Timing
Start about six months out
Around three to six months before your current deal ends is the sweet spot. Many offers can be held for several months, so starting early gives you the option without committing you to anything. If rates move in your favour before completion we can usually revisit it.
We keep a note of when our clients' deals end and get in touch. Several of the reviews on this site are from people we contacted rather than the other way round.
Reasons
Why people remortgage
The current deal is ending. The most common reason and the easiest to plan for.
Releasing equity. For home improvements, or to consolidate other borrowing. Be careful with consolidation. Moving short-term debt onto a mortgage can lower the monthly payment while costing considerably more over the full term, and it secures that debt against your home. We will always show you the total cost, not just the monthly figure.
Changing the term or the type. Shortening the term, moving from interest only to repayment, or adding or removing someone from the mortgage after a change in circumstances.
More flexibility. Some deals allow considerably more generous overpayments than others.
Options
Product transfer or full remortgage
Staying with your existing lender on a new product is quicker and involves much less paperwork, because there is usually no new affordability assessment and no new valuation.
Moving to a new lender may open up a more suitable deal but means a full application. We compare both rather than assuming either is better, and sometimes the quicker option genuinely wins.
Your home may be repossessed if you do not keep up repayments on your mortgage.
Think carefully before securing other debts against your home. Consolidating debt into a mortgage may reduce your monthly payments but increase the total amount you repay.