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Remortgaging With An Online Mortgage Advisor

Whether your fixed-rate mortgage term is coming to an end, or you’re looking for ways to save money every month, remortgaging is something for you to consider.

Remortgaging is the process of changing your current mortgage to a better deal without having to move house. And there are a number of reasons to make the swap, but it isn’t for everyone.

This article will be your in-depth guide to remortgaging. From working out if it’s right for you, to how it works and how to do it, we have all the answers.

At Mortgages Online, we offer professional mortgage advice for our online clients. We can help secure that perfect mortgage or help you with a remortgage, and we’ll be there with you every step of the way. Simply use our remortgage calculator to see what options are available for you. 

Alternatively, you can speak directly to one of our online mortgage advisors for any further help by calling 03300 58 60 58.

How Does Remortgaging Work?

When you remortgage, you can either get a new deal with your current lender or change to a new lender altogether. There is a range of mortgage comparison tools available online and our remortgage calculator can help you find the best deals for your circumstance.

You can then start by asking your new or current lender for an online Agreement in Principle to give you an idea of how much you could be offered. With this in place, you can start your remortgage application. For this, you’re likely to need information about your current mortgage and your financial information.

The process will then be similar to purchasing a home, such as going through the mortgage application process and proving your financial income. You will then have a full credit check and your property will be valued. 

Since this is such a big financial commitment, speaking to a professional mortgage advisor will allow you to gain the best deal possible, and you will have someone to speak to for any questions that arise during the process. 

Get in touch with our online mortgage advisors for any help and advice you need. We can run you through the process and start the search for your perfect remortgage.

Reasons To Remortgage

Save money 

If your mortgage is your most expensive outgoing, cutting down costs is one of the best ways of saving yourself money. By remortgaging, you can find a better deal that will cut your monthly mortgage costs. Just like changing phone contracts or broadband deals to save money, you can shop around for a cheaper mortgage just the same.

Your current deal is ending

A lot of mortgages start on a fixed-rate basis, meaning you pay the same amount every month for a certain number of years. When this fixed period ends, you will be moved to your lender’s Standard Variable Rate (SVR), which isn’t likely to be the cheapest option. By remortgaging, you can find a cheaper, better deal. You can ask your lender for a better offer before you decide to move elsewhere, as it’s in their interest to keep you as a customer.

Find a deal with a lower interest rate

Changing to a deal with lower interest rates will help you save significantly. It’s also handy to know that remaining with your current lender will be cheaper. This is because you will have to pay fewer costs as no surveying or legal work will be required.

How To Prepare

To give yourself the best chance of getting the remortgage you want, taking the following steps can help:

  1. Check your credit score and do what you can to increase it as much as possible. Your lenders will look at this to see if you are financially reliable.
  2. Don’t apply for credit.
  3. Find out an estimate of how much your property is worth.
  4. Start the process as early as possible to get a deal agreed in advance.
  5. Sort out all paperwork. You will need: three months’ worth of bank statements, three months’ payslips, proof of bonuses, latest P60, ID, proof of address.

Remortgaging When Self-Employed

It is possible to remortgage if you’re self-employed, but the preparatory work may take a bit longer. You'll need to provide more detailed evidence to show you can afford the remortgage you want which you can do by showing proof of two years’ worth of financial records and future work. Also, make sure to check your credit score so you can improve it if needed. A bad credit score will only decrease your chances of getting accepted.

When Not To Remortgage

Remortgaging can be a great option for those looking to save money, but it doesn’t always suit everyone’s situation. There are circumstances where remortgaging might not be the best decision for you, which includes:

  • Your credit history has deteriorated, and you have a bad credit score. Do all you can to improve your credit before applying for a remortgage.
  • Don’t remortgage if the total remortgaging fees are more expensive than the amount you’ll save in your new mortgage. You’ll end up losing money instead of gaining.
  • Your finances have decreased, such as you have a new job with a lower salary.
  • You already have a great mortgage deal.
  • You only own 10% or less of your property, as your deals may be more expensive and there will be fewer deals available to you.

Get The Best Deal

When done right, and with a professional mortgage advisor by your side, remortgaging can be a great way to save yourself extra cash every month. If you’re still unsure whether it’s a good tactic for you and your circumstances, please get in touch with one of our advisors.

Our online mortgage advisors are here to answer your questions and find the best deals possible for you. We would be more than happy to discuss your remortgaging options or feel free to take a look yourself using our remortgage calculator.


Andrew Montlake

As Managing Director, Andrew looks after the strategic goals that drive the vision and culture of the company, maintaining and promoting our Brand, Marketing, PR & Communications, as well as looking after our Corporate, Introducer, and Lender relationships.

He is the author of a highly acclaimed Mortgage Blog and host of our successful Mortgage & Property Podcasts and he has also won 8 major industry awards; Best Press Spokesperson (twice), Best Marketeer (twice), Mortgage Personality of the Year (twice), Mortgage Strategist of the Year and most recently Best Business Leader Broker (11-50 brokers).

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