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Everything you need to know about remortgaging

26/03/25

Everything You Need to Know About Remortgaging: A Complete Guide for Homeowners

Thinking about remortgaging your home? Whether you want a better deal, need to free up some cash, or simply fancy switching lenders, remortgaging can be a smart move. In this guide, we’ll cover everything you need to know about remortgaging in the UK, with tips tailored for homeowners in Lancashire, Preston, and Southport.

What Does Remortgaging Actually Mean?

Remortgaging is when you move your current mortgage to a new lender or a new deal without selling your home. It’s basically replacing your existing mortgage with another one that suits your needs better.

Why do people do it? Often to save money, lock in a better interest rate, or release equity for things like home improvements. It’s a way to make your mortgage work harder for you.

Why Consider Remortgaging?

There are plenty of reasons homeowners in Lancashire and beyond choose to remortgage. Here are the most common:

Get a Better Interest Rate

If your current deal is ending soon, you might be moved onto your lender’s standard variable rate, which is usually higher. Remortgaging can help you secure a lower rate and save thousands over time.

Release Equity

Has your property gone up in value? You could release some of that equity to fund renovations, pay off debts, or even help a family member with a deposit.

Lower Monthly Payments

If your budget feels tight, remortgaging to a longer term or a better rate can reduce your monthly payments and give you breathing space.

Switch to a Fixed Rate

Worried about interest rates rising? A fixed-rate mortgage can give you peace of mind with predictable payments.

Change Lenders

Not happy with your current lender? Remortgaging gives you the freedom to shop around for better service and deals.

How Does the Remortgaging Process Work?

The process is similar to getting your first mortgage, but usually quicker. Here’s what to expect:

Step 1: Review Your Current Deal

Check your interest rate, remaining balance, and any early repayment charges. These can affect whether remortgaging makes sense right now.

Step 2: Check Your Credit Score

A good credit score can help you secure the best rates. If yours needs a boost, take steps before applying.

Step 3: Compare Deals

Look at what different lenders offer. Consider interest rates, fees, and terms. Mortgage Advice Hut can help you find the best options.

Step 4: Get an Agreement in Principle

This shows what a lender might offer you based on your finances. It’s a useful first step before applying fully.

Step 5: Apply for Your New Mortgage

Your lender will check your income, credit history, and property details. They may also arrange a valuation.

Step 6: Completion

Once approved, your new lender pays off your old mortgage and your new deal begins. The whole process usually takes a few weeks.

Things to Consider Before Remortgaging

Before you dive in, think about:

  • Early Repayment Charges: These can make switching costly if your current deal isn’t finished.
  • Fees and Costs: Arrangement fees, legal fees, and valuation costs can add up.
  • Your Goals: Are you looking to save money, release equity, or fix your rate? Make sure your new deal fits your plans.
  • Fixed vs Variable Rates: Fixed rates offer stability, while variable rates can be cheaper but less predictable.

When’s the Best Time to Remortgage?

Here are a few signs it might be time:

  • Your current deal is ending soon and you want to avoid the standard variable rate.
  • Your home has increased in value and you’d like to access that equity.
  • Interest rates are low and you want to lock in a good deal.

Is Remortgaging Right for You?

Remortgaging can be a great way to save money, access funds, and take control of your finances. But it’s not always straightforward. That’s where expert advice comes in.

If you’re in Lancashire, Preston, or Southport and want friendly, professional guidance, we’re here to help. Whether you’re a first-time buyer planning ahead, a homemover, or simply looking for remortgage advice, we’ll find the right deal for you.

Ready to Explore Your Options?

Get in touch today for expert mortgage advice in Lancashire. We’ll guide you through the process, compare the best deals, and make sure your remortgage works for you.

A MORTGAGE IS A LOAN SECURED AGAINST YOUR HOME OR PROPERTY. YOUR HOME OR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBT SECURED ON IT.

THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME.

YOU MAY HAVE TO PAY AN EARLY REPAYMENT CHARGE TO YOUR EXISTING LENDER IF YOU REMORTGAGE.

Get a Quote.

Risk Warning This quote is for illustration purposes only and does not constitute a formal mortgage offer. The figures provided are based on current interest rates and available products at the time of this illustration and may vary depending on lender criteria, your personal circumstances, and market conditions at the time of application. Please be aware that all mortgage offers are subject to affordability assessments, credit checks, and a formal valuation of the property. Fees, terms, and conditions may apply. For a detailed, personalised offer, further discussions and a full application will be required. Your home may be repossessed if you do not keep up repayments on your mortgage. You may have to pay an early repayment charge to your existing lender if you remortgage.