When should I remortgage?
Look at your options before your fixed or discounted deal ends.
Look at your options before your fixed or discounted deal ends.
When it ends and you have arranged nothing, you move onto the lender's standard variable rate or another rate it applies, and your payments may rise. MoneyHelper suggests starting to shop around at least six months before the end date.
The adviser for this subject: Mike Chan
Our remortgage calculator compares your current deal with a new one, fees and charges included.
A new deal with a large early repayment charge can cost you if you sell during it. Many mortgages can be moved to a new property, called porting, and a port is assessed as a new application against the lender's criteria.
If you need to borrow more on the move, the extra amount may sit on a different deal with its own end date.
An early repayment charge can outweigh the saving from a lower rate, so work out both before you move.
Yes, at any time, and an early repayment charge may be due. Check the date the charge stops applying, which is in your mortgage offer.
An application to a new lender can involve a hard credit search, which is recorded on your credit file. We look at lenders' criteria before an application goes in.
Yes, subject to the lender's affordability checks and the value of your home. MoneyHelper cautions that moving other debts onto a mortgage can cost more overall where they are repaid over a longer term.
You move onto the lender's standard variable rate or another rate it applies, and your monthly payment may rise. You can still arrange a new deal after that.
It can. The loan-to-value is your balance divided by the value of the home, and lenders price deals in bands of it. Repayments and a rise in value both reduce it.
Have your current deal's end date and early repayment charge to hand when we compare the options with you.
Mortgage Adviser
Your first call is with an Account Manager and is at no cost to you. Tell us what is on your mind: a pension you have lost track of, a fixed rate ending, a will you keep meaning to write.