Don't Leave Your Next Mortgage Too Late

If your current mortgage deal is coming to an end, L&C can help you see what’s out there.

Their qualified advisers will compare remortgage options from across the market, explain what could suit your circumstances, and help you decide what to do next. Mortgage rates don’t stand still. With L&C’s Rate Check service, your adviser will review your mortgage again around four weeks after your application. If a better rate is available, they’ll help you switch if it's right for you.

How is the Mortgage Service Free?

L&C do not charge a fee for their mortgage advice. If you complete on a mortgage through L&C, L&C will be paid a commission by the chosen lender. L&C will share a percentage of this commission with CreditKnowledge. The commission L&C receives doesn't affect the product or rate recommended to you.

Think carefully before securing any debts against your home. Your home or property may be repossessed if you don’t keep up repayments on your mortgage.

What Does Remortgaging Mean?

Remortgaging a house means switching your current mortgage to a new deal, either with your existing lender or a different mortgage lender. People often remortgage to:
  • Move on to a better mortgage rate
  • Avoid switching to a standard variable rate (SVR)
  • Borrow money for things like home improvements
  • Pay off debt by consolidating borrowing into their mortgage

Common Remortgage Costs and Fees

Remortgaging can help you save money, but it’s important to understand any costs involved before switching deals.
Cost What is it What to consider
Early repayment charges (ERCs) Fee for leaving your current deal early Can be significant, so check if switching still saves you money
Arrangement fee Fee charged by the lender to set up the new mortgage Sometimes added to the loan, increasing the total cost
Valuation fee Cost of assessing your property’s value Some deals include a free valuation
Legal fees Cost of handling the legal side of switching lenders Some mortgage deals include free legal work
Broker fee Fee for advice or arranging your mortgage Some services are free, but always check upfront

When Should You Remortgage?

Remortgaging at the right time can help you avoid higher interest rates and potentially save money over the long term. You might consider remortgaging if:
  • Your current deal is ending within the next 3-6 months
  • You’re about to move onto your lender’s standard variable rate
  • You’ve seen lower mortgage rates available elsewhere
  • Your credit history or financial situation has improved
  • You want to borrow more for things like home improvements
  • You’re thinking about consolidating debt or simplifying repayments

Can I Remortgage if I’m in Negative Equity?

If your property is worth less than your remaining mortgage balance, this is known as negative equity. Remortgaging in this situation can be more difficult, as lenders may see it as higher risk. Your options may be limited, but it’s still worth reviewing your situation as circumstances can change over time.

Disclaimer:

Think carefully before securing other debts against your home. Your home or property may be repossessed if you do not keep up repayments on your mortgage. The content on this page is for general information purposes only and should not be considered financial, legal or mortgage advice. It does not take into account your individual circumstances, and you should seek independent professional advice before making any financial decisions.

We work with L&C, a fee free mortgage broker. If you complete on a mortgage through L&C, L&C will be paid a commission by the chosen lender. L&C will share a percentage of this commission with CreditKnowledge. The commission L&C receives doesn't affect the product or rate recommended to you. Our role is to connect you with their service to help you compare mortgage deals and find suitable home loan rates.

London & Country Mortgages Ltd, Unit 26 (2.06), Newark Works, 2 Foundry Lane, Bath, BA2 3GZ is a company limited by shares. L&C’s Companies House number is 1988608. L&C are also authorised and regulated by the Financial Conduct Authority. L&C’s FCA number is 143002. The FCA does not regulate most Buy to Let mortgages.