Understanding the Remortgage Process
Whether you want to release equity or switch to a better interest rate, our expert guide helps you remortgage with confidence. Stay on the best deal as your fixed rate ends—let a Specialist Mortgage Advisor handle the research and paperwork for you.
What is a Remortgage?
A remortgage is the process of switching your existing mortgage from one lender to another, typically to avoid moving onto your current lender’s expensive Standard Variable Rate (SVR) once your fixed deal ends. If you notice your monthly repayments fluctuating or have been with the same lender for years, you are likely paying more than necessary. By remortgaging, you can secure a new competitive rate, potentially saving hundreds of pounds each month and gaining better control over your long-term finances.
Many specialist lenders do not work directly with customers; they rely on expert brokers like us to manage their applications. By connecting with us, you gain access to these restricted products. We value your journey, so if you have any feedback regarding the advisor we match you with, we encourage you to share it—your experience is our priority.
When is the Best Time to Remortgage?
Ideally, you should review your mortgage options whenever your current fixed-rate deal is approaching its end. To ensure you aren’t overpaying, you should always compare two key options:
Existing Lender (Product Transfer): Explore the new fixed rates your current lender can offer you to stay with them.
New Lender (Remortgage): Search the wider market to find the most competitive deals available from other lenders.
At Reliance Mortgage, we recommend starting this process 3 to 6 months before your current deal expires. This gives you enough time to secure a better rate and avoid falling onto an expensive Standard Variable Rate (SVR). Whether you stay or switch, our goal is to ensure you are always on the most cost-effective product for your circumstances.
Why Switch to a New Lender? (Remortgage)
Cost Savings: Loyalty isn’t always rewarded in the mortgage market. Often, the most competitive rates are reserved for new customers. Switching to a new lender could significantly reduce your monthly repayments compared to staying with your current provider.
Greater Flexibility: If you need to change your mortgage term or switch from a variable/discounted rate to a stable fixed-rate deal, a new lender might offer the flexibility your current one won’t.
Capital Raising: If you need to release equity for home improvements or other financial goals, moving to a new lender can sometimes be the most cost-effective way to access additional funds.
Why Stay with Your Current Lender? (Product Transfer)
Lower Upfront Costs: Switching lenders can involve valuation and legal fees. Sometimes, the savings from a new deal are outweighed by these costs, making a “Product Transfer” with your existing lender the cheaper overall option.
Changing Circumstances: If your financial situation has changed—such as moving from employed to self-employed or having a recent missed payment—your current lender may be more likely to offer you a new deal than a new one would.
Speed and Simplicity: A Product Transfer is typically much faster than a full remortgage, as it requires less paperwork and no new legal or valuation processes.
Existing Lender (Product Transfer): Explore the new fixed rates your current lender can offer you to stay with them.
New Lender (Remortgage): Search the wider market to find the most competitive deals available from other lenders.
At Reliance Mortgage, we recommend starting this process 3 to 6 months before your current deal expires. This gives you enough time to secure a better rate and avoid falling onto an expensive Standard Variable Rate (SVR). Whether you stay or switch, our goal is to ensure you are always on the most cost-effective product for your circumstances.
Expert Whole-of-Market Mortgage Brokers
Get in touch for a free, no-obligation consultation with one of our expert whole-of-market mortgage brokers. Simply select your specific requirements from the drop-down menu so we can match you with the perfect specialist advisor for your needs. One of our advisors will be in touch within one working day—though, in most cases, you can expect a response much sooner.
