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Remortgage Specialists

It’s possible to remortgage any property that you own, either by switching deals with your current lender, or by moving to a new provider that can offer a better product, depending on what it is that you want to achieve.

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Benefits of a Remortgage Advice

There are various reasons why people choose to remortgage. One of the most common reasons is to find a better interest rate in order to save money with lower monthly repayments. This usually occurs once a contract ends, be it a fixed-rate or tracker mortgage, to avoid moving onto a lender’s standard variable rates (SVR) and thus higher payments each month.

Many people will also opt to refinance to raise capital. The loan you will be able to receive will typically depend on how you intend to spend the capital. For instance, you could be using it to pay off existing debts or make improvements to your property.

It could also be possible that you are exploring the options of either a let to buy property or perhaps downsizing. Both are viable reasons to begin exploring refinancing your property.

The best time to remortgage is usually going to be a point before your current mortgage deal ends and you move onto the SVR. The point where you will reach the variable rates will depend on the terms of your original agreement. It’s sensible to start exploring the market 3 months before the fixed-rate comes to an end. This is due to the fact that finding and settling on the right deal for you can take a significant period of time.

You should also consider whether you will incur any penalties for remortgaging, such as an early repayment charge (ERC).

Penalties can make remortgaging less financially beneficial. Your lender will be able to provide you with details on any issues here and ensure that you are able to make the right choice as it could be a different product is more suitable.

While you can remortgage at any time, this is not always advised due to the costs you can incur.

Remortgaging early

There is a limit on how early you can refinance. You must legally wait six months after purchasing the property. However, this can be waived in certain situations. For instance, the property could have been inherited.

You can break your fixed term deal in order to do so early, but you will need to consider the early repayment charge. If you’re considering doing this, speak to us first, as we’ll be able to advise you on whether it’s financially worthwhile to end your current deal early to move onto a better rate.

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Remortgaging during Covid-19

These are quite unique circumstances that undoubtedly impacts our health, our day to day lives and our finances. During the current Coronavirus outbreak, circumstances change, with incomes changing, interest rates falling and house prices adjusting.

All these factors mean that it could be the right time to review your financial products, especially your mortgage. You may need a little more breathing room if things are a little tight and conversely, may be able to secure a better, longer term deal on a better interest rate.

You may also want to borrow more to consolidate other debts or even change the terms of the deal.

If you want to know more about your options, speak to us today. We specialise in helping people find the right residential finance for their situation.

Your home may be repossessed if you do not keep up repayments on your home.

There will be a fee for the advice given, the exact amount will depend upon your circumstances but we estimate it will be £495. Complex and sub-prime cases may attract a higher fee which will be typically no more than £695.

Podcast Summary

View Summary

“If I’ve got a deal expiring within the next six months, should I speak to a mortgage broker now or wait?”

“Are you going to send me a bill for an initial phone call?”

“What if I sit tight and do nothing?”

“What is the standard variable rate (SVR)?”

“What is the lender situation?”


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