Remortgaging

Your home may be repossessed if you do not keep up repayments on your Mortgage.

Remortgages

When your mortgage deal ends, it pays to review your options. We’ll compare your current lender’s offers with the best deals across the market, help you decide whether to stay or switch, and make sure your next mortgage suits your plans, budget and peace of mind. And then we will make all of the necessary arrangements.

The mortgage market changes constantly, and the deal that suited you a few years ago might not be the best one today. That’s why reviewing your mortgage every few years can make a big difference to what you pay.

When to Start Reviewing

The ideal time to start looking at new mortgage options is around four to six months before your existing deal ends. That gives enough time to compare offers, apply, and complete the legal work before you slip onto your lender’s higher standard variable rate.

Your lender will usually contact you with new product offers. While it can be convenient to stay put, those deals are limited to their own range. We can search the wider market using our expert knowledge and technology to see whether you can do better elsewhere.

Should You Stay or Switch?

It’s always worth checking what your current lender will offer first. Staying with them can be quicker, as they already hold your details and may not need to reassess everything.

However, a broker will compare that offer against hundreds of alternatives, including setup fees, cashback, legal costs, and any incentives. The aim isn’t just the lowest rate - it’s the best overall value for your situation.

Changed Circumstances

Life doesn’t stand still between mortgages. Income, family size, or job security may have changed. Lenders now run stricter affordability checks, so a new deal must fit your current finances, but also consider potential future changes.

When interest rates rise, lenders also reduce the maximum amount they’re willing to lend, which can affect what’s available to you. If property prices dip, your equity may fall, meaning you could be offered slightly higher rates until values recover.

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Raising Money for Other Purposes

Many people use remortgaging to release funds for home improvements, debt consolidation, or large purchases such as a new car or holiday home. Because mortgage rates are often lower than personal loan rates, this can be cost-effective.

However, there are risks. Converting short-term unsecured debt into long-term borrowing secured on your home can be expensive in the long run and could put your home at risk if payments are missed. Our advisers will always weigh up the pros and cons before recommending this route.

Common Questions

Still have some questions? Here are a selection of questions our clients often ask about Mortgages.

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What does loan-to-value (LTV) mean and why does it matter?

LTV is the percentage of your home’s value that you’re borrowing. The lower the LTV, the better the mortgage rates usually are, because you present less of a risk to the lender.

When should I start looking at a remortgage?

Ideally 4–6 months before your current deal ends. That gives us time to secure a new rate without pressure. If interest rates come down in the meantime, we can arrange to jump ship and secure a better rate.

How long should I fix my mortgage rate for?

That depends on your attitude to risk, your plans and what’s happening in the market. Some prefer short fixes for flexibility, others prefer longer fixes for stability. We can guide you on both types.

Can I increase my mortgage when I remortgage?

Yes. This is often done for home improvements, debt consolidation or large expenses. The extra borrowing is subject to affordability checks.

Can I get a mortgage if I’m self-employed?

Yes - many self-employed people get mortgages every year. Lenders usually want two years’ accounts or tax returns, sometimes less.

What to Look For in a Remortgage Deal

The interest rate matters - but it’s not the only thing. Look at:

How long you’ll be tied in and any early repayment penalties.
The follow-on rate after the deal ends.
Arrangement or product fees that might offset a lower rate.
Valuation or legal fees - many lenders offer these free as incentives.

When comparing mortgages, we will calculate the total cost over the product term, combining interest, fees and repayments. Sometimes a deal with a slightly higher rate but no fees works out cheaper overall.

Fixed or Variable Rate?

A big decision is whether to fix your rate or go variable.

A fixed rate offers certainty - your monthly payment stays the same for a set period, often two, three, five or even ten years. This is ideal if you prefer stable budgeting or if mortgage payments take up a large part of your income.
A variable or tracker rate usually starts lower, but your payments can rise or fall if interest rates change. If you can handle some fluctuation, it can be worthwhile, particularly when rates are expected to fall.

Your adviser will talk you through the pros and cons and help you decide which type best fits your needs and comfort level.

How Your Broker Helps

A mortgage broker’s job is to do the legwork and remove the guesswork. Using specialist sourcing systems, we can compare hundreds of deals across the market and find the most suitable options based on your income, property value, and goals.

They’ll also consider the total cost over your chosen fixed or tracker term and highlight any early repayment penalties, tie-ins or restrictions. Experienced advisers can also help with more complex cases such as self-employment, multiple income sources, or past credit hiccups.

Our mortgage advisers Robert and Steve both have over 30 years experience in helping clients achieve their mortgage aims. They have seen it, done it, and know the best ways to sort it!

Why Use Us?

We specialise in finding the right remortgage solution for each client, not just the cheapest rate on paper. We’ll assess whether it’s better to stay with your current lender or move, explain every cost clearly, and handle the process from start to finish.

If you’re approaching the end of your current deal or simply want to check whether you could save money, contact us to arrange a no-obligation chat. The first meeting is always at our expense, not yours.

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Contact Us

Contact Andy Wilson Financial Services directly or fill out your details and we will contact you as soon as we're available.

Call Us:

01522 590015

Mobile:

07871 838230

robert@andywilsonfs.co.uk

Book A Meeting with Robert

11 Boscombe Close, Lincoln, LN6 3TG

Your home may be repossessed if you do not keep up repayments on your mortgage. There may be a fee for mortgage advice.

The precise amount will depend upon your circumstances but we estimate it will be £495, and £595 for buy-to-let mortgages.

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