Guide to Remortgaging

Remortgaging simply means switching your existing mortgage to a new deal, either with your current lender or a different one. It’s something most homeowners will do several times during the life of their mortgage, and getting it right can save you a significant amount of money.

The most common reason to remortgage is when a fixed or discounted rate period is coming to an end. Without taking action, you’ll usually be moved onto your lender’s Standard Variable Rate (SVR), which is often much higher. By arranging a new deal before that happens, you can keep your payments lower and more predictable.

Remortgaging can also help you release equity — the difference between your home’s value and the mortgage you still owe. This extra money can be used for home improvements, consolidating debts, or other major expenses. It’s important to remember that this will increase your borrowing, so careful planning is essential.

Another reason people remortgage is to gain flexibility. You might want to shorten your mortgage term to become debt-free sooner, or extend it to make monthly payments more manageable. You might also move to a mortgage that allows overpayments without penalties.

Timing is key. The best time to start looking for a new deal is around six months before your current one ends. This gives you time to explore the market, compare offers, and have everything ready so your new deal can start immediately after your current term finishes.

At South West Mortgage Brokers, we take the stress out of remortgaging. We compare products from across the whole market, explain your options in clear terms, and handle the application process from start to finish. Whether your goal is to save money, release funds, or gain flexibility, we’ll help you make the right choice for your circumstances.

If your mortgage deal is ending soon or you’re simply curious about what’s out there, get in touch today and we’ll show you how remortgaging could work for you.