Once your initial variable or fixed rate product comes to end, you will automatically revert on to the lenders standard variable rate (often referred to as an SVR). These rates are typically much higher and are usually between 3.5 – 5%, which will often result in a significant increase in your monthly mortgage payments. Therefore, you should always arrange a new product to start once your current deal expires, this is called remortgaging.

You can typically start looking at the potential products available around three months before your deal ends. Once you have taken your first mortgage with us, we will always contact you at the appropriate time to start the remortgaging process and make sure you never pay too much on your mortgage or revert on to the lenders SVR.

Your existing lender may contact you and offer a new product, however these are often not the most competitive products. We can do a full cost comparison for you between what your existing lender may offer and what is available with other banks and products that you qualify for.

The main reason people will remortgage is because their existing deal is coming to end, or they are already paying the lenders higher standard variable rate.

However, there are plenty of other reasons why you might want to consider a remortgage:

• To build an extension or complete some improvements to your home. Arranging a remortgage is the most common and often cheapest way to finance these works
• To repay some more expensive debts, such as credit cards or personal loans
• To release funds to use as a deposit for another property, such as a rental property or holiday home
• To help pay for other expensive items, such as cars, weddings or that once in a lifetime holiday you have always dreamed of.

Whatever the reason, whatever your requirements, we are here to help.