Remortgaging can be a strategic financial move that offers various benefits, from potential savings to more flexible terms. However, navigating the remortgaging process requires some careful consideration and planning. 

Here are our top seven tips to help you make informed decisions and ensure a smooth remortgaging experience.

1. Ask yourself why you need to remortgage

If you’re dissatisfied with your mortgage deal, you could consider remortgaging for a few reasons, including: 

  • Potential savings
  • More flexible terms
  • To release equity

However, it is crucial to assess the costs and your financial situation. Switching might not be advisable if you already have an excellent deal, a small mortgage, poor credit history, worsened financial circumstances, or high early repayment charges. 

Before deciding, careful research and evaluation are essential.

Man hand holding piggy bank on wood table

2. Check your budget

Just like when you first get a mortgage, lenders will need to determine your affordability. They’ll examine your incomings and outgoings, so it’s best practice to ensure you have the funds available for any changes to your mortgage. 

To put yourself in a good position for your remortgage, it’s important to check your budget and have a clear picture of what’s financially viable for you.

3. Take steps to improve your credit score

Even if your credit score is in good shape, the higher you can get it, the better. Take whatever steps you need to improve your credit score before you apply for your remortgage. You may find that you get access to more favourable rates, though you may not see a significant difference if your score only moves a few points up or down.

4. Remortgage at the right time

If you’re on a fixed rate, there will be a clear indication of the right time to remortgage if you don’t want to move onto your lender's standard variable rate. While you can move onto this and remortgage at a later date, you may end up paying more than you need to on your interest. 

We recommend setting a reminder six months before your fixed rate is due to end, as this will give you (and your mortgage adviser) plenty of time to shop around and find a deal that works for your individual circumstances. 

It is important to note that if you switch your mortgage deal before it expires, you may have to pay an early repayment charge. In some instances, it may be worth taking the charge to save money in the long run.

Paperwork in open binder on black table with phone and coffee cup nearby

5. Get your paperwork in order

We always recommend getting your paperwork sorted before you approach any lenders. A mortgage adviser can help you with this, but the more prepared you are, the better. 

It’s helpful to have paperwork that details what type of mortgage you’re on, what the current interest rate is, how long you have left on it, and what your monthly payments are. Going into an appointment with this information to hand is going to be beneficial for all involved.

6. Check lender deals

We often recommend speaking to your existing lender about remortgage, as they may have favourable deals available. That being said, you are well within your rights to swap lenders if something better comes up elsewhere. This is something that a mortgage adviser can also help you with, as they often have access to deals not found on the high street.

7. Get professional advice

When it comes to remortgaging, a crucial pro tip is to seek professional advice. A seasoned mortgage adviser has the expertise to navigate the market with ease, working with the lender and their specific mortgages, or offering access to exclusive deals not found on the high street. This can make them an invaluable resource when securing the right remortgage terms for you. 

Furthermore, they can guide you through your paperwork, help assess your affordability, and offer insights into the optimal timing for your remortgage. 

With their help, you can make well-informed decisions that align with your financial goals, ensuring a remortgaging journey that is both successful and stress-free. 

Don’t hesitate to leverage professional expertise to make the most of your remortgage. Fortunately, we know just the people. 

Get in touch with one of our expert mortgage advisers today for a free initial consultation to help you get the ball rolling. We look forward to hearing from you!

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Important information

You may have to pay an early repayment charge to your existing lender if you remortgage.

Your home may be repossessed if you do not keep up repayments on your mortgage.

There may be a fee for mortgage advice. The actual amount you pay will depend upon your circumstances. The fee is up to 1% but a typical fee is 0.3% of the amount borrowed.

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