22 Jul 2025
Mortgage Reforms to Boost Competition and Make Remortgaging Easier
The Financial Conduct Authority (FCA) has shared new changes to mortgage rules with the aim to simplify remortgaging, and encourage competition within the mortgage market.
The new changes will mean borrowers will be able to reduce their mortgage term more easily, in turn lowering their overall costs and prevent repayments going into retirement.
Reducing the mortgage term by overpaying not only lowers the length of time you are repaying, it also reduces the interest overall. Example:
£200k mortgage over 30 years at 4.75%
£200 extra paid per month
Shave 8 years, 7 months off the term, and save £56,810 in interest.
Remortgaging is also going to be made simpler for homeowners looking to switch to a different lender, ensuring they are getting the best rate available to them.
We encourage borrowers to get advice from an independent mortgage adviser who can assist them in finding the best option for their circumstances.
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