Remortgaging your property and agreeing new terms with a lender could lower your monthly repayments and allow you to release a lump sum.

What is remortgaging?

Remortgaging is when you replace your existing mortgage plan with new terms. It could help you find a better deal and reduce your monthly mortgage payments, while also freeing up funds for home improvements or to help with life’s important moments – like a wedding.

Your mortgage is probably your biggest monthly expense. By moving to a new lender with lower rates, we could help you save money on repayments. Let us take the hassle out of switching – call today for a free quote.

Types of remortgages

There are different types of remortgage loans to suit your individual circumstances.

Business remortgages

Business remortgages

Secure a better deal on monthly repayments and reinvest the savings elsewhere in your business.

Consolidation remortgages

Consolidation remortgages

Raise money to help cover the cost of other debts by remortgaging your property.

Bad credit remortgages

Bad credit remortgages

A bad credit remortgage could give you more flexible loan terms, provided you can meet the repayments. We have several remortgage options for those with poor credit.

Home improvements remortgages

Home improvements remortgages

Release some of the equity in your property as a lump sum to spend on home improvements through remortgaging.

Buy to let remortgages

Buy to let remortgages

Remortgaging your buy to let property can help you secure better terms and free up cash.

Pros and cons of remortgaging

Like any important decision in life, you should weigh up the pros and cons of remortgaging before making the big commitment.

Pros of remortgaging

  1. Raise additional funds
    Whether it’s increasing the resale value of your property with a new extension or financing a wedding, you may need the extra cash to take the next step. By remortgaging, you can free up funds against your property, giving you a lump sum to spend as you need.

  2. You may find a better rate
    With property values increasing over time, your home may be worth more than when you bought it. By getting a remortgage quote, you can often find a much cheaper rate, meaning you could potentially save on the interest you’re paying.

Cons of remortgaging

  1. There are fees to consider
    When switching lenders, you may have to pay your original lender a penalty fee. This is called an Early Repayment Charge. Not all mortgages have Early Repayment Charges – it will depend on the type of product you have – so it’s important to see whether any potential costs outweigh the benefits you’ll get from any cash sum or new repayment plan.

  2. You don’t have much equity yet
    If you’ve only just purchased your home or don’t have much equity invested yet, it’s unlikely you’ll find a better rate. You may find it’s worth waiting until you’ve paid off more of your mortgage before considering a switch.

What can I use a remortgage for?

People may choose a remortgage product for a variety of reasons, including

Home improvements

You could release funds for refreshing the kitchen, converting a downstairs bathroom, or another project.

Cash lump sum

Whether it’s planning a dream wedding or helping family through university, a cash lump sum can sometimes come in handy during life’s big moments.

Extension or loft conversion

You could increase your profits when it’s time to sell by remortgaging now to finance big home improvement projects.

Buying another property

Purchasing a second property for rental can be a good source of income.

Applying for a remortgage

There’s a lot to consider when it comes to getting a remortgage quote. That’s why we’ve tried to make the process as easy as possible for all homeowners.