Like every bill you pay, it makes perfect sense to regularly check whether you have the right mortgage for you.
Of course, whereas changing your broadband provider might save you £10 or £15 a month, Dr Peter Backus, Senior Economics Lecturer at the University of Manchester, has estimated that 55% of homeowners could be wasting nearly £300 a month through not remortgaging!
So is remortgaging, or at least considering remortgaging, worthwhile? You betcha!
Most of us are now quite comfortable changing our mobile phone or broadband provider on a regular basis. We do it because most suppliers rely upon the lazy or busy consumer when putting together their price plans. A competitive initial deal might quickly turn into an unnecessarily expensive one after the initial period has expired. It’s the same with mortgages, which is why it’s always a good idea to take advice from an experienced mortgage adviser when searching for your next loan.
Speak to our remortgage specialists today.
There are a variety of things to consider when looking at your options. For example, how much equity do you have in your home? The more you have, the better chance you have to improve your LTV (Loan to Value) ratio and improve your ‘buying power’. It’s also important to consider what other penalties might be attached to the early repayment of your existing mortgage.
Most mortgages revert to a standard variable rate (SVR) once the initial special rate has finished, which in many cases might be uncompetitive. Before the end of this initial period, it’s not unusual to find that a mortgage lender will demand an ‘exit fee’ or ‘early redemption’ fee which can be considerable. This may make remortgaging early in a mortgage unviable, but it will depend on the facts in each case.
There is also the cost of remortgaging. Lenders may require a new valuation be undertaken and there will be some legal paperwork that will need to be dealt with too. And then there’s the perceived ‘hassle-factor’. This used to be a real issue but nowadays firms like Mortgage Required are here to streamline the process and make your experience pain-free!
Many borrowers will check their mortgage remains competitive every couple of years or so. Others will be prompted to remortgage in order to either extend or improve their home, release equity to fund another purchase or to consolidate debt or to simply reduce the amount of interest accrued over the term of the loan itself. Whatever your motive, it makes sense to be re-considering your options regularly.
We can help reassure you that you are not paying over the odds quickly and easily. Why not contact us for an initial chat on 01628 507477 or book a Free Call or Video appointment.
Related article:
Download our Free First Time Buyers Guide
Recent posts
Best UK Mortgage Rates this Week
2 days ago
Here are the lowest fixed mortgage rates of the week, available to first-time buyers, home movers, buy-to-let, and those remortgaging.
Call us for more information: 01628 507477 or email: team@mortgagerequired.com.
Nationwide is the first lender to allow mortgage deeds to be signed electronically and without the need for a witness.
‘My First Mortgage’ from major high-street lender Santander is specifically for those wanting to buy their first property. It allows first-time buyers to purchase 98% of the property’s value. However, certain criteria must be met to be eligible.
Maidenhead, Berkshire – 26th January 2026 – Dedicated independent mortgage experts, Mortgage Required, are delighted to have acquired fellow experienced brokerage, Y-Not Finance.
The acquisition connects two well-respected brokerages, both with a wealth of experience and shared values, to continue providing the best advice on all aspects of the mortgage market.
As part of the UK government’s plans to change the leasehold system to help families struggling with unaffordable ground rent costs.
The Prime Minister announced this morning (27 January) that ground rents will be capped at £250 per year, reverting to a peppercorn rate after 40 years.
Additional borrowing, also known as a further advance, is when you borrow more money on your existing mortgage for a specific reason agreed with your lender.
Here are five of the most common reasons for additional borrowing.
UK Housing Market Round-Up: 2025
30 Dec 2025
Property search site Zoopla has estimated that the UK housing market will end 2025 with approximately 1.15 million completed sales – 4.5% more than the previous year.
Take a look at the 2025 summary of the UK housing market.
Buying in the New Year
29 Dec 2025
If buying your first property, or moving home, is on your to-do list this year, the new year can be a great time to take this big step. In this short blog, we look at what you need to consider as you plan and prepare for your home-buying journey.
More information
Trusted by
