Remortgaging is the process of replacing your current mortgage with a new deal, either with your existing lender or a new one. At Key Mortgage Advice, we speak to many homeowners who ask what remortgaging actually means and whether it could help them save money or better suit their plans. Understanding how remortgaging works is the first step in deciding whether it is the right move for you.
Most people remortgage when their existing deal is coming to an end, particularly to avoid being moved onto a lender’s standard variable rate. Others choose to remortgage to reduce their monthly payments, secure a more stable rate, or release equity from their home. Whatever your reason, the process can feel complex without the right support.
What Does Remortgage Mean In Practice?
A remortgage means taking out a new mortgage to replace your current one, while staying in the same property. Your new lender pays off the balance of your existing mortgage, and you begin a new agreement with updated terms, interest rates and repayment details.
In some cases, homeowners stay with their current lender and switch to a new deal. In others, they move to a different lender entirely. At Key Mortgage Advice, our remortgage brokers compare a wide range of lenders so you can see what options are available based on your circumstances.
Why Do People Remortgage?
One of the most common reasons people remortgage is to avoid higher payments when their fixed or tracker deal ends. Lenders often move borrowers onto a standard variable rate, which can be more expensive. A remortgage may help secure a more competitive rate and keep monthly payments manageable.
Remortgaging can also allow homeowners to release equity from their property. Some people use this for home improvements, while others use it to cover larger expenses. Fixing a new rate can also provide peace of mind by offering predictable monthly repayments.
When Can You Remortgage?
Many homeowners ask when they can remortgage. In most cases, you can start looking at remortgage options several months before your current deal ends. This gives you time to compare rates and prepare for the switch.
It is also possible to remortgage earlier, although this may involve early repayment charges from your existing lender. Whether remortgaging early makes sense depends on the cost of those charges compared to the potential savings. Our remortgage advisors review this with you so you can make an informed decision.
How To Remortgage Step By Step
Understanding how to remortgage can make the process feel far more manageable. We begin by reviewing your current mortgage, your financial situation, and what you want to achieve. From there, we compare remortgage deals across a wide range of lenders.
Once a suitable option is identified, we help manage the application and guide you through to completion. Many remortgages are handled smoothly, especially when there are no changes to the property or ownership. Our aim is to keep the process clear and stress free.
How Long Does It Take To Remortgage?
A common question we hear is: How long does it take to remortgage? Timescales vary depending on the lender and the complexity of the case, but many remortgages complete within a few weeks. Delays can occur if additional information is required or if the property needs a valuation.
Our team keeps you informed throughout and works closely with lenders and solicitors where needed to avoid unnecessary delays.
Do You Need A Solicitor To Remortgage?
In many cases, a solicitor is required to handle the legal side of a remortgage, particularly when switching lenders. Some lenders include basic legal work as part of their remortgage offer, while others allow you to use your own solicitor.
We explain what is required in your situation and ensure you understand what is included before moving forward.
How Much Does It Cost To Remortgage?
The cost of remortgaging depends on several factors. These can include lender arrangement fees, valuation fees, legal costs, and any early repayment charges from your current mortgage. Some deals may offer incentives that help reduce upfront costs.
At Key Mortgage Advice, we explain all costs clearly so you know what to expect and can weigh them against the potential savings of a new deal.
Can You Remortgage With Bad Credit Or If You Own Your Home Outright?
Some homeowners worry that remortgaging is not possible due to past credit issues. While credit history is always considered, there are lenders who assess applications on an individual basis. We review your circumstances and explain what options may be available.
If you own your home outright, you may still be able to remortgage by taking out a mortgage secured against the property. This is something we discuss carefully to ensure it aligns with your plans.
How Our Mortgage Brokers Can Help
If you are looking for mortgage brokers in Preston, Southport or Garstang, we offer clear and practical advice built around your needs.
We are independent and not tied to any single lender, which allows us to compare a wide range of remortgage options. Alongside remortgages, we also provide advice on buy to let mortgages, lifetime mortgages, first time buyer mortgages, and commercial mortgages.
You can use our mortgage calculator for an estimate of repayments, explore our mortgage services, or speak directly to our team. You can call us today on 01772 620000, email us at enquiries@keymortgageadvice.co.uk, or fill in our online contact form to arrange a no-obligation consultation.
