When is it a good idea to remortgage?

Remortgaging is taking out a new mortgage on your home to replace an existing mortgage. Remortgaging can be beneficial if you are currently on a lender’s standard variable rate (SVR), or a fixed or discounted variable rate deal that is about to end. This gives you the opportunity to take advantage of a new mortgage with better features, the security of fixed repayments or to take advantage of lower interest rates than you may currently be on.

The reasons behind high levels of remortgaging are that borrowers who took out a fixed rate mortgage two years ago have enjoyed historically low rates, however rate are now much higher as the Bank of England base rate increases.  With the potential economic uncertainty foremost in people’s minds, it is anticipated that the popularity of fixed rate remortgage products looks set to continue for the foreseeable future.

Mortgage brokers remove a lot of the paperwork and hassle of getting a mortgage, as well as helping you access exclusive products and rates that aren’t available to the public. Mortgage brokers are regulated by the Financial Conduct Authority (FCA) and are required to pass specific qualifications before they can give you advice.

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With borrowers potentially saving significant sums each year by opting for a new fixed rate mortgage, the move away from sitting on existing SVR deals is gathering pace.

Our mortgage calculator helps you to see how much your mortgage might cost you each month.

Our how much can I borrow calculator gives you a range of how much a lender might consider lending you under a mortgage. This calculation is only an indication only.