5 Top Tips for Remortgaging Your Home

5 Top Tips for Remortgaging Your Home
Lee Jevon

Author: Lee Jevon

Content Writer

Updated: November 16, 2023

Remortgaging can be a good way to limit the costs of your home loan whether your fixed rate deal is ending or you might find a better deal that reduces your overall cost of borrowing.

Here are five top tips for remortgaging:

1. Don’t just accept what your existing lender offers you

Accepting whatever your current provider offers may save you time. But it could also cost you thousands. That’s not to say remortgaging with the same lender is never the right move, just that to be certain you get the best deal, you need to compare it with all the alternatives.

2. Think about the present and the future

Naturally, you want the lowest rate on your mortgage. But if you plan to sell the property in two years time, you’ll want to make sure you retain the flexibility to do so without incurring excessive fees. For example, you might want to make sure you take out a portable mortgage.

Alternatively, you may have home improvements planned that could be paid for by remortgaging to release equity. Or you might be looking to move out in a year and then let the property out. Only by considering your future plans can you be sure to incorporate all possible scenarios into your decision on the best mortgage deal for you.

3. Factor in all fees when calculating your costs

The lowest headline rate doesn’t always equate to the best deal. Make sure you check the cost of arrangement fees, early repayment charges (if applicable), valuation fees, legal fees etc and tot up the total cost of your remortgage.

It’s also worth looking at other credit commitments. If you’re simply servicing large credit card balances or paying back personal loans at high interest rates, you might want to consider remortgaging and consolidating debts. This isn’t a decision that should be taken lightly though and independent expert advice is highly recommended before committing.

4. Don’t leave it too late

Give yourself time to fully explore all options. You should ask your existing lender for a remortgage quote around three – six months prior to your deal ending. Once you have that information, you’re in a position to compare it with offers from other lenders. Often, you can lock in a rate with a new lender months before your existing deal runs out so you don’t miss out on a good deal

5. Speak to an experienced remortgage broker

Trying to get to grips with the specifics of every possible mortgage and calculate costs is a mammoth task. And with hundreds of lenders and thousands of mortgage products to whittle down, it’s easy to miss something and end up paying over the odds.

A specialist remortgage broker will quickly narrow down your options and discuss with you those deals that are most suitable to your circumstances. Often, they also have access to deals not available by going directly to the lender. So, seeking expert advice can increase the amount of deals you have to choose from and reassure you the deal you end up with really is the best for you.

If you get in touch we can arrange for a broker we work with who specialises in remortgages to contact you directly.

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