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Remortgaging – Don’t do it without professional help!

Remortgaging – Don’t do it without professional help!



There are a number of reasons why you may wish to remortgage, however it’s always worthwhile seeking advice to check whether the mortgage you hold is right for your current situation.

If your current deal is coming to an end

Most mortgages are granted on an initial deal (fixed, tracker or discounted variable) that lasts for between two and five years. Many lenders will then put you onto their Standard Variable Rate (SVR).

Since you took out your mortgage, with repeated rises in interest rates in recent times, it’s likely that the rates now are higher than the rate on your original mortgage deal. Therefore, it’s likely that if your mortgage lender places you on their SVR, then you could end up spending more than you need to on your mortgage repayments.

We would encourage you to book a no-obligation appointment with us to look at your exact situation to see if there are other available deals that may be more suited to your requirements. We’d recommend that you contact us at least three months before your existing deal is about to end, to ensure adequate time to find the most suitable deal for you.

If you’re looking to find a more suitable mortgage

Interest rates have risen constantly for the last eighteen months, so it’s likely that the marketplace has changed since you took out your last deal, and it may not be right for you. Furthermore, your own circumstances may have changed, your income, your outgoings, your lifestyle or your family for example – all these elements can have a big impact on whether you’re able to commit to your regular monthly outgoings.

With such a complex set of changes in recent times, it is vital to see professional mortgage advice to establish whether you are still on the most suitable mortgage deal for your circumstances. It might be that you are seeking to make a change, but with our advice we can present you all of the facts and details of any hidden costs you may not be aware of, before making a decision that could have serious consequences for you and your family.

If you’re seeking to raise capital

You might want to borrow more money for a number of reasons – for example to pay for home improvements, to fund a car or simply to consolidate credit card and loan debts into a more manageable lump sum.

A remortgage could be a suitable option to do it but whatever the reason you want to borrow, we can help advise on the deals that can fit your own specific circumstances and give you the advice you need to make an informed decision to realise your own financial goals.

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

All the information in this article is correct as of the publish date 27th April 2023. The opinions expressed in this publication are those of the authors. The information provided in this article, including text, graphics and images does not, and is not intended to, substitute advice; instead, all information, content and materials available in this article are for general informational purposes only. Information in this article may not constitute the most up-to-date legal or other information.

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The legal bit...

Your home is at risk if you fail to keep up payments on your mortgage or any other loans secured against it. Buy to Let mortgages and Commercial Lending are not usually regulated by the Financial Conduct Authority. Equity release may involve a lifetime mortgage which is secured against your property or a home reversion plan which requires the sale of property for a discounted price. To understand the features and risks, ask for a personalised illustration. You only continue to own your own home with a lifetime mortgage. Equity release may impact the size of your estate and it could affect your entitlement to current and future means-tested benefits. Mint FS Limited , trading as Mint FS , Mint Financial Services and Puzzle Mortgages is an Appointed Representative of New Leaf Distribution Ltd which is authorised and regulated by the Financial Conduct Authority: FCA Number 460421 Mint FS Limited is registered in England and Wales with company number 11993128. Registered Office: Unit 6 The Centurion Centre, Castlegate Business Park, Salisbury, Wiltshire, SP4 6QX. The information contained in this website is subject to UK regulatory regime and is therefore intended for consumers based in the UK.