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Common reasons to remortgage
Why pay your Lender's standard variable rate usually their highest mortgage rate, search the whole of the market to find the best mortgage deal for you.
Since buying your property the cost of your home may have risen creating equity in your property that you could access for that special project.
Reduce your outgoings by consolidating other loans or credit cards in your mortgage to reduce outgoings.
If you are thinking of consolidating existing borrowing you should be aware that you may be extending the terms of the debt and increasing the amount you repay.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
Remortgaging will save you money and it’s easier than you think.
A lot of people are put off as they believe getting a remortgage will be a hassle and not worth the effort.
You’ve already taken the first step by checking out Mortgage Health Check’s website click on the free remortgage quote button to receive a free remortgage quote to see how much you can save and we’ll arrange for a FCA registered Mortgage Broker to give you a call and discuss your options.
There’s no catch you’ll get free remortgage advice and a free remortgage quote with no obligation to proceed.
Financial Conduct Authority (FCA) data indicates 2.04 million UK mortgage borrowers have been on a standard variable rate (SVR) for six months or more, amounting to a quarter (25%) of all mortgage borrowers.
If you are paying your Lender’s SVR you would have seen your mortgage payments increase significantly since December 2021.
Why pay your Lender’s SVR usually their most expensive mortgage rate when you can remortgage and reduce your mortgage payments.
Your Lender is happy for you to pay their SVR and increase their profits.
By remortgaging you’ll save money to spend on the things that matter in life.
Alternatively you could pay the same amount and reduce your mortgage term potentially taking years off your mortgage saving thousands in interest payments.
Mortgage Health Check will arrange for a FCA Mortgage Broker to call you and find the best remortgage deal for you.
No need to leave the comfort of your own home the whole process can be completed online and over the phone.
Once your Mortgage Advisor finds the best remortgage deal they’ll complete the mortgage application on your behalf and deal with the Lender throughout the whole process.
Check out the latest remortgage rates available on our mortgage rate page.
As with all mortgages the rate you will be able to secure depends on the equity in your property speak to a mortgage expert to find the best remortgage deal to meet your own circumstances.
As with other types of mortgage rates, remortgage rates can be volatile depending on current economic conditions.
Secure a mortgage rate before your current deal expires and if the Lenders releases a better deal during that period your Mortgage Advisor will be able to secure the cheaper deal.
Below are the most frequently asked questions about remortgaging.
Remortgaging can save you a significant amount of money if you are paying your Lender’s standard variable rate.
Yes remortgaging is a good idea if you are paying your Lender’s standard variable rate this is usually their highest mortgage rate and remortgaging could save you significant amounts of money on your mortgage payments.
Check out our remortgage page for more information or arrange a call for free remortgage advice
Yes you can remortgage to release Equity although this will depend on affordability.
Speak to a fee free Mortgage Broker who will advise you on the affordability and how much Equity you may be able to release.
As with all mortgage products, remortgage rates rise and fall depending on the economic climate.
You can search Google to see what deals are currently available but I would advise speaking to a fee free Mortgage Broker before applying for a mortgage as the advertised deals aren’t always applicable to everyone.
Check out the best available mortgage rates
If you are paying your Lender’s standard variable rate there will be lower mortgage rates available.
Speak to a fee free Mortgage Broker or Mortgage Advisor and they will inform you of the best available deals.
No the Lender’s standard variable rate is usually their most expensive deal.
If you are expecting mortgage rates to fall and happy for your mortgage payments to fluctuate taking out a discount rate or a tracker rate mortgage will be cheaper than paying your Lender’s standard variable rate.
As long as you are aware that if interest rates rise your mortgage payments will increase as well as decrease if interest rates fall.
Check out the latest mortgage rates.
If your house price as risen this may entitle you lower mortgage rates.
As your loan to value decreases Lender’s offer lower interest rates as this reduces the risk of them not getting their money back if you default on your mortgage
These usually take place in February, March, May, June, August, September, November and December.
The Bank can also call emergency meetings if needed as seen during the financial crisis of 2008.
LTV is loan to value this is the amount of finance you have secured against your home.
For example if your home is worth £200,000 and you have a mortgage of £150,000 this would give you a loan to value of 75%.
This isn’t as straight forward as changing from one mortgage rate to another mortgage rate.
There are other factors to take in consideration including Early Repayment Charges (ERC) this can be quite expensive with some mortgage Lenders.
Before remortgaging check if your deal has ECRs and how much it will cost you if you pay off your current mortgage, speak to your Lender who tell you exactly how much it will cost you in ECRs.
You will also need to take into account any arrangement fees on a new remortgage deal as well as conveyancer fees.
I’d advise finding out your ECRs and the speak to a fee free Mortgage Broker before making any decision on changing mortgage deals.
Early Repayment Charges can vary from lender to Lender.
Some charge a standard 5% for the amount of the mortgage deal period.
Other have a reducing tariff.
For example on a 5 year deal you may pay 5% in the first year, 4% in the 2nd year reducing to 1% in the final year.
Contact your Lender and they inform you of the exact amount you will have to pay in ERCs as well as the mortgage amount outstanding.
Remortgage offers usually have an acceptance period of 6 months.
This will sometimes be extended by a week or two by some Lenders but this down to their discretion.
When you receive an offer from the Lender this will have the latest acceptance date on it.
Speak to your Conveyancer as these are typically the people who accept a mortgage on your behalf.
Yes you can remortgage yourself.
Although using a fee free Mortgage Broker or Mortgage Advisor won’t cost you anything and they will find you the best available deal and can often get exclusive deals that aren’t available to the general public.
A Mortgage Broker will complete the mortgage application and deal with the Lender on your behalf throughout the whole process.
More importantly a Mortgage Broker will check your affordability before submitting your application and this should ensure that the application is successful if the information provided by you is correct.
All Mortgage Brokers and Mortgage Advisors receive a commission from the mortgage Lender this will be shown on the documents that the Mortgage Advisor produces from the Lender on their recommended mortgage deal and must be disclosed to the mortgagee (you).
Some Mortgage Brokers and Mortgage Advisors may also charge a fee this must be disclosed to you.
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