Remortgage
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Expert Remortgage Advice Nottingham
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Access to best remortgage rates
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Assist with all types of remortgage scenerios
See what rates you have access today
Remortgage Advice Nottingham
At Your Mortgage Manager, we help you manage your mortgage while securing the best remortgage deals available. As an independent, whole-of-market broker, we have access to thousands of mortgage products, ensuring you get the right one for your needs.
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Is your fixed rate due to expire soon? If so, it's important to start planning your remortgage before your deal ends to avoid being automatically switched to the standard variable rate (SVR), which could mean higher monthly payments. You can begin reviewing your mortgage up to six months before your fixed rate ends. Speak to one of our advisers for a free mortgage review, where we'll assess your current needs and explore any opportunities to update your mortgage in line with your goals.
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Remortgaging can provide flexibility, whether you're looking to release equity for home improvements, consolidate debt, or simply adjust your mortgage terms. You might even choose to pay down part of your mortgage or extend the term to make your monthly payments more manageable.
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Everyone’s financial situation and goals are unique, which is why we tailor each remortgage application to your individual needs. There’s no one-size-fits-all approach here—we're committed to finding the solution that works best for you and your lifestyle.
Why Remortgage with us?
Whole of Market Access
We’re not tied to any specific lenders, meaning we have access to thousands of mortgage products from the entire market. This allows us to find the best remortgage deal tailored to your needs.
Independent & Impartial Advice​​
As an independent broker, we work for you, not the banks. Our advice is completely unbiased, ensuring that the mortgage solution we recommend is genuinely the best fit for your financial situation.
Free Mortgage Review
We offer a complimentary mortgage review, giving us the chance to understand your current requirements and long-term goals. Our expert advisors will help you explore all your remortgaging options, at no cost to you.
Tailored Solutions
We don’t believe in a one-size-fits-all approach. Every remortgage application we handle is customized to fit your personal needs, whether you're looking to release equity, consolidate debt, or adjust your payment terms.
What is Remortgaging?
It is the process of switching your existing mortgage to a new lender or a new mortgage product, typically to get a better interest rate, release equity, or change the terms of your loan. Essentially, it's taking out a new mortgage on the same property, often to replace the original mortgage.
When is a remortgage a good idea?
Remortgaging can be a good idea in several situations, depending on your financial circumstances and future plans. Here are some common scenarios where remortgaging may be beneficial:
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1. Your Fixed or Discounted Rate is Ending​
Many mortgages come with an introductory fixed or discounted interest rate that typically lasts 2, 5, or 10 years. Once this period ends, you’re usually switched to the lender’s , which is often higher than your previous rate. In this case, remortgaging before the fixed rate ends can save you from higher monthly payments.
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2. To Secure a Lower Interest Rate​
If interest rates have fallen since you took out your mortgage, you could remortgage to get a better rate. A lower interest rate will reduce your monthly payments and could save you a significant amount of money over the mortgage term.
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3. To Lock in a Fixed Rate
If you're currently on a mortgage (such as a tracker or SVR), and you anticipate interest rates might rise, switching to a can give you more stability. Fixed rates protect you from rate increases, ensuring that your payments remain the same for a set period (typically 2, 5, or 10 years).
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4. To Borrow More Money​
Remortgaging allows you to release equity in your home if its value has increased or you’ve paid off a substantial portion of your mortgage. You can use this additional money for:
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Home improvements or renovations.
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Debt consolidation.
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Large purchases like a car or funding a business. However, it’s important to carefully consider this option, as borrowing more could extend your mortgage term or increase your repayments.
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Raising money for a buy to let purchase.
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5. Your Home’s Value Has Increased
If the value of your property has increased since you took out your mortgage, you may be eligible for better deals. Lenders calculate your mortgage interest rate based on the ratio. A lower LTV (i.e., a higher percentage of equity in the property) often results in better mortgage rates. Remortgaging with a lower LTV could save you money.
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6. To Pay Off Your Mortgage Faster
If you’re looking to reduce your mortgage term and pay it off faster, remortgaging can help you find a more suitable deal. For instance, if your financial situation has improved, you might be able to afford higher monthly payments and shorten the term, which would reduce the overall interest paid.
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7. To Consolidate Debt
If you have multiple high-interest debts (like credit cards or personal loans), consolidating them into your mortgage can help reduce your overall monthly payments. Mortgages generally have lower interest rates compared to other types of loans. However, you should be cautious about extending short-term debt over a long-term mortgage period, as this could increase the total interest you pay over time.
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8. You Want to Switch Mortgage Type
You might want to remortgage to change the type of mortgage you have:
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From a fixed rate to a variable rate: If you believe interest rates will drop, switching from a fixed-rate mortgage to a variable rate (e.g., a tracker mortgage) could lower your payments.
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From a variable rate to a fixed rate: Conversely, if rates are rising, locking into a fixed rate can protect you from payment increases.
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9. You Want to Switch Lenders for Better Service
If you're dissatisfied with your current lender's service, remortgaging allows you to switch to a different lender. This could be due to poor customer service, a lack of flexible options, or limited product choices. Shopping around for a better experience can improve your overall mortgage journey.
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What happens if I don’t remortgage?
​If you don’t remortgage when your current mortgage deal ends, certain consequences or changes in your mortgage terms may occur. Here's what typically happens:
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Firstly you move to the Lender’s Standard Variable Rate (SVR)
When your fixed-rate, discounted, or tracker mortgage deal ends, most lenders automatically move you onto their . The SVR is usually much higher than the initial deal you were on, which means
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Higher Monthly Payments: Your mortgage payments are likely to increase significantly because the SVR is often higher than the rate you were previously paying.
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Interest Rate Fluctuations: Unlike a fixed-rate mortgage, the SVR can change at any time. It’s influenced by the lender’s decisions and broader interest rates, such as the Bank of England base rate, meaning your payments could increase or decrease unpredictably.
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You’ll Pay More in Interest
With the SVR typically being higher, you will likely pay more interest over the remaining term of your mortgage, making it more expensive in the long run. Even small increases in the interest rate can lead to significant additional costs over time.
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Potential Missed Savings
Many people remortgage to take advantage of lower interest rates available in the market. If you don’t shop around and remortgage, you could be missing out on substantial savings over time. Even if you decide to stay with your existing lender, switching to a new deal with them can often result in lower rates than remaining on the SVR.
Potential Loss of Protection from Rising Interest Rates
In times of rising interest rates, not remortgaging to a fixed-rate deal leaves you exposed to potential increases in the lender’s SVR. This means your monthly payments could rise unexpectedly, making it difficult to budget and putting pressure on your finances.
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How Long Does a Remortgage Take?
The time it takes to complete a remortgage can vary widely based on several factors, but on average, the process typically takes between 4-6 weeks. However, this timeline can be influenced by various aspects, including:
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Lender Processing Times -Different lenders have different processing times.
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Documentation - The speed at which you provide the necessary documentation can impact the timeline. Required documents often include proof of income, bank statements, and identification.
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Valuation and Survey - Most lenders will require a property valuation or survey before approving a remortgage
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Legal Processes: Involvement of solicitors or conveyancers can add time to the process. They need to carry out various checks, including land registry searches and preparing the necessary legal documents.
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Complexity of Your Situation -If you have a complicated financial situation or if your application requires additional scrutiny, it may take longer to complete the remortgage.
What fees are associated with a remortgage?
When remortgaging in the UK, there are several fees and costs you should be aware of. While some lenders may offer fee-free deals or cover certain costs, it's important to consider the full range of possible fees to determine whether remortgaging will save you money. Our advisors will do this for you because if the fees are too expensive and you are not benefiting from making a saving, then our advice will be DON'T remortgage and we will offer the best remortgage advice according to your specific circumstances.
Below is a breakdown of the most common fees associated with a remortgage:
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1. Arrangement Fee (Product Fee)
This is fee charged by the new lender for setting up the mortgage deal.
​Typically costs between £0 and £2,000, depending on the lender and the mortgage product.
Notes: This fee can sometimes be added to the mortgage, but doing so means you'll pay interest on it over the term of your loan, increasing the total cost. Low-interest-rate mortgages often come with higher arrangement fees, so it's important to calculate whether the overall savings justify the upfront cost.
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2. Early Repayment Charges (ERCs)
A fee charged by your current lender if you pay off your existing mortgage before the end of its fixed or discounted term. This one might not be applicable to you if you're fixed rate is due soon.
Usually costs between 1% and 5% of the outstanding mortgage balance.
Notes: If you're still within a fixed or discounted rate period, this fee can be significant and might negate any savings from remortgaging. Our advisers will check the terms of your existing mortgage to see if ERCs apply.
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3. Valuation Fee
What it is: A fee to have your property valued to ensure it meets the lender's criteria and to calculate your loan-to-value (LTV) ratio.
Typically between £150 and £1,500, depending on the property value and lender.
Notes: Some lenders offer free valuations as part of their remortgage deal. It’s important to check whether this is included, especially if the valuation fee is on the higher side.
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4. Legal Fees (Conveyancing)
The cost of hiring a solicitor or conveyancer to handle the legal work involved in transferring your mortgage from one lender to another.
Usually between £500 and £1,000.
Notes: Many remortgage deals include free legal services, meaning the lender covers these costs. However, this may only apply to simple remortgages and could exclude more complex cases, such as remortgaging to release equity. If you need to hire your own solicitor, it’s important to get quotes and compare prices.
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5. Mortgage Broker Fees
This is a cost for a mortgage adviser professional advice and for them arranging and setting up the new mortgage on behalf of the applicants.
The standard cost for a straight forward case is £495 and increases depending on the complexity of the case. Our remortgage advisers will advise you what the fee would charges for your specific case.
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When we offer you a FREE MORTGAGE CONSULTATION, we will be able to tell you what products you are eligible for and what fees are associated with those products.
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Can I remortgage if I have bad credit?
Yes, it is possible to remortgage with bad credit, but it may come with certain challenges. Lenders will assess your credit score to determine your financial risk, and if you have poor credit, you may face higher interest rates or fewer mortgage product options. However, there are specialist lenders who cater to borrowers with adverse credit histories and our remortgage advisors will be able to assist you with remortgaging if you have bad credit.
Can I consolidate debt with my remortgage
Yes, you can consolidate debt with a remortgage. This involves borrowing more than your existing mortgage balance and using the extra funds to pay off other debts, such as credit cards or personal loans. By consolidating debts into your mortgage, you can potentially lower your interest rates and reduce your monthly payments, as mortgage rates are generally lower than other forms of debt.
However, it’s important to consider the long-term impact. While consolidating debt can simplify your finances and reduce monthly outgoings, it also increases your mortgage balance and could extend the term of your loan, meaning you’ll pay more interest over time. Additionally, since your debt is secured against your home, failure to keep up with payments could put your property at risk.
Can I release equity out of my property with a remortgage?
Yes, you can release equity from your property through a remortgage. This process allows you to borrow more than your current mortgage balance, using the additional funds for various purposes such as home improvements, paying off debts, or funding major expenses like education or a new car.
Can I remortgage if I’m already in a fixed rate?
Yes, you can remortgage even if you’re currently in a fixed-rate mortgage, however you may have an Early Redemption Charge ERC to pay so it might not be worthwhile for you to remortgage now. Depending how far into your fixed rate would depend on what the ERC is.If you’re fixed rate is coming up for renewal sometime soon, then remortgage lenders allow you remortgage 6 months before your fixed rate deal expires. It gives you plenty of time for us to search the market to find you the best remortgage rate.
We would proceed as we would with any remortgage process, however when you are waiting for your penalties to expire, once the formal mortgage offer has been issued, you just have to wait for them to expire before the new remortgage deal starts
Can I remortgage if I’m on a variable/tracker rate?
Yes, you can remortgage if you’re currently on a variable or tracker rate mortgage. In fact, many homeowners choose to remortgage when they are on these types of rates, especially if they are looking for more stability or to take advantage of lower fixed rates. Usually when you are on a variable rate or what the mortgage lenders refer to as their standard variable rate, the interest rate charges are usually a lot higher than other products in the market.
Tracker rates vary from product to product and depends how close they are tracking the bank of England base rate. 9 times out of 10 though, the tracker products have no Early Redemption Charges so people can remortgage from these products at any time they want to.
Can I change my mortgage details during a remortgage?
Yes, you can change your mortgage details during a remortgage. This process is often an excellent opportunity to reassess your financial situation and make adjustments that better suit your needs.
Here are some common changes you might consider:
Loan Amount: If you want to borrow more or less than your current mortgage balance, you can adjust the loan amount during the remortgage process. This could be useful if you want to release equity from your home or if your financial situation has changed.
Interest Rate Type: You can switch between different types of interest rates, such as moving from a variable or tracker rate to a fixed-rate mortgage. This can provide more stability in your monthly payments, especially if you anticipate rising interest rates
.Mortgage Term: You have the option to change the length of your mortgage term. For example, extending the term can lower your monthly payments, while shortening it can help you pay off your mortgage faster and save on interest over time.
Payment Structure: Depending on the lender, you may be able to change your payment structure, such as moving from interest-only payments to a repayment mortgage, where you pay both interest and principal
.Additional Features: Some remortgages allow you to add features like overpayment options, payment holidays, or flexible repayment terms. If these features are important to you, discuss them with your lender or mortgage advisor.
Purpose of Remortgaging: Clarifying your reasons for remortgaging can help guide the changes you want to make. Whether you want to consolidate debt, fund home improvements, or simply find a better rate, these goals will influence your decisions.
