Our Top Tips When Choosing Remortgage Options
Article Summary
Remortgaging means switching your existing mortgage to a new deal—either with your current lender or a new one—to save money, release equity, or adjust repayments. Most homeowners consider remortgaging every 2–5 years, especially when their fixed-term deal ends or interest rates drop.
How does remortgaging work? The process includes reviewing your current deal, checking your credit score, comparing lenders, and submitting a new application. Greenacre’s Remortgage Service helps make remortgaging simple, guiding you from comparison to completion.
Client Review: I wanted to express my gratitude to Greg for his excellent service. Greg found us an excellent deal and our remortgage completes without any issues. Greg is super efficient and very quick to reply. He is very patient and guided us through the process, which we very much appreciate. We will be using Greenacre in the future again.
Common Reasons for Remortgaging
- Your fixed-rate or tracker period is ending
- You want to lock in a better mortgage rate
- You need to borrow more for home improvements
- You want to consolidate debts
- You’re looking for more flexible mortgage options
Speak to a Greenacre remortgage advisor today to see if it’s the right time for you. We search the whole market and handle the process from start to finish, making it simple and stress-free. Call us on 0203 3939 222 to get started.
Be Fully Informed Before You Remortgage
Before you decide to make any borrowing commitments, it is important to take advantage of all the remortgage advice you have access to and do as much research as you can, from the plans and options available to the current Bank of England rate to ensure you get the best deal.
✅ You don’t have to move house to remortgage
✅ Most people remortgage every 2–5 years
✅ You can remortgage to save money, unlock equity, or adjust repayments
The Remortgaging Process – Step-by-Step
1. Review your current deal
Start 3–6 months before your current deal ends. This gives time to explore remortgage options without rolling onto a costly variable rate.
2. Check your credit profile
Your credit rating and credit score will impact the deals you’re offered. If you have bad credit, Greenacre can still help find suitable mortgage deals through specialist lenders.
3. Calculate your affordability
Use a mortgage calculator or speak to us for a tailored mortgage affordability calculator check. We’ll assess your income, other debts, and monthly outgoings.
4. Compare remortgage deals
Explore remortgage rates from a wide pool of lenders. We’ll guide you on fixed, tracker, or flexible mortgage products based on your goals.
5. Get a Decision/Agreement in Principle
A Decision in Principle (DIP) or Agreement in Principle (AIP) shows how much you could borrow. This helps with planning and boosts your position if switching lenders.
6. Submit your remortgage application
You’ll complete a full remortgage application, including ID, bank statements, income proof, and possibly a property valuation.
7. Legal work and final step
If switching to a different lender, a solicitor will handle legal checks. Once approved, your old mortgage is paid off, and the new one begins.
Market Insights & Predictions
- Interest Rate Trends (2025 & Beyond): With the Bank of England gradually adjusting rates amid economic uncertainty, remortgage deals may fluctuate. Experts anticipate cautious rate cuts in late 2025—suggesting now may be a good window to lock in competitive fixed rates before potential volatility.
- Loan-to-Value (LTV) Shifts: Lenders are becoming stricter on high-LTV deals due to the housing market cooling. Homeowners with 60–75% LTV can expect the best deals, while 90%+ borrowers may face limited options and higher rates.
- Product Innovation: Flexible mortgage products and green home incentives (e.g., energy-efficiency-linked rates) are becoming more common. These could benefit eco-conscious homeowners or those planning renovations.
Want to understand how remortgaging works—and why so many people choose to do it? Read our guide on The Most Common Reasons for Remortgaging to make informed decisions and take full advantage of the expert advice available to you.
Tips to Get the Best Remortgage Deal
Check Your Credit Rating
- Your credit rating is the way most mortgage providers will determine if you are a suitable candidate, as it highlights how likely you are to pay off debts.
- The way to boost your credit score if you have had issues before or do not have any debt is to prove you are capable of paying recurring payments and debts.
- Check your credit score, look into what factors have affected it and you will be more aware of what remortgage options are available to you.
Shop Around
- Whilst your current provider is likely to give you remortgaging options, you can also go to another building society or bank to find another option, or use a broker to find the best deal you can.
- Be prepared to take some time to find the best choice, and do not commit unless you feel you have the best deal possible, as it could be costly to change course.
Do Not Commit Too Early
- Multiple loan or mortgage applications can have a negative effect on your credit score, so do not fill in an application without being fully ready to commit.
- Look for lenders that offer an Agreement In Principle, which isn’t an actual application but gives you an idea if you are likely to be accepted if you did apply.
Check Your Fine Print
- Check the terms of your current mortgage, as there may be unexpected expenses associated with getting a remortgage.
- The most common example of this is early repayment charges which can be levied when you remortgage, but other charges are possible if you, for example, move to another lender.
- Make sure you know that you would actually save money with your remortgage under these terms before you apply and seek professional advice on any contract you are set to sign.
Check Your Loan-To-Value And Try To Lower It
- Your loan-to-value ratio or LTV is the size of your mortgage compared to the value of the property attached to it.
- You can work it out by dividing the amount you owe by the current value of the home, multiplied by 100 to get the percentage.
- The lower this figure is, the less risky the remortgage is and the better terms you can get a loan under.
- This involves not only checking how much you have already paid on your mortgage but also checking how much your property is worth in case it has changed since you bought it.
Read our blog on Things to Consider when Remortgaging to learn how to secure the best deal, avoid common pitfalls, and make informed decisions that protect your finances long-term.
Remortgage FAQs
What Are the Costs of Remortgaging?
While remortgaging often reduces your monthly costs, there are some fees to factor in:
- Valuation fee (some lenders offer free valuations)
- Solicitor’s fee (some lenders offer free legal services)
- Arrangement fee for the new mortgage
- Early repayment charge if you leave your current deal early
- Broker fee (not always applicable—we can talk you through no-fee options)
We’ll give you a clear breakdown of all expected costs so you know what to budget for upfront.
How Much Can I Borrow?
This depends on several key factors, including:
- Your income, outgoings and credit profile
- The current value of your property
- Remaining balance on your existing mortgage
- Your preferred loan term and repayment method
- Other debts or financial commitments
We use a comprehensive affordability calculator to give you accurate figures based on your personal circumstances—whether you're looking to increase borrowing or just secure a better rate.
Can I Remortgage With Bad Credit?
Yes, it’s possible. You may be eligible if:
- Your credit history has improved over time
- You’ve built up enough equity in your home
- You can clearly demonstrate affordability
- You work with a broker who has access to specialist bad credit lenders
At Greenacre, we understand that life isn’t always straightforward. We work with lenders who take a broader view of your financial situation and offer solutions when mainstream lenders say no.
Should I Remortgage Now or Wait?
This depends on your current deal, the outlook for interest rates, and your long-term goals. If your fixed-rate term is ending soon or you're currently paying a higher variable rate, reviewing your options now could secure better terms and avoid paying more than you need to.
We’ll compare current rates and future forecasts to help you decide whether it’s best to act now or wait for a more favourable deal.
Contact Greenacre Today
Remortgaging doesn’t need to be complicated or time-consuming. Greenacre Financial Services can help you:
- Understand your eligibility and costs
- Compare deals across the whole market
- Avoid unnecessary fees or early repayment charges
- Secure a better interest rate or change mortgage terms
- Release equity if needed
Book your free, no-obligation call to review your remortgage options and discover how does remortgaging work in your situation. Call us on 0203 3939 222 or complete our online enquiry form.
Written By: Sasha Stanworth
Author Bio: Sasha co-founded Greenacre Financial Services in 2018 after over a decade in public sector PR and communications. A fully qualified mortgage advisor, she’s passionate about helping first-time buyers achieve homeownership. Sasha also oversees Greenacre’s daily operations and team, ensuring clients receive consistent, high-quality service.
