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What is a remortgage?
When you reach the end of your mortgage deal you can choose to remain on your lender's default rate, known as its Standard Variable Rate (SVR), move to another deal with your lender or change mortgage providers. This last option is known as remortgaging.
What do I need to do to remortgage?
Applying for a remortgage is a similar process to applying for an initial mortgage. You'll need to undergo affordability checks, your property will have to be valued and you'll need a deposit (usually provided by the equity you have in your home).
Do I have to remortgage at the end of my mortgage deal?
No you don't. You can choose to stay on your lender's default rate, known as its Standard Variable Rate (SVR) or move to another deal with your current lender.
What are the benefits of remortgaging?
Remortgaging gives you a chance to access new deals that may not have been available to you when you originally applied for a mortgage.
Are there any downsides to remortgaging?
It can be a costly affair as you may face all the same fees you did when originally applying for a mortgage including an arrangement fee, booking fee, valuation fee and legal fees. Furthermore, if you remortgage before the end of your current deal you could face an Early Repayment Charge (ERC).
How many times can I remortgage?
There is no limit to the amount of times you can remortgage but it's worth bearing in mind the costs involved.
What fees will I pay to remortgage?
The fees involved with remortgaging are the same as those you'd face when originally applying for a mortgage including a valuation fee, arrangement fee, booking fee and legal fees. Not all fees apply to all mortgages however.
What are my options if I can't remortgage?
If you don't have sufficient equity in your home or your circumstances make it impossible for you to get a new mortgage deal, your only option is to stay on your lender's Standard Variable Rate (SVR). If you are struggling however, it is essential that you speak with your lender.
How can I find the right remortgage option for me?
Know Your Money's comprehensive comparison tables are free to access and easy to use and can help you to find the right remortgage option to suit your particular circumstances.