A remortgage simply means replacing your current mortgage deal with a new one. For many homeowners, it's an opportunity to secure a new interest rate, review their monthly payments and make sure their mortgage continues to meet their needs.
By the end of this chapter you’ll understand:
✓ What a remortgage is
✓ Why homeowners remortgage
✓ The difference between a Product Transfer and a Remortgage
✓ Why reviewing your mortgage regularly is important
Estimated Reading Time: 8 minutes
When you first took out your mortgage, you probably chose a deal that suited your circumstances at the time. Perhaps it was a two-year fixed rate. Maybe five years. Whatever you chose, that deal was only ever intended to last for a set period. When that period comes to an end, your mortgage doesn’t end…
Your mortgage deal does.
That’s where remortgaging comes in. A remortgage simply means replacing your current mortgage deal with a new one. For many homeowners, it’s an opportunity to secure a new interest rate, review their monthly payments and make sure their mortgage continues to meet their needs.
Why do people remortgage?
Every homeowner has different reasons. Some simply want to secure a new mortgage deal before their current one ends. Others may want to:
A remortgage isn’t just about changing lenders. It’s about making sure your mortgage continues to work for you.
This is one of the most common questions we hear.
Product Transfer
A Product Transfer means staying with your current lender and moving onto one of their new mortgage products. The process is often straightforward because you’re not changing lenders.
Remortgage
A Remortgage means moving your mortgage to a different lender. This may give you access to a wider range of products and features, although the process is usually a little more involved.
Your adviser will compare both options and help you understand which is most suitable for your circumstances.
Many homeowners assume staying with their current lender is automatically the easiest or best option. Sometimes it is.
Sometimes another lender offers a product that’s better suited to your needs. The important thing is comparing your options before making a decision. That’s where we can help!
Waiting until your mortgage deal is close to expiring before looking at your options.
Starting the process early gives you more time to compare products and secure a new deal before your existing rate expires.
Remember – if rates fall between securing a deal and it going live, we can switch the rates!
✓ A remortgage replaces your current mortgage deal
✓ Most homeowners remortgage several times during their lives.
✓ Product Transfers and Remortgages are different.
✓ Reviewing your mortgage early can provide more options
✓ A remortgage is an opportunity to review your wider financial circumstances—not just your interest rate.
Next Chapter →
When Should You Start Looking?
Many homeowners wait until the last minute before reviewing their mortgage.
In the next chapter, we’ll explain why starting early can give you more options, how rate security works and what happens if mortgage rates change before your new deal begins.
