A remortgage is the term used when you raise a secured loan (a mortgage) on a property that either is currently free of mortgage or has an existing mortgage and you switch to another lender.
There are a variety of reasons why you might be considering a remortgage. Perhaps your existing mortgage terms are no longer competitive? Maybe you want to pay of a part of your mortgage with a bonus but your existing mortgagee won’t let you? You might have no mortgage at all but you want to borrow cash from your asset by raising a mortgage, perhaps to pay for a new roof or to pay for a big and unexpected bill!
There are some basic things to bear in mind:
- Will paying off your existing mortgage mean you incur penalty fees?
- What costs will be involved in raising a new mortgage?
- How much can you borrow and for how long?
You should also be considering whether borrowing more on a mortgage is your best route. Sometimes, a short term loan at a higher rate might still be cheaper than buying because of the longer repayment period.
In the first instance, there are some basic things you can do to put yourself in a strong position when applying for a loan. Check your credit status and make sure you’re on the electoral role. Make any budget savings you can before you apply. Illustrating that you are living well within your means will help you when negotiating a new mortgage offer.
Your mortgage options will be governed by the value of your property, the size of your mortgage and your ability to repay it through income.
In most cases the larger your mortgage the more money you might be able to save by shopping around. Of course, the key to a great deal is knowing what’s available! That’s where we come in.
For more information about remortgaging contact and advisor today on 01628 507477.
Related article:
Download our Free First Time Buyers Guide
Recent posts
Different seasons can have a noticeable effect on property prices.
Research from Zoopla shows that spending out on certain features can fetch up to £29,000 during the summer months.
Monday 22nd June saw Keir Starmer resign as Prime Minister and Labour leader. The resignation does not directly impact mortgage rates, as changes were taking place before this announcement. However, it could influence mortgage rates indirectly through financial markets and future government policies.
Homebuying reform to cut homebuying times by around four weeks, and save first-time buyers around £650, says the government.
Buying your first home is a huge milestone, but it can also be a complex process. There are several factors a first-time buyer should consider before making an offer on a property, including understanding the difference between leasehold and freehold and checking council tax bands.
We’ve detailed some questions you can ask your estate agent to help you make an informed decision.
Best UK Mortgage Rates this Week
7 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.
Signs it's time to remortgage
9 days ago
Remortgaging means switching to a new mortgage deal. This will either be with your current lender or a new one.
Getting advice and moving to a new deal when the time is right can mean lower monthly mortgage payments, better interest rates, or releasing equity from your property.
Here are some signs it may be time to remortgage.
According to Nationwide Building Society’s latest House Price Index, house prices dropped 0.6% month on month in May – the first monthly decline this year.
Most Affordable UK Spots for First-Time Buyers
19 May 2026
Research from Lloyds identifies the most affordable areas in the UK for first-time buyers to be able to get onto the property ladder.
More information
Trusted by
