Deal coming to an end, or thinking about borrowing more? We look at fees and overall cost, not just the headline rate, so you can make a properly informed decision.
Whether your deal is ending or you want to borrow more, here is how remortgaging actually works.
A remortgage is when you replace your existing mortgage with a new one, either with your current lender or a different one, without moving house. People remortgage for all sorts of reasons: their current deal is ending, or they want a better rate.
The most common reason is a fixed or tracker deal coming to an end. Once it does, you are usually moved onto your lender's standard variable rate, which is typically higher than the rate you were paying.
Other reasons include wanting to change your mortgage term, borrowing additional funds for home improvements, and, where appropriate, consolidating other borrowing. If your circumstances have changed since you took out your current mortgage, that is also worth mentioning to an adviser, as it may affect what is available to you.
Many people start looking around six months before their current deal ends. This gives enough time to compare options and arrange a new deal before you are moved onto a standard variable rate.
We look at your current deal, your circumstances and what you are trying to achieve, then explain the remortgage options that may suit you and the overall cost of each. Eligibility always depends on your circumstances and individual lender criteria.
The questions we hear most from people thinking about remortgaging.
Speak to an adviserA remortgage replaces your existing mortgage with a new one, either with your current lender or a different one, without moving house. People remortgage to get a better rate, borrow more, or change their mortgage term.
Many people start looking around six months before their current deal ends, so there is time to arrange something before they move on to the lender's standard variable rate. You might also remortgage sooner if your circumstances have changed.
Applying for a remortgage usually involves a credit check, which can have a small, temporary effect on your credit score. Comparing options through an adviser first, rather than applying to several lenders directly, can help limit how many checks are carried out.
A less than perfect credit history does not automatically rule out a remortgage. What matters is the type of issue, how long ago it happened and your situation today. We will look at your case honestly and tell you where you stand.
Whether you are buying, moving, remortgaging or you simply want to understand your options, speak to the ICE Mortgages team. No jargon, no pressure, just a straight conversation about what is possible.