Remortgaging, and how to get a better deal

Remortgaging means switching your current mortgage to a new deal. This can be with your existing lender or a different one. Many homeowners choose to remortgage to reduce monthly payments, fix their rate, or release equity from their home.

If your current deal is coming to an end, it is important not to do nothing. Many people are automatically moved onto a standard variable rate, which is usually more expensive. Reviewing your options early can save a significant amount of money, and reduce your mortgage term in the long run.

Most people consider remortgaging around three to six months before their current deal ends. This gives enough time to compare offers and secure a new rate before the old one expires.

Mortgage deals generally fall into fixed rate or tracker rate options. A fixed rate keeps your payments the same for a set period, which can help with budgeting. A tracker rate moves in line with interest rate changes, which means your payments can go up or down depending on the market.

A mortgage broker can help by checking the whole market, explaining the differences clearly, and handling the paperwork with lenders. This can save time and reduce stress, especially if your situation has changed since your last mortgage application.

At Victoria Park Mortgages, we focus on clear advice without jargon, helping you choose a deal that fits your goals rather than just focusing on the headline rate.

Get in touch to start your journey.