Here’s What You Need to Know
If your current mortgage deal is coming to an end — or you’re wondering whether you could save money — remortgaging could be a smart move. With interest rates, lender criteria, and personal circumstances constantly changing, many homeowners review their mortgage regularly to make sure it’s still working for them.
This guide explains what remortgaging is, when it makes sense, and how to approach it with confidence.
What Does Remortgaging Mean?
Remortgaging is when you switch your mortgage deal, either:
- With your current lender, or
- By moving to a new lender
People usually remortgage to secure a better interest rate, reduce monthly payments, release equity, or move onto a more suitable mortgage product.
When Should You Consider Remortgaging?
You might want to think about remortgaging if:
- Your fixed or tracker deal is ending
- You’re currently on a standard variable rate (SVR)
- Interest rates have changed since you last took out your mortgage
- You want to reduce monthly payments
- You’re looking to release equity for home improvements or other purposes
- Your personal or financial circumstances have changed
It’s often best to start reviewing your options around 3–6 months before your current deal ends.
Common Reasons Homeowners Remortgage
To Secure a Better Rate
When an initial deal ends, many lenders move borrowers onto a higher standard rate. Remortgaging can help you lock into a more competitive deal.
To Reduce Monthly Payments
A lower interest rate or longer mortgage term can help ease monthly outgoings (although extending the term may increase total interest paid).
To Release Equity
If your property has increased in value, remortgaging may allow you to borrow against that value for renovations, extensions, or other large expenses.
To Change Mortgage Type
You may want to move from a variable rate to a fixed rate for more certainty, or vice versa, depending on your priorities.
How Much Can You Borrow When Remortgaging?
This depends on:
- Your income
- Existing mortgage balance
- Credit history
- Property value
- Lender affordability criteria
A mortgage broker can quickly assess whether remortgaging is beneficial — and whether any savings outweigh fees or early repayment charges.
Are There Costs Involved?
Remortgaging can involve:
- Early repayment charges (if leaving a deal early)
- Arrangement or product fees
- Valuation fees (sometimes free)
- Legal fees (often covered by the lender)
A good adviser will always check whether remortgaging is worth it overall, not just whether a lower rate is available.
Why Use a Mortgage Broker for Remortgaging?
Remortgaging isn’t just about finding a cheaper rate — it’s about finding the right deal for your situation.
A whole-of-market broker will:
- Compare deals across multiple lenders
- Explain your options clearly, without jargon
- Handle the paperwork and lender criteria
- Time the switch correctly to avoid penalties
- Make sure remortgaging genuinely benefits you
At Mortgage Pro Sussex, we help homeowners review their mortgage with clarity and confidence — whether you’re actively looking to switch or just want reassurance you’re on the right deal.
Thinking About Remortgaging?
If you’re unsure whether now is the right time, a quick review can make all the difference.
Contact Mortgage Pro Sussex today for friendly, no-obligation remortgage advice.
We’ll assess your current deal, explore your options, and help you decide on the best next step — with no pressure and no jargon.
📞 01902 951 200 Get in touch today to arrange your free mortgage review.