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Remortgages

Compare remortgage deals with MortgageGym[1]

Check your eligibility for a remortgage

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The average loan size for those remortgaging was £174,685 in June 2019[2]

Take the first steps to remortgaging your home now.

How to remortgage

Use the MortgageGym eligibility calculator to find mortgages you’re more likely to be approved for.

The lenders available to you will depend on:

  • Your credit history. There’ll be an affordability check, so view your credit report to check your credit score first
  • The value of your property
  • Whether you’re over 60, retired or self-employed. It might be more difficult for you to get a mortgage if any of these apply

You’ll need to consider additional costs, like legal, administration and property valuation fees.

Talk to a qualified adviser to get tailored advice. If you’re happy, you’ll be walked through the full remortgaging process by your chosen lender.

What does remortgage mean?

A remortgage means that you switch to a new mortgage with a new lender, or to a different mortgage with the same provider.

Why remortgage?

You might choose to remortgage in order to save money if your current deal has ended, or is ending soon, rather than paying your lender’s standard variable rate.

While saving money is the main reason to remortgage, you could also decide to remortgage if you want:

  • The security of a fixed-rate
  • To pay off a mortgage earlier
  • To borrow more
  • To consolidate other debts
  • A different type of mortgage, such as one with greater flexibility

When can I remortgage?

You can begin looking around 14 weeks before your current mortgage ends.

You can also remortgage if you’re in the middle of your current deal or if you’re moving house but you’ll need to consider early repayment charges, which can be expensive.

Is it better to remortgage or get a loan?

Remortgaging is usually cheaper monthly than a personal loan. This is because most personal loans have a maximum term of 60 months. However, a mortgage term can be much longer, allowing you to spread the cost of your borrowing.

What works for you depends on your circumstances though, so it’s best to seek independent professional advice before committing.

Remortgage costs

If you decide to remortgage, you’ll have to pay these fees during the process:

  • Broker and advice fees: If you choose to take advice, or have a broker manage your application for you[1]
  • Remortgage fees: The amount you pay your new lender to set up your remortgage
  • Property valuation: What you pay your new lender to evaluate your property’s worth
  • Early repayment charges: If you leave before your contract period finishes, your existing lender will charge you a percentage of your current mortgage
  • Admin fees: This is what you pay your existing lender for forwarding on your title deeds to your solicitor, but not all lenders charge it
  • Legal fees: This is paid to your solicitor to cover the cost of the legal work required to remortgage

Other mortgages options

Repayment mortgages are one of the two types of mortgages available in the UK. With a repayment mortgage, you pay off the interest and borrowed amount (capital) each month for a fixed term.

Repayment mortgages will either have a fixed rate, where the monthly repayments are a fixed price for a certain time. Or it’ll be a variable rate, so your monthly repayments may go up and down.

The other type of mortgage is interest only - where you repay the interest on your mortgage for a fixed term. You’ll be responsible for repaying the borrowed capital at the end of the term.

Offset mortgages - a variety of repayment mortgages - deduct the amount of money in your savings account from the amount you pay interest on, so your monthly repayments are lower.

News and articles on mortgages

THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME OR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

[1]For online mortgage comparison and advice Gocompare.com introduces customers to MortgageGym Limited which is an Appointed Representative of Primis Mortgage Network, a trading name of First Complete Limited which is authorised and regulated by the Financial Conduct Authority. MortgageGym partner brokers will charge a fee, which is payable when your mortgage application is submitted. The fee will depend on your circumstances and will be discussed with you at the earliest opportunity. Gocompare.com holds a controlling investment in MortgageGym Limited.

[2]LMS Monthly Remortgage Snapshot, June 2019.

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