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Remortgaging could reduce your monthly repayments or release equity from your home. Here's what to think about before you switch.
After your initial mortgage term ends, your lender will place you on their standard variable rate (SVR), resulting in significantly higher monthly repayments.
Remortgage calculator
Compare your current payment with a new rate to see what switching could save you.
If your fixed deal has ended you may be on the lender's standard variable rate.
Potential monthly saving
£203.26
Savings are before costs. Check whether your current lender charges an early repayment charge, and factor in any product, valuation or legal fees on the new deal — we'll include all of these when we compare options for you.
Estimate only — figures are for guidance and are not a mortgage offer. What you can actually borrow depends on a full lender assessment of your income, outgoings, credit history and the property. Initial advice is free; if you proceed, a fee typically between £199 and £299 may apply and will always be agreed with you before any application.
This information is a guide only and should not be relied on as a recommendation or advice that any particular mortgage is suitable for you. All mortgages are subject to the applicant(s) meeting the eligibility criteria of the specific lender. You should make an appointment to receive mortgage advice which will based on your needs and circumstances.
Use our remortgage calculator to determine the potential financial savings you could make by choosing to switch.
This information is a guide only and should not be relied on as a recommendation or advice that any particular mortgage is suitable for you. All mortgages are subject to the applicant(s) meeting the eligibility criteria of the specific lender. You should make an appointment to receive mortgage advice which will based on your needs and circumstances.
FAQ
How much can I remortgage my house for?
Most lenders permit you to either borrow the remaining balance of your mortgage when switching deals or increase the loan to release your equity.
The total amount you can borrow depends on your individual financial situation.
Is it worth remortgaging?
Remortgaging to a more competitive deal has the potential to save you thousands in the long run.
This is particularly true if you're nearing a switch to your lender's SVR, planning to accelerate your mortgage payments for an early payoff, or if your loan-to-value (LTV) ratio has decreased.
Who can remortgage?
All current homeowners can remortgage at any time. However, whether it’s the right time for you should be based entirely on your specific circumstances.
It’s important to note that in certain cases, remortgaging prematurely can result in your incurring an early repayment charge. Therefore, it's advisable to confirm whether this applies to you before coming to a decision.
Most individuals tend to consider remortgaging when their current mortgage deal is nearing its end or when planning significant expenses such as home improvements.
Frequently asked questions
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