Remortgage - FAQs

Many lenders allow you to secure a new mortgage up to six months before your current deal ends. Starting early gives you more time to compare your options and protects you if interest rates increase. If rates fall before your new deal starts, your adviser may also be able to review your application and switch you to a better rate where appropriate.

If you don’t arrange a new mortgage or product transfer, you’ll usually move onto your lender’s Standard Variable Rate (SVR). This rate is often higher than fixed-rate deals, meaning your monthly payments could increase significantly.

No. You can either stay with your current lender by completing a Product Transfer or switch to a new lender if there’s a more suitable deal available. An adviser can compare both options and help you decide which is right for you.

Possibly. Depending on your lender and your circumstances, you may need to provide documents such as payslips, bank statements, proof of identity or proof of address. Your adviser will explain exactly what’s required.

Yes. Many people remortgage after changing jobs. The lender will consider your current employment and income, and some lenders have different requirements depending on how recently you changed roles.

Yes. Self-employed applicants can remortgage, although lenders may ask for additional evidence of income, such as tax calculations or accounts. An adviser can recommend lenders that are suitable for your circumstances.

Yes. Many homeowners choose to borrow additional funds when remortgaging for purposes such as home improvements or other significant expenses. Your lender will assess affordability and the amount of equity you have in your property before approving additional borrowing.

Every application is different, but most remortgages take between four and eight weeks. Starting your remortgage early helps ensure everything is in place before your current mortgage deal ends.

If you’re switching to a new lender, legal work is usually required. Many lenders include free legal services as part of their remortgage package. If you’re completing a Product Transfer with your current lender, legal work is often not necessary.

Possibly. Many lenders use an automated or desktop valuation, while others may arrange a physical inspection. Your adviser will explain what your chosen lender requires.

Yes. Changes to your credit history don’t automatically prevent you from remortgaging. Different lenders have different lending criteria, so it’s worth speaking to an adviser who can recommend suitable options.

No. While reducing your monthly payments is a common reason to remortgage, it can also be an opportunity to borrow more, change your mortgage term, review your protection or ensure your mortgage still suits your current circumstances.

Yes. A remortgage is the ideal time to review your Life Insurance, Critical Illness Cover and Income Protection. As your circumstances change, it’s important to make sure your protection still provides the right level of cover for you and your family.

Many mortgage products allow overpayments, helping you reduce the amount of interest you pay and potentially shorten your mortgage term. However, some lenders apply annual limits or early repayment charges, so it’s important to check the terms of your mortgage.

If your current mortgage deal ends within the next six months, your monthly payments have increased, your circumstances have changed or you’re simply unsure whether you’re on the best available deal, it’s worth speaking to an adviser. Even if you’re not ready to proceed, understanding your options can help you plan ahead with confidence.