If you don’t get the right advice about your remortgage, a mistake can be costly, particularly when it comes to early repayment charges (ERCs) and fees. We have sight of the over 100 lenders so we can tailor the most appropriate product for you, from the vast number of lenders available.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
We can show you the range of remortgage options available to you. We can help you to:
If you don’t get the right advice about your remortgage, a mistake can be costly, particularly when it comes to early repayment charges (ERCs) and fees. We have sight of 100’s of lenders so we can tailor the most appropriate product for you, from the vast number of lenders available.
When a fixed-rate mortgage ends, the lender will usually move the loan onto their Standard Variable Rate. This rate is typically much higher than current market deals and can lead to a noticeable increase in monthly payments. To avoid this, it is usually sensible to explore either a remortgage with a new lender or a product transfer with the existing one. Starting this process around three to six months before the current rate ends allows a new deal to be secured early, helping to protect against potential rate rises before the new term begins.
Many homeowners are also able to borrow more or release equity from their property. This is often possible if the home has increased in value or a significant portion of the mortgage has already been repaid. Equity is commonly used for home improvements, consolidating debts, or helping family members with a property deposit. Any additional borrowing is subject to affordability checks and the current loan to value ratio, and careful calculations can ensure borrowing remains manageable within the household budget.
The cost of switching or borrowing more can vary depending on the mortgage product chosen. Typical costs may include an arrangement fee charged by the lender, a valuation fee to confirm the property’s value, and legal fees to manage the transfer of the mortgage. Early repayment charges may also apply if a change is made before the current deal officially ends. A full cost comparison upfront makes it clear what is being paid initially and how this compares to the monthly savings over time.
If no action is taken when a fixed deal ends, the mortgage will remain on the lender’s Standard Variable Rate. This is usually the most expensive option and can result in a sudden increase in monthly payments. Unlike a fixed rate, the SVR can change at any time, making budgeting more difficult and leaving the household exposed to future interest rate rises.
Looking for a new deal around six months before the current one ends provides flexibility and protection. A rate can often be secured in advance, and if market rates fall before completion, it is sometimes possible to switch to a cheaper option. Even if a property’s value has fallen, options may still be available depending on the loan to value, particularly when considering a wider range of lenders beyond standard high street criteria.
Equity can also be released to fund a deposit for a second property, whether for buy-to-let purposes or to help a child onto the property ladder. In many cases, lenders offer incentives such as free valuations or legal fees on remortgages, which can significantly reduce upfront costs. Careful planning ensures the overall structure remains affordable while making the most of the options available.
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