After your initial mortgage term ends, your lender will place you on their standard variable rate (SVR), resulting in significantly higher monthly repayments.
Use our remortgage calculator to determine the potential financial savings you could make by choosing to switch.
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.