{"id":4288,"date":"2019-11-05T10:29:52","date_gmt":"2019-11-05T10:29:52","guid":{"rendered":"https:\/\/www.credit-score.com\/blog\/?p=4288"},"modified":"2022-08-22T12:50:36","modified_gmt":"2022-08-22T12:50:36","slug":"why-you-should-consider-remortgaging","status":"publish","type":"post","link":"https:\/\/www.check.co.uk\/blog\/mortgages\/remortgage\/why-you-should-consider-remortgaging\/","title":{"rendered":"Top 4 reasons why you should consider remortgaging"},"content":{"rendered":"\n<p>Remortgaging is the process of swapping the lender or deal that you currently have on your mortgage for another one, usually because it will save you money or give you better benefits. <\/p>\n\n\n\n<p>The main reasons why you\u2019d want to remortgage are:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>To reduce your payment term<ul><li>You can find a cheaper deal but continue to pay the same amount monthly to bring the mortgage to an end earlier.<\/li><\/ul><\/li><li>To release equity on your home<ul><li>If you want to undertake any home renovations, then you can remortgage at a higher value than you currently owe to release some equity. <\/li><\/ul><\/li><li>To increase flexibility<ul><li>If you need more flexibility in your mortgage agreement, such as to be able to make overpayments or take payment holidays then you may choose to re-mortgage in order to move to a lender with these options.<\/li><\/ul><\/li><li>To save money<ul><li>There are always great deals out there, so if your deal has come to an end then you can save money by moving to a new deal. This is especially the case if you are currently on the lender\u2019s Standard Variable Rate. <\/li><\/ul><\/li><\/ul>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_79_2 counter-flat ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">What&#039;s Included?<\/p>\n<span class=\"ez-toc-title-toggle\"><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.check.co.uk\/blog\/mortgages\/remortgage\/why-you-should-consider-remortgaging\/#What_is_remortgaging\" >What is remortgaging?<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.check.co.uk\/blog\/mortgages\/remortgage\/why-you-should-consider-remortgaging\/#Reduce_your_payment_term\" >Reduce your payment term.<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.check.co.uk\/blog\/mortgages\/remortgage\/why-you-should-consider-remortgaging\/#Release_equity_on_your_home\" >Release equity on your home<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.check.co.uk\/blog\/mortgages\/remortgage\/why-you-should-consider-remortgaging\/#Increase_flexibility\" >Increase flexibility<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.check.co.uk\/blog\/mortgages\/remortgage\/why-you-should-consider-remortgaging\/#Save_money\" >Save money<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.check.co.uk\/blog\/mortgages\/remortgage\/why-you-should-consider-remortgaging\/#What_is_the_lenders_Standard_Variable_Rate_SVR\" >What is the lender\u2019s Standard Variable Rate (SVR)?<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.check.co.uk\/blog\/mortgages\/remortgage\/why-you-should-consider-remortgaging\/#Things_to_consider_when_remortgaging\" >Things to consider when remortgaging<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/www.check.co.uk\/blog\/mortgages\/remortgage\/why-you-should-consider-remortgaging\/#Charges\" >Charges<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/www.check.co.uk\/blog\/mortgages\/remortgage\/why-you-should-consider-remortgaging\/#Start_early\" >Start early<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/www.check.co.uk\/blog\/mortgages\/remortgage\/why-you-should-consider-remortgaging\/#Consider_what_you_are_looking_for_when_remortgaging\" >Consider what you are looking for when remortgaging<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/www.check.co.uk\/blog\/mortgages\/remortgage\/why-you-should-consider-remortgaging\/#Credit_report\" >Credit report<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/www.check.co.uk\/blog\/mortgages\/remortgage\/why-you-should-consider-remortgaging\/#Increase_your_equity_to_get_a_better_rate\" >Increase your equity to get a better rate<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/www.check.co.uk\/blog\/mortgages\/remortgage\/why-you-should-consider-remortgaging\/#To_conclude\" >To conclude<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/www.check.co.uk\/blog\/mortgages\/remortgage\/why-you-should-consider-remortgaging\/#Credit-Score_offers_two_fabulous_solutions\" >Credit-Score offers two fabulous solutions<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_is_remortgaging\"><\/span>What is remortgaging?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Remortgaging is the process of taking out a new mortgage to replace the one you have. By doing so, you are swapping the lender or deal that you have to get a better one.<\/p>\n\n\n\n<p>There are plenty of reasons why you should consider remortgaging, such as to reduce your monthly payments, releasing equity, paying it off quicker, and adding more flexibility. <\/p>\n\n\n\n<p>If you are on a fixed introductory tracker or a discounted mortgage rate, then it\u2019s likely that you were put on the <a href=\"https:\/\/www.nerdwallet.com\/uk\/mortgages\/what-is-standard-variable-rate\/#:~:text=A%20standard%20variable%20rate%20(SVR)%20is%20an%20interest%20rate%20set,moved%20onto%20your%20lender's%20SVR.\" target=\"_blank\" rel=\"noreferrer noopener\">Standard Variable Rate (SVR)<\/a> when it ended (or will be when it is due to end). It\u2019s wise to think about remortgaging after this has ended as the SVR may be a lot more expensive than you were originally on. <\/p>\n\n\n\n<p>Often, people tend to re-mortgage before the Bank of England are due to raise their rates as they can \u2018lock-in\u2019 a better rate \u2013 this last happened in 2018. By doing this, you are able to protect yourself against potential price increases in the future.<\/p>\n\n\n\n<p>There are several reasons why you might decide to do this:<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Reduce_your_payment_term\"><\/span>Reduce your payment term.<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>If you\u2019re able to find a better mortgage deal than you are\ncurrently on, then you could pay off the entire mortgage quicker.<\/p>\n\n\n\n<p>You would do this by taking the new deal but continuing to\npay the same amount monthly as you already do \u2013 this will make it come to an\nend sooner, which could save you even more money in interest fees. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Release_equity_on_your_home\"><\/span>Release equity on your home <span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>It\u2019s also possible to release the equity in your home to\nincrease your loan. This sounds complicated but once you understand it, it\nmakes complete sense.<\/p>\n\n\n\n<p>The equity in your home is the amount that you have paid for \u2013 this is your deposit plus any repayments you have made. If you\u2019re on an interest-only mortgage, then you will not own more than your original deposit. <\/p>\n\n\n\n<p>You release equity by remortgaging for a higher amount than you currently owe. By doing this, you\u2019re receiving a cash lump sum from your equity. <\/p>\n\n\n\n<p>You might choose to do this if you want to make home\nimprovements or add an extension which will boost the value of the property.\nThis could also be a method for consolidating any debt you have, as mortgages\ntend to have a lower interest rate. Make sure you have worked out the interest\nyou will pay in both circumstances though, as you could end up paying more.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Increase_flexibility\"><\/span>Increase flexibility<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>If your current mortgage is quite rigid and does not allow you to make overpayments or take a payment holiday, then you might want to remortgage in order to be able to do these things.<\/p>\n\n\n\n<p>Circumstances change, so you may have originally thought you\nwouldn\u2019t ever want to make overpayments when you originally took out the\nmortgage, but that might be different now. You could save money by making\noverpayments too!<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Save_money\"><\/span>Save money<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>One of the main reasons why you\u2019d decide to re-mortgage is to save money in the long run or to reduce your monthly payments. This is especially necessary if you\u2019re on the lender\u2019s Standard Variable Rate. <\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_is_the_lenders_Standard_Variable_Rate_SVR\"><\/span>What is the lender\u2019s Standard Variable Rate (SVR)? <span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Every lender has a standard variable rate which they set\nthemselves. They tend to go up and down, which will cause your mortgage\nrepayments to do the same. The Standard Variable Rate is often influenced by,\nbut not tied to, the Bank of England base rate.<\/p>\n\n\n\n<p>If you\u2019re on the lender\u2019s Standard Variable Rate, then it\u2019s\npossible that you aren\u2019t on the cheapest deal as they don\u2019t tend to be\ncompetitive. This means that you have the potential to save money and would\nbenefit from re-mortgaging.<\/p>\n\n\n\n<p>You don\u2019t usually have to pay any early exit fees if you\u2019re on the SVR, however, you should check this with your mortgage provider before moving forward.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Things_to_consider_when_remortgaging\"><\/span>Things to consider when remortgaging<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>There are several different things that you should consider if you should choose remortgaging. <\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Charges\"><\/span>Charges<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Fees and charges do occur when remortgaging. These could include exit fees and early repayment charges. Both of these charges could be as high as 5%, but if you\u2019re on an SVR because your deal ended then it\u2019s likely that you don\u2019t need to pay these. Make sure you check this with your mortgage provider. <\/p>\n\n\n\n<p>It\u2019s likely that you\u2019ll need to have the property valued in\norder to re-mortgage. You will have to pay for this valuation. <\/p>\n\n\n\n<p>You might also have to pay deeds release fees \u2013 these are\nthe fees charged for releasing the deeds to your solicitor.<\/p>\n\n\n\n<p>It\u2019s worth noting that you shouldn\u2019t be expected to pay any\nfees of you were not told about them when you took out the mortgage. Check\nthrough your paperwork to see, and if they try to charge you these fees ask\nthem to remove them.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Start_early\"><\/span>Start early<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>It\u2019s worth starting around 3 months ahead of time. If you\nstart before your deal ends then you can take out the mortgage the next working\nday after it ends to maximise your benefits. Before you start looking\nelsewhere, see if your current lender will give you a better rate than you\u2019re\ncurrently on. You can give them a quick call to see if they\u2019ll give you a new\ndeal once you\u2019re on the standard rate. <\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Consider_what_you_are_looking_for_when_remortgaging\"><\/span>Consider what you are looking for when remortgaging<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Have a think about the type of mortgage you are looking for.\nDo you want a fixed rate or variable mortgage? &nbsp;There are several different pros and cons for\nboth of these.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Fixed-Rate<\/h4>\n\n\n\n<p>Fixed-rate mortgages tend to be more expensive. Despite this, they\u2019re good as the price you pay is locked in. If prices are expected to go up, then you are protected against this. You can be fixed from somewhere between 2 years to 10 years! The average rate of a fixed-rate mortgage is 2.7%.<\/p>\n\n\n\n<p>The main problem with the fixed-rate mortgage is that if the prices go down, then you\u2019re locked into paying the original rate. You\u2019ll probably have to pay quite a high early exit fee if you try to leave before the deal ends as well. <\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Variable Rate <\/h4>\n\n\n\n<p>Variable-rate mortgages are often cheaper as there\u2019s more risk to them changing. <\/p>\n\n\n\n<p>Often you are offered a rate like this for a set period,\nafter which you\u2019ll be moved automatically to the lender\u2019s Standard Variable\nRate. This will almost certainly be higher than you were originally paying. <\/p>\n\n\n\n<p>There are two different types of Variable Rate:<\/p>\n\n\n\n<h5 class=\"wp-block-heading\">Trackers<\/h5>\n\n\n\n<p>Tracker mortgages track an indicator. This is usually the\nbase rate. Tracks an indicator, usually the base rate. The rate changes as the\nbase rate changes and is usually set in parallel to this. For example, it might\nbe \u2018Base Rate +2%\u2019 As the base rate is currently 0.75% that would make your\nrate 2.75%.<\/p>\n\n\n\n<h5 class=\"wp-block-heading\">Discount<\/h5>\n\n\n\n<p>A discount mortgage is usually a discount off the lender\u2019s\nStandard Variable Rate. This tends to be a percentage off and will only last\nfor two or three years. After this, your mortgage will likely revert\nautomatically to the Standard Variable Rate. <\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Credit_report\"><\/span>Credit report<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>You should always make sure that your credit report is\nlooking good \u2013 if you haven\u2019t looked at it since you last took out a mortgage\nthen spend at least 6 months making sure everything is in order. You can do\nthis by checking out your booster tips on Credit-Score.com. <\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Increase_your_equity_to_get_a_better_rate\"><\/span>Increase your equity to get a better rate<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>You may also want to increase the amount of equity you have\non the property in order to get a better mortgage rate. If you\u2019ve recently come\ninto money, whether it\u2019s from a bonus at work, inheritance, or a lottery win\nthen you could reduce your mortgage costs by re-mortgaging for less than you\ncurrently owe. <\/p>\n\n\n\n<p>Typically, you need at least 5% equity to get a mortgage\ndeal. The deals get considerably better with 10%-20% equity, but the best ones\ntend to need at least 40% equity. If you have this kind of money lying around,\nthen it can save you a great deal of money in the long run. &nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"To_conclude\"><\/span>To conclude<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Remortgaging sounds like a confusing ordeal, but it can save you a great deal of money in the long run and can even reduce your overall payment term. Now you know the facts, you should do some research into the best offers out there and find out when your current deal ends. <\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Credit-Score_offers_two_fabulous_solutions\"><\/span>Credit-Score offers two fabulous solutions<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>If you\u2019re preparing to take a mortgage, never apply until you\u2019ve tried our unique and&nbsp;<a href=\"https:\/\/home.credit-score.com\/\" target=\"_blank\" rel=\"noreferrer noopener\">FREE Credit-Score Home app.<\/a>&nbsp;Our smart technology will tell you what you need to fix so you avoid rejection. The app predicts when you will be able to buy, for how much and tracks your month-by-month progress to mortgage success. We\u2019ve even added your own mortgage broker, so you get the best deals available.<\/p>\n\n\n\n<p>More focused on your credit rating? Well, get started for free with\u00a0<a href=\"https:\/\/www.check.co.uk\/register\" target=\"_blank\" rel=\"noreferrer noopener\">Credit-Score\u2019s 24- Factor Credit Check<\/a>\u00a0to truly help you improve your creditworthiness and how lenders view you. (Remember: lenders don\u2019t use your credit score! We\u2019ll show you what lenders look for and how to get your credit report in the best shape possible).<\/p>\n\n\n\n<p><strong><em>Last updated by Oliver Macmillan May 2022<\/em><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"Remortgaging is the process of swapping the lender or deal that you currently have on your mortgage for&hellip;\n","protected":false},"author":22,"featured_media":4289,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[273,270,496],"tags":[499,497,498],"class_list":{"0":"post-4288","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-mortgage-process","8":"category-mortgages","9":"category-remortgage","10":"tag-re-mortgage","11":"tag-remortgage","12":"tag-remortgaging"},"acf":[],"featured_image_src":"https:\/\/www.check.co.uk\/blog\/wp-content\/uploads\/2019\/11\/photo-1515516089376-88db1e26e9c0.jpg","author_info":{"display_name":"admin","author_link":"https:\/\/www.check.co.uk\/blog\/author\/admin\/"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Top 4 reasons why you should consider remortgaging | Credit-Score UK<\/title>\n<meta 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