get expert guidance throughout the process without any broker charges. We handle the paperwork and liaise with lenders and solicitors on your behalf.
Understanding Remortgage Costs
While remortgaging can save you money, there are some costs to consider. Many lenders offer incentives like free valuations and legal work, which can reduce or eliminate these costs. Our advisors will help you calculate whether remortgaging makes financial sense for your situation.
- Early repayment charges on your current mortgage (if applicable)
- Valuation fees (often free with remortgage deals)
- Legal fees (many lenders offer free legal services)
- Arrangement fees (can often be added to the loan)
- Our advice is completely free - no broker fees
Even with these costs, most homeowners still save money by remortgaging. We will provide a clear breakdown showing your potential savings after all fees.
Release Equity When You Remortgage
If your property has increased in value or you have paid down your mortgage, you may be able to release equity when you remortgage. This means borrowing more against your home to fund home improvements, investments, or other major purchases.
Many homeowners use equity release to fund extensions, new kitchens, or to help children with deposits. The money is typically available at mortgage rates, which are much lower than personal loans or credit cards. Our advisors can help you understand how much equity you could release and whether it is the right option for you.
Ready to Start Saving?
Do not wait until your current deal ends and you move onto an expensive standard variable rate. Start exploring your remortgage options today and see how much you could save. Our expert advisors are here to guide you through every step.
- Free consultation to review your current mortgage
- Comparison of deals from over 90 lenders
- Calculation of your potential savings
- Support through the entire remortgage process
- No broker fees - our service is completely free
Join thousands of homeowners who have already saved money by remortgaging through Homemove. Get started with a free consultation today.
