Is it time to make your mortgage work better for you?
- Mortgage advice from real people
- Directly authorised by the FCA
Your home or property may be repossessed if you do not keep up repayments on your mortgage.
What’s a remortgage?
A remortgage is the process of replacing your existing mortgage with a new mortgage, usually without moving home.
You may remortgage with a different lender or, in some cases, your existing lender may offer another mortgage product through what is often called a product transfer.
People remortgage for many reasons, including securing a different interest rate, avoiding a lender’s standard variable rate, changing the mortgage term, releasing equity or adapting their mortgage to new circumstances.
Whether remortgaging is right for you will depend on your current mortgage, available equity, income, credit history, fees, early repayment charges and the mortgage products available.
Things to consider when remortgaging
Depending on your circumstances, you may need to budget for:
Mortgage fees
Potential costs can include product, arrangement, valuation or broker fees depending on the remortgage and service.
Early repayment charges
If you leave an existing mortgage during a deal period, an early repayment charge may apply.
Solicitor or conveyancing fees
You’ll need legal work completed as part of the remortgage.
Get a quote now
Want to talk it through?
Call our friendly team on 0800 888 6500 for free, no-obligation advice or start online with our calculator.
When should you start thinking about remortgaging?
You do not necessarily need to wait until your current mortgage deal has already ended.
Some lenders allow borrowers to secure a new mortgage several months before the existing deal finishes, although the exact timing varies by lender and product. Starting early can give you more time to:
- Review your current mortgage
- Check when your deal ends
- Understand any early repayment charges
- Compare new mortgage options
- Review your property’s estimated value
- Check your current loan-to-value
- Prepare financial documents
- Secure a new deal before moving onto a lender’s standard variable rate
What if your circumstances have changed?
A lot may have changed since you took out your current mortgage.
I’m now self-employed
If you’ve become self-employed, lenders may assess your income differently.
Read our guide to self-employed mortgagesMy income is more complex
Bonuses, overtime, commission, contract work or multiple sources of income can be treated differently between lenders.
Read our guide to how income is calculatedMy credit history has changed
Missed payments or other credit issues can affect lender choice but do not automatically prevent remortgaging.
Read our guide to mortgages with adverse creditGuides and insights
A remortgage should work for where you are now
Your mortgage may have been right when you took it out. That doesn’t mean it’s still the right fit today.
Morrow helps you review your existing mortgage and understand the alternatives available.
Compare the whole picture
We look beyond the headline rate to consider fees, repayments, flexibility and overall cost.
Understand your equity
We’ll help you understand your current loan-to-value and whether your property value could affect your options.
Explore mortgages from across the market
Morrow offers access to a comprehensive range of mortgage products from across the market, excluding deals available only by applying directly to a lender.
Support through the switch
From reviewing your current deal through to application and completion, our advisers are there to guide you.