Article Summary
Remortgaging can lower your monthly repayments, unlock funds for home improvements, or help you consolidate debt. But it’s not always straightforward. You’ll need to weigh up your financial circumstances, compare lenders, watch out for fees, and understand the full remortgage process before deciding. Greenacre’s mortgage experts are here to guide you through the key things to consider when remortgaging, ensuring you secure the right deal for your needs.
Call Greenacre today on 0203 3939 222 to discuss your remortgage options with one of our dedicated mortgage advisors. Or complete our quick enquiry form and we’ll be in touch.
Why Remortgaging Matters
Many people first think about remortgaging when their current mortgage deal ends. If you don’t act, you’ll usually be switched to your lender’s Standard Variable Rate (SVR), which is often much higher. That could mean paying hundreds more each month.
By reviewing your mortgage in time, you can secure a more competitive mortgage rate, reduce costs, and align your borrowing with your financial goals.
Already reached the end of a fixed term? Read our How to Remortgage After Fixed Term guide.
The Top Remortgage Considerations
1. Your Property’s Value and Loan-to-Value Ratio
House prices fluctuate. The first step of a mortgage review is a fresh valuation. This is essential because your loan-to-value (LTV) ratio directly affects the rates available to you. The lower your LTV, the better your mortgage deal. Get quotes from multiple estate agents before starting the remortgage process.
2. Switching vs Staying with Your Current Mortgage Provider
Loyalty doesn’t always pay. Some lenders reserve the best rates for new borrowers. By comparing offers from a different lender, you may unlock better rates and save significantly over time.
For example, even a small difference in interest rates – say 1.5% vs 1.2% – can add up to savings of nearly £700 in just a few years.
3. Understanding Fees and Remortgage Costs
A great rate doesn’t always mean the cheapest deal. Look out for:
- Arrangement/Product Fees – charged for setting up your mortgage.
- Valuation Fee – covers the cost of checking your property’s value.
- Solicitor’s Fee – required for transferring the mortgage.
- Early Repayment Charge (ERC) – applied if you exit your deal too early.
- Exit Fee – charged by your current lender when closing the account.
Sometimes, paying a slightly higher rate with lower fees can work out better in the long run.
Remortgage client review September 2025: I had a great experience working with Melanie as my mortgage broker. She was excellent with communication, always quick to respond, and made the whole process smooth and stress-free. I felt I was in very good hands throughout, and she guided me with professionalism and clarity. I truly appreciate her efficiency and support, and I would highly recommend her to anyone looking for a reliable mortgage broker.
4. Your Finances and Affordability
Lenders will look at your income, debt, and credit rating before making an offer. Improving your credit score and reducing outstanding borrowing can make it easier to access flexible mortgage options with lower rates.
Consider your long-term affordability. Even if a lender offers you a higher borrowing amount, taking on more debt than you really need could put your finances under pressure.
5. Your Financial Goals
Ask yourself why you’re remortgaging. Common reasons include:
- Lowering monthly repayments by securing a cheaper deal.
- Borrowing more money for home improvements or renovations.
- Debt consolidation to combine multiple repayments into one.
- Releasing equity to fund big life events.
Each option has pros and cons, so it’s vital to seek independent advice before committing. Remortgaging should support your financial goals, not increase financial strain. The right remortgage deal will reduce your costs or give you access to funds responsibly, without risking your future financial stability.
6. Choosing the Right Type of Mortgage
When remortgaging, you’ll need to decide what is the best mortgage option for you. You will need to look at whether a fixed-rate, tracker, or variable rate mortgage works best for you. Fixed rates offer stability, while tracker and variable rates can rise or fall in line with the Bank of England base rate.
Want to understand how much equity you hold? Read: How Does Remortgaging Work?.
The Benefits of Using a Mortgage Broker
Trying to navigate the remortgage process alone can be overwhelming. A broker can:
- Provide expert advice tailored to your financial situation.
- Compare deals across 100+ lenders, rather than just one bank.
- Help you avoid costly mistakes, like missing early repayment charges.
- Manage the paperwork and negotiation, saving you time and stress.
Greenacre charges no hidden fees for our service. We work in your best interest, helping you find the right solution for your property and financial circumstances.
Is your mortgage deal ending in the next 6-7 months? Ready for home improvements? Explore The Most Common Reasons for Remortgaging.
Things to Consider when Remortgaging – Your Next Step
Remortgaging is a big financial commitment, but handled correctly, it can save you money and put you in a stronger financial position.
Whether you want to reduce your monthly repayments, fund home improvements, or achieve your long-term financial goals, Greenacre is here to guide you through the remortgage process with clarity and confidence.
For more information about any of our services, or if you have questions about the key things to consider when remortgaging, get in touch or call us today on 0203 3939 222 and speak to one of our expert advisors.
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.
