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Written by:
Alison Gibson
Ascot Mortgage Expert
Last Updated:
27.05.2025
Written by:
Alison Gibson
Ascot Mortgage Expert
Last Updated:
27.05.2025
Whether you’re looking to release equity for home improvements or you simply want to secure a better interest rate, remortgaging can be a strategic move to enhance your financial wellbeing.
At Ascot Mortgages, we specialise in helping homeowners navigate the remortgaging process. We ensure that you make the most informed decisions based on your specific circumstances. Our expert advice is tailored to help you understand your options clearly, without unnecessary jargon or pressure.
We offer a comprehensive range of mortgage products, and our advisors work on your behalf to find you the most competitive rates that suit you and your financial goals. Our commitment is to provide clear, concise guidance every step of the way, making the entire process as smooth and stress-free as possible.
Get in touch with us today for your free, no-obligation remortgaging consultation.
What Does Remortgaging Mean?
Put simply, remortgaging means changing the mortgage deal on your property. This can mean switching to a new lender, or it could be moving to a different rate with your current lender. Reviewing your mortgage options with the plan to switch is a good way to take control of your finances and ensure that your mortgage continues to meet your specific needs.
With more exclusive mortgage conditions, you will be able to manage your money more efficiently. A remortgage plan can bring a positive change to your financial circumstances and enable you to satisfy the requirements of your mortgage credit sooner. Aside from paying it off sooner, UK homeowners also take a closer step to more flexible, advantageous, and secure mortgage rates.
In comparison, it might be one of the most important and actually most demanding monthly expenses. Because economic conditions in the UK can shift over time, taking control of the repayment amount can contribute to your feeling of comfort and contentment. Whether you are trying to get a more beneficial deal or searching for funding to improve your home conditions, remortgaging is one of the most advantageous scenarios to consider.
Remortgaging involves living in your current property while applying for a new mortgage deal with a new lender. Before you start the remortgaging process and secure the best offers from experts like Ascot Mortgages, you first need to check and understand what parts of the deal (parameters, conditions, or terms) matter most so you know what will help you succeed.
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Why Might I Want to Remortgage My Home?
There are several reasons why you might want to consider remortgaging your home, and ultimately, this will depend on your personal financial goals and current circumstances.
Whether you’re approaching the end of your current mortgage deal, looking to save money, or seeking more flexibility, reviewing your remortgage options could help you make the most of your property investment.
Many homeowners consider remortgaging to secure a better interest rate, reduce monthly repayments, or access funds tied up in their home’s equity. Others may want to switch from a variable to a fixed rate for more financial stability. Whatever your reason, understanding why and when to remortgage is key to making informed, confident choices. It’s not just about finding a cheaper deal – it’s about aligning your mortgage with your evolving financial goals.
Below, we explore some of the most common reasons people choose to remortgage and how doing so might benefit you in both the short and long term.
What Does Remortgaging Mean?
Put simply, remortgaging means changing the mortgage deal on your property. This can mean switching to a new lender, or it could be moving to a different rate with your current lender. Reviewing your mortgage options with the plan to switch is a good way to take control of your finances and ensure that your mortgage continues to meet your specific needs.
With more exclusive mortgage conditions, you will be able to manage your money more efficiently. A remortgage plan can bring a positive change to your financial circumstances and enable you to satisfy the requirements of your mortgage credit sooner. Aside from paying it off sooner, UK homeowners also take a closer step to more flexible, advantageous, and secure mortgage rates.
In comparison, it might be one of the most important and actually most demanding monthly expenses. Because economic conditions in the UK can shift over time, taking control of the repayment amount can contribute to your feeling of comfort and contentment. Whether you are trying to get a more beneficial deal or searching for funding to improve your home conditions, remortgaging is one of the most advantageous scenarios to consider.
Remortgaging involves living in your current property while applying for a new mortgage deal with a new lender. Before you start the remortgaging process and secure the best offers from experts like Ascot Mortgages, you first need to check and understand what parts of the deal (parameters, conditions, or terms) matter most so you know what will help you succeed.
Your Current Deal Is About to Expire
You don’t have to wait for your current agreement to come to an end. To secure your new rate, don’t hesitate to apply for the next deal three-to-six months prior to your deal being over. You could desire to remortgage for a number of reasons:
- If your home renovation project has exceeded your expectations in terms of its price, you might need to borrow extra money.
- Unexpected scenarios are possible as well, including cases when you have to cover expensive bills or debts.
It is not recommended to remortgage solely by pursuing lower interest rates — you risk facing huge early repayment penalties, which will eliminate any savings of monthly mortgage spending.
You’re on a High Interest Rate
Another criterion to reconsider your current mortgage deal is the increase in interest rate. After several consecutive base rate rises by the Bank of England, which has already resulted in the highest rates since 2008, many homeowners have to face a spike in their monthly mortgage payments. Remortgaging can potentially lead to a more favourable rate and lower monthly repayments, depending on individual circumstances.
You Want to Release Equity From Your Property
Many people remortgage as a way to release equity from their properties to pay off debts or to pay for home improvements.
Remortgaging can be an effective way to release equity from your property. As your home increases in value and your mortgage balance decreases, the equity you hold in the property grows. Choosing to remortgage enables you to borrow against this equity, meaning that you can use the funds to pay for whatever you need. For example, you may want to put the funds towards home improvements, you might want to invest in a second home, or you may want to pay off existing debts. Remortgaging can provide you with a financial boost without the need to sell your home.
You Want to Overpay Your Mortgage But Your Lender Won’t Let You
You may find yourself in a position where you want to start overpaying your mortgage. This could be because you’ve had a pay rise, or perhaps you’ve inherited some money. However, you may find that your current lender won’t let you pay extra on your current deal.
In this case, remortgaging will not only allow you to find a provider that offers more flexible terms and the ability to overpay on your mortgage without penalty – you will also be able to reduce your loan size and potentially secure a cheaper rate.
Based on a mortgage of £300,000 at 75% LTV and 25 years Today’s best buy mortgages
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See all mortgage best buysSpeak with Us Interest Rate Mortgage Type Monthly Repayment Amount Total Fees Max LTV 
4.14% Fixed £1,219 £30 75% 4.18% Fixed £1,216 £1,025 75% 4.18% Fixed £1,215 £999 75% 4.20% Fixed £1,220 £1,403 75%
What Fees Will I Have to Pay to Remortgage?
In the majority of cases, a percentage of the loan or a flat fee takes place in covering the cost of professional remortgage broker services. However, a lot depends on the mortgage brokers you work with. Thanks to Ascot Mortgages, you always access the best available rates and can consult with expert advisors to find the best path to save money. Your first consultation is free and allows you to analyse your remortgaging case in more detail.
How Can I Get the Best Remortgage Deal?
Securing the best remortgage deal takes careful planning – but it is possible to find a deal that suits you and your personal circumstances. To help you snag the most competitive deal, follow these tips:
Compare Remortgage Interest Rates
Don’t settle for your current lender’s offer – take the time to shop around and compare rates between different providers to find the most competitive option.
Use a Mortgage Broker like Ascot Mortgages
Using a mortgage broker like Ascot Mortgages means you can have access to exclusive deals not available directly to the public. We can help match you with lenders suited to your financial situation.
Check Your Credit Score
Lenders often offer better remortgage rates to borrowers with good credit. Check your score in advance and make changes to improve it if necessary.
Start Early
Make sure you start your search a few months before your current deal ends to avoid switching to your lender’s higher standard variable rate.
Look at the Overall Costs
When comparing deals, consider the overall costs. This includes fees, early repayment charges, and incentives – not just the interest rate.
Alison Gibson
Ascot Mortgage Expert
Remortgaging: A Smart Move for Homeowners
What Our Expert Says...
You don’t have to complete your existing mortgage before exploring new options. Many remortgage deals are valid for three to six months after approval. By getting your next mortgage ready early, you can move from one deal to another easily, avoiding a jump to your lender’s usual rate. Whenever you’re in doubt, don’t hesitate to consult a professional. We are always ready to assist you.
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FAQ
The loan to value (LTV) rate determines how much you can borrow. A lower LTV typically results in better interest rates and more choice of lenders for remortgaging, as it represents lower risk to lenders.
Yes, you can choose to remortgage with a different lender. However, this should be based on factors such as interest rates, fees, and the terms and conditions of the potential new mortgage. Contact us today and we can help you to find the best option to suit your needs.
Most lenders will require a valuation of your property when you remortgage to ascertain its current market value. Some lenders may use an automated valuation model instead of a physical appraisal.
Yes, when remortgaging a solicitor is required for both the mortgage lender and the applicant. Some mortgage lenders offer mortgage products that have a free legal facility. They handle the legal paperwork and advise on potential issues.
The amount you can borrow with a remortgage depends on multiple factors including your income, outgoings, credit score, the value of your property, and the lender’s criteria. Get in touch to discuss your remortgage borrowing capacity with us.
The remortgaging process typically takes between 4 to 8 weeks, but can be quicker or slower depending on your circumstances and the lender’s processes.
To improve your chances of being accepted for a remortgage, maintain a good credit history, ensure your income is stable, and reduce your overall debt. It can also help to have a clear purpose for remortgaging.
It is possible to remortgage with bad credit, but options may be limited and interest rates may be higher. Some specialist lenders provide services for people with poor credit histories.
Applying for a remortgage will likely require a credit check, which can leave a footprint on your credit file. However, the impact on your credit score is usually minimal and temporary.
If your remortgage application is rejected, seek to understand why. It could be related to your income, property value, or credit score. You may need to consider alternative lenders or improve your financial situation.
Yes, self-employed individuals can remortgage. However, you’ll need to provide more evidence of your income, usually in the form of HMRC documents for the last two or three years.
Seeking advice on remortgaging can be beneficial to understand the costs, benefits, and potential risks. Professional mortgage advisors can guide you to make the best decision based on your circumstances.
Yes, there are fees involved in remortgaging. These can include exit fees from your current lender, arrangement fees for your new mortgage, valuation fees, legal fees, and broker fees. It’s important to factor these in when considering a remortgage.
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Ascot Mortgages authorised and regulated by the Financial Conduct Authority and can be found on the FCA register (www.fca.org.uk) under reference 776062. The FCA do not regulate some forms of mortgages. The guidance and advice contained in this website is subject to UK regulatory regime and is therefore restricted to consumers based in the UK. There may be a fee for mortgage advice. The precise amount will depend upon your circumstances but we estimate it will be £599 per mortgage account. Ascot Mortgages Ltd give you the option to pay a non-refundable fee of £1299 payable with the application. If this option is taken, Ascot Mortgages Ltd will refund any procuration fee received by the lender.
Ascot Mortgages Limited is registered in England and Wales and have their registered office at 8 Webster Court, Westbrook, Warrington, WA5 8WD. The company’s registration number is 06764971.
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