Why Should You Remortgage?

Remortgaging is the process of switching your current mortgage on your existing property to a new one. This can be with your existing lender, or with a new one. There are many different reasons as to why you may want to remortgage your house. For most people, the main reason is about saving money on monthly payments, just like you would look around to find a cheaper mobile contract. Here are 3 other reasons why you may want to do it:

1. You want a more flexible mortgage

There are many reasons as to why you may want a more flexible rate, maybe you’ve just started a new job and wish to pay more but are prohibited by mortgage overpayments. You could want a payment holiday as you are having a career break. There will be mortgages available that can accommodate for this and offer alternatives which will suit you more than your current  lender. 

There are things to bear in mind, if you are tied into an initial deal then you might have to pay an early repayment charge and there is normally a small exit fee. But the savings can still be huge, you just need to do your sums beforehand.

2. Your current deal is about to end

Many of the best mortgages only last a short time – often two to five years – the typical length of time offered on a fixed rate, tracker or discount mortgage. To avoid being placed on your lenders bog standard variable rate (SVR) when your mortgage comes to an end, start looking around three to six months before it ends. The SVR your lender will place you on will likely be significantly higher than your old interest rate.

3. Your house price has gone up

House prices have risen at a quicker rate than in the past 15 years, so the value of your house  may have increased since you took out your original mortgage. If this is the case, it’s likely that you’re now in a lower loan-to-value band, and therefore will be eligible for much lower rates. 

Contact Robin Mortgage Design

If you are considering remortgaging your property, you should always seek advice from experts. At Robin Mortgage Design, our reliable, customer-focused mortgage brokers are happy to help guide you through the process and make a recommendation. If you are located in Milton Keynes or the surrounding areas and are looking at remortgaging your home, Robin Mortgage Design are here to help. Please feel free to get in touch with us by filling out our online contact form or by giving us a call on 0333 242 386.


Robin Mortgage may charge a fee for arranging your mortgage, a typical fee would be £395.00 but could be up to £1,495.00 depending on your circumstances.

The information in this blog is only valid for the date it is written.