Your deal end date
Check when your current rate ends and what rate follows it. Allow time to understand your choices before the change takes effect, without assuming that moving early will save money once any charges are included.
Remortgages
Review your mortgage before choosing your next deal.
A mortgage review gives you a chance to look at your rate, repayments and remaining term as your circumstances change. Moving your mortgage to another lender is a remortgage; choosing a new deal with your existing lender is usually called a product transfer.
We’ll compare suitable deals from the lenders available to us alongside the costs of making a change. A lower rate does not always mean a lower overall cost, particularly if fees or early repayment charges apply.
Start with the mortgage you have
The cost of changing
Ask for details of early repayment charges and exit fees on your existing mortgage. Then consider any new product, valuation and legal costs. Compare like-for-like borrowing and terms, not just two advertised interest rates.
Your remaining term
Extending the term may reduce monthly repayments but can increase the interest paid overall. Shortening it can have the opposite effect. The payment needs to be affordable while the repayment plan still fits your future plans.
A new deal is not the only decision
Before comparing mortgages, decide whether you want to keep the same balance and term or change the borrowing itself. Asking for extra money, altering the repayment method or adding or removing a borrower can involve further lender checks and legal work. Each change needs to be considered in its own right.
If the aim is to reduce monthly outgoings, also look at what you would repay over the full term. Moving unsecured debts onto a mortgage puts your home at risk and may cost more when repayments are spread over longer. Keep the cost of changing separate from any expected saving, and do not assume a new application will be accepted.
Think carefully before securing other debts against your home. By extending the term of those debts, you may increase the total amount you repay.
How mortgage advice works
Talk about your plans
We’ll start with your circumstances and what you need from a mortgage, so we can explore the options available to you.
Compare suitable deals
We’ll compare suitable deals from the lenders available to us and explain the repayments, fees and other costs.
Make your application
If you decide to go ahead, we’ll guide you through your mortgage application and the information your lender needs.
Getting started
Do I have to change lender?
No. Your current lender may offer a product transfer, while another lender may offer a remortgage. The available products, checks, fees and timing differ. Comparing the appropriate routes helps you understand the trade-offs rather than treating a lender change as the goal.
Can I borrow more at the same time?
You may be able to, depending on affordability, the property’s value, the purpose of the borrowing and lender criteria. Extra borrowing increases the debt secured on your home. It should be assessed separately from the decision to change an existing interest-rate deal.
What if I am struggling with repayments?
Speak to your current lender promptly rather than assuming a remortgage will solve the problem. Free debt advice can help you review your wider finances. New borrowing may not be available or appropriate, particularly if it would make the total debt harder to repay.
Your home may be repossessed if you do not keep up repayments on your mortgage.
