There are plenty of good reasons to remortgage. You may want to benefit from a better rate, or perhaps your circumstances have changed. Here we look at the pros and cons of remortgaging, and what to do if you would like to pursue this option.
If you're an existing mortgage customer, please give us a call on 0800 092 3881. With no surveys, no solicitors, no forms and no signatures*, you could transfer to a new deal in a matter of days. And with a wide range of mortgage products to choose from, we're sure to have the perfect match for you.
*The process is different for Santander's Flexible Offset mortgage
What is a remortgage?
Remortgaging is when you move your mortgage to a new lender without moving home - you just take out a new mortgage to pay off your current one.
Why should you think about remortgaging?
There are plenty of reasons why remortgaging, and taking advantage of the latest deals, could make sense:
- Save money - find out what interest rate you are paying on your current mortgage - you could benefit from lower repayments with us
- Raise money - remortgaging could help you release any equity in your home. You can borrow the extra money at the same mortgage rate, for instance if you want to consolidate other debts or make home improvements. Please think carefully before securing other debts against your home.
- Improve your home - if a new property seems out of reach, why not improve your current home? You could remortgage to raise money to add an extension - and improve your home's value in the process
When should you remortgage?
If you are coming to the end of your current deal or paying your lender's standard variable rate, it's a good time to start thinking about remortgaging.
The remortgaging process
If remortgaging sounds right for you, here are the steps you should take:
1. Decide if and why you want to remortgage. Do you want to borrow more money? If so, you need to make sure there is enough equity in your property. Or do you want to save money and find a better mortgage deal? Have a look at our range of mortgages to see how much you could save.
2. Contact your current lender for a redemption statement - and make sure you do your sums. There will be fees and charges involved in remortgaging, so make sure the savings outweigh the costs.
3. Take a look at our mortgage range to find the right deal for you. If you're not sure what mortgage you want, you can arrange an appointment with one of our branch mortgage advisers and we'll explain the options. You can also find your nearest branch by clicking on Branch Finder
4. Obtain your mortgage quote Key Facts Illustration from us for your chosen mortgage - this will tell you everything you need to know when making your decision.
5. Apply for your mortgage by calling us on 0800 023 2761 or make an appointment with one of our Branch Mortgage Advisers. You can also find your nearest branch by clicking on Branch Finder . Remember, you'll need to bring some proof of your name and address. See a list of acceptable identification.
All applications are subject to status and our current lending criteria.
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.