• This is changing your existing mortgage loan with a new one which maybe from the existing lender or a new one.

  • Below is a step by step points to consider:

    1. How long to go on your current mortgage?

    You may be on a fixed term mortgage, this means your rate and monthly repayments stay the same for a set amount of time, usually two to five years and more recently up to ten years.

    Once your fixed term ends you will be placed on a typically more expensive standard variable rate so its important that you prepare and remortgage, this could save you hundreds of pounds on your monthly repayments.

    2. Will it be worth it to remortgage sooner?

    Early exits from fixed mortgages will typically have an exit fee which sometimes can be in the very significant. So it is important to check with your lender if there is a penalty and how much that is. You can however arrange a new mortgage with the most competitive rate via Changemymortgage.com up to six months in advance so you avoid the standard variable rate.

    3. Find out how much you need to borrow

    The amount you will have remaining on your mortgage against the value of your property also known as Loan to value(LTV) will be the main determining factor in the rate you will be offered by lenders though there are other individual considerations also.

    For example a £180,000 mortgage on a £300,000 value property will have an LTV of 60%, the lower the LTV the lower the rate and remortgage deal offered.

    4. To stay or go to a new lender?

    You have the choice as a customer to remain or go to a new lender.

    Remaining with your existing lender known as product transfer, will mean you can avoid a valuation and legal fees, unless your circumstances have changed the process can be completed very quickly.

    On the other hand you may be able to get a better a deal from a new lender and save money on your remortgage deal, so it is important to check the market for all that may be available for you.

    Our unique technology will save you the hassle and will be able to check the most suitable offer based on your circumstances and our Mortgage Advisors are available for provide free advice.

    5. Other fees

    In addition to the interest rate many new products will have product fees which can some times be significant so it is important that you take into account the total costs. Changemymortgage.com can guide you on these and is also currently offering up to £500 cashback on remortgages taken through them.

  • You can remortgage anytime in case of fixed term mortgages, this is up to 6 months prior to the end. In case of any early exit from the mortgage term there the lender may apply charges and you should always check. It is best to look at the market and what you may be able to switch to as this can save hundreds of pounds on your monthly repayments.

  • LTV is the deposit contribution towards the value of buying a property or in case of a remortgage the current value of the property against the loan value you require.

    For example if you have £10,000 deposit for a purchase of property worth £100,000 you require a £90,000 mortgage and your LTV is 90%.

  • Usually a minimum of 5%, the greater the equity the better the rate you will receive.

  • This is determined by each lender and can depend on a variety of factors including the property, the amount of your deposit and your income. Our mortgage experts can determine what may be the most suitable mortgage tailored to your individual circumstances.

  • A fixed rate mortgage will have a fixed rate of interest for a specific time, this means you will have a fixed amount to pay each month during that period.

    A variable rate means the rate of your interest and your monthly payments could go up or down.

  • A decision in principal (DIP) is not a mortgage offer or creates any commitment by the lender or the borrower. It is only to state based on the information provided how much a lender maybe able lend to you.

  • This is dependent on the lender and your application. It is typically quicker to renew with your existing lender, we will keep you updated throughout.

  • Not a chance. We will get you the best deals all the way and also give you some cash with every mortgage completion.