Looking to save money, reduce monthly repayments, or unlock the equity in your home? Choosing to remortgage could be one of the most effective financial decisions you make.
At FPM Advice Centre, we’re here to break down the benefits of remortgaging, explore why so many UK homeowners choose to remortgage, and explain how you can take advantage of better deals to suit your financial goals.
What Does It Mean to Remortgage?
To remortgage means switching your current mortgage to a new one—either with your existing lender or a new provider. This is commonly done to access better rates, reduce monthly payments, borrow more, or gain greater flexibility.
More than a third of mortgages in the UK are remortgages, highlighting how many homeowners use this option to improve their financial position.
Why Do People Remortgage?
If you’ve never looked into it before, you might wonder why so many people choose to remortgage. Here are the most common and practical reasons:
- To Secure a Better Interest Rate
One of the most common reasons to remortgage is to get a better interest rate. Even a small drop in your rate can result in substantial long-term savings.
Don’t pay more than you need to—review your mortgage today and compare better deals across the market.
- To Protect Against Rising Interest Rates
If you’re on a variable or tracker mortgage, rising Bank of England base rates could increase your monthly repayments. By remortgaging to a fixed-rate deal, you can lock in your rate and protect your budget.
Stay one step ahead of the market—remortgage to a fixed-rate deal while rates remain favourable.
- To Lower Your Monthly Outgoings
With the cost of living rising, many homeowners are looking to cut back on monthly bills. Remortgaging to a more competitive rate could significantly reduce your monthly repayments.
Explore your remortgage options and start saving every month.
- To Borrow More
Whether it’s for a major home renovation, a new kitchen, a dream holiday, or to consolidate existing debts, remortgaging allows you to raise additional funds by borrowing against the value of your home.
Use your home’s equity to access affordable funding—speak to a mortgage advisor today.
- Your Property Has Increased in Value
If your home’s value has gone up since you first took out your mortgage, your loan-to-value (LTV) ratio may now be lower. This could qualify you for a better deal with reduced interest rates.
Get your property revalued—you could unlock access to much better mortgage terms.
- Your Mortgage Deal is Ending
Most fixed mortgage deals last between 2 and 5 years. When they end, many lenders automatically move you to their standard variable rate (SVR), which is often far more expensive. Remortgaging before this happens helps avoid paying more than necessary.
Don’t get caught out—review your mortgage well before your deal ends and secure a better offer.
- To Gain More Flexibility
If you’ve had a pay rise and want to make overpayments or if you need more flexible features such as payment holidays or the ability to switch repayment types, remortgaging gives you the chance to find a product that better matches your lifestyle.
Your circumstances change—make sure your mortgage does too.
When Should You Remortgage?
It’s a good idea to start reviewing your mortgage options 3 to 6 months before your current deal ends. This gives you time to compare deals, complete any paperwork, and avoid lapsing onto your lender’s SVR.
However, it’s important to consider the following before you remortgage:
Early Repayment Charges (ERCs) – These may apply if you leave your deal early. However, potential savings from switching could still outweigh the costs.
Fees and Charges – Legal, survey, or valuation fees may apply when switching lenders. Many remortgage deals now include free legal work and valuations, so be sure to check.
Not sure if now is the right time to remortgage? Get independent advice from a qualified expert before making any decisions.
How a Mortgage Advisor Can Help You Remortgage
An independent mortgage advisor has access to the whole market, including exclusive deals you may not find on your own. They’ll assess your needs, calculate potential savings, and guide you through every step of the remortgage process.
At FPM Advice Centre, our experienced team is here to help you make the right financial move. Whether you want to reduce payments, borrow more, or find a more flexible deal, we’ll match you with the best options available to you.
Book your free consultation today and let us help you make the most of your mortgage.
Don’t Settle for the Wrong Mortgage—Take Action Today
If you haven’t reviewed your mortgage in a while, you could be missing out on major savings or better terms. Remortgaging gives you the power to control your finances, reduce your monthly commitments, and make your home work harder for you.
Ready to remortgage? Contact FPM Advice Centre today for expert advice, personalised support, and access to the best mortgage deals on the market.