Remortgaging – common reasons for remortgaging
Your Current Deal Is Ending
Most people remortgage because their current mortgage deal is coming to an end. When this happens, your lender will usually move you onto their standard variable rate. This rate is often much higher than the deal you’re on now. So, arranging a new deal in advance helps you keep control of your repayments.
Your lender will normally contact you a few months before your deal ends. They may offer you new options to stay with them. Sometimes, these follow-on deals are better than your current rate. But better offers may still be available elsewhere.
Because we are independent advisers, we check the full market. We compare deals from your current lender and others. If your lender has the best offer, we can secure it for you too.
Ideally, you should start your remortgage around four to six months before your current deal ends. This gives enough time to complete the process and avoid paying a higher rate.
You Want to Release Equity
Another reason to remortgage is to release equity. This means borrowing more money against your home to fund other plans, such as:
If you have credit cards or loans, a remortgage could help combine these into one payment. You borrow more through your mortgage and use the extra to clear other debts.
We always recommend that you take care when consolidating debt. Mortgages run over longer terms, so you may pay more interest overall, even at a lower rate. Still, this option can make monthly payments more manageable. It’s important to get proper advice first.
You may want to update your kitchen, replace windows or build an extension. A remortgage can fund that work.
You could use the funds to invest in a buy-to-let or purchase a holiday home. Borrowing against your current property can help make it happen.
You may also want to remortgage if your personal situation has changed. For example, you might need to add or remove someone from the mortgage. This is known as a transfer of equity. We can review your options and guide you through the process.
In Conclusion
Whatever your reason to remortgage, we’re here to help. We’ll explain your options, handle the paperwork and make the process easy from start to finish.
Some kind words from our clients
Rachel has been incredible in securing us a mortgage and I cannot recommend her highly enough. The whole process was clear from beginning to end and Rachel kept us up to date every step of the way. We had a tricky property to mortgage and Rachel was able to secure us a good product from a high street lender. I have recommended her to friends and family and would use her again for any future mortgages. Thanks Rachel!
A 5 star experience of first time buying thanks to Rachel and Joanne. I was worried buying a home would come with so much stress but I can honestly say it’s been more or less stress free! Quick and professional communication and even got a better mortgage deal than I thought! Can’t recommend or thank them enough!
Rachel and Jo at Mortgage Force were outstanding start to finish. They went above and beyond with everything they did, helping us to purchase our first home. We've been told many times how stressful buying a house is but with Mortgage Force it felt like a breeze! Rachel was informative and broke everything down so that we fully understood all of the house buying lingo and both Jo and Rachel were friendly, helpful, super quick to respond to any queries and just a pleasure to deal with.