Five Things To Do Before You Remortgage

Remortgaging can be an effective way to reduce monthly payments, secure a better rate, or release equity from your property. However, the best outcomes usually come from planning ahead rather than reacting when your deal ends.

Before you start comparing rates, take these five essential steps to ensure you’re in the strongest possible position.

1. Understand Your Property’s Current Value

Your loan-to-value (LTV) plays a major role in determining which mortgage rates are available to you. Even small changes in property value can move you into a better pricing bracket.

It’s sensible to:

• Check recent sold prices in your area
• Speak to local estate agents for realistic valuations
• Be cautious with online estimates, which can be optimistic

Lenders base decisions on evidence of completed sales, not asking prices.

2. Don’t Assume Loyalty Equals the Best Deal

Staying with your current lender can be convenient, but it doesn’t always offer the best value. Mortgage deals change regularly, and what was competitive a few years ago may no longer be suitable.

Shopping around allows you to:

• Compare rates across multiple lenders
• Assess new products that may suit your circumstances better
• Avoid paying more than necessary over the next fixed term

3. Look Beyond the Headline Rate

Low interest rates can be attractive, but they rarely tell the full story. Some products include higher arrangement fees that may outweigh any saving, particularly on smaller loans.

When comparing options, always consider:

• Interest rate
• Arrangement and booking fees
• Incentives such as free valuations or legal support
• The overall cost over the fixed or discounted period

The right balance depends on your loan size and how long you plan to stay on the deal.

4. Consider Independent Mortgage Advice

Remortgaging is still a major financial decision, even if you’ve done it before. Independent advice can help you understand which options genuinely suit your priorities.

A mortgage broker can:

• Compare deals across a wide range of lenders
• Match products to your financial goals
• Help you avoid unsuitable or restrictive deals
• Manage the application process on your behalf

This can be especially valuable if your circumstances have changed since you last arranged a mortgage.

5. Start Early and Avoid the Standard Variable Rate

Timing matters. If your fixed or discounted rate ends and no new deal is in place, you could be moved onto your lender’s standard variable rate, which is often significantly higher.

A good rule of thumb is to:

• Start reviewing options around six months before your deal ends
• Secure a new mortgage in advance where possible
• Avoid last-minute decisions under pressure

Early planning gives you more choice and reduces the risk of unnecessary costs.

Final Thoughts

Remortgaging is an opportunity to review your finances and ensure your mortgage still works for you. Taking the time to prepare properly can make a meaningful difference to the deal you secure.

If you’d like guidance on your options or want help comparing deals, professional advice can help you move forward with confidence.

The content on this page is provided for general information only and does not constitute personalised mortgage or financial advice. Mortgage eligibility, rates and criteria vary between lenders and are subject to change. You should seek tailored advice based on your individual circumstances before making any financial decisions.
Vincent Burch Ltd is authorised and regulated by the Financial Conduct Authority.