At BM14 Finance, we compare thousands of mortgage rates to find the deal that works best for you. Looking for a remortgaging broker? Our specialist advisers give clear advice, quick personalised quotes, and support at every step of the way.
Remortgaging means switching your current mortgage deal, either with a new lender or your existing one, without moving house. Most people do this to get a lower interest rate, reduce their monthly payments, or release some of the equity built up in their property. Unlike mortgages for first time buyers, you’re not purchasing a property for the very first time, you’re changing the loan behind one you already own.
The process usually starts with a review of your current deal and financial situation, followed by a comparison of rates available across the market. Once you pick a new deal, your business financial advisor handles the paperwork and liaises with the lender until the new mortgage is in place. For most homeowners, it’s an easy way to keep costs under control.
The best time to remortgage is usually 3 to 6 months before your current deal ends. This gives you enough time to compare rates and avoid slipping onto your lender’s standard variable rate, which is often much higher. Starting early also means you won’t feel rushed into a decision.
It’s also worth reviewing your mortgages if your circumstances have changed; a pay rise, a better credit score, or a jump in your property’s value can all open up better options. Even if you’re mid-term, exit fees might turn out lower than what you’d save with a better rate. Speaking to an adviser early helps you weigh up the numbers properly.
We provide independent remortgage advice tailored to your circumstances. With access to a wide range of lenders, we compare deals to find one that suits both your current needs and long-term plans.
Once your remortgage is approved, the funds are usually released within a week, though this depends on the lender and how quickly your solicitor completes the legal work.
Technically yes, but timing matters. Remortgaging before your current deal ends can mean early repayment charges. Most people wait until they're close to the end of their term, or until the savings from a lower rate outweigh those fees.
Staying with your existing lender for a remortgage, known as a product transfer, tends to be quicker since there's less paperwork involved. It can take as little as one to two weeks, compared with 4 to 6 weeks for switching to a new lender.
Most remortgages complete within 4 to 6 weeks from application to funds being released, though it can be quicker if you're staying with your current lender. The timeline mostly depends on how fast documents are provided and how quickly the new lender processes the application.
This is one of the most common concerns. Some mortgages include early repayment or exit fees, but switching can still be worthwhile. We compare the cost of any fees against the potential savings from a lower interest rate. In many cases, homeowners still save money over the remaining term, even after fees are deducted. We’ll show you the numbers clearly so you can make an informed decision without any pressure.
If you don’t remortgage when your fixed deal ends, your lender will usually move you onto their Standard Variable Rate (SVR). This rate is often higher and can increase your monthly payments significantly. Many homeowners see payments rise by hundreds of pounds per month. Reviewing your options before your deal ends helps you avoid this and secure a more affordable rate.
A typical remortgage takes around 2 to 6 weeks, depending on your lender and circumstances. Some cases can be completed more quickly, especially if no property valuation is required. We recommend starting the process 3 to 6 months before your current deal ends, so everything is in place and you avoid moving onto a higher rate.
