This depends entirely on your circumstances. In general, your options are: Do nothing and roll onto the Standard Variable Rate, choose a new deal from your existing lender (called a Product Transfer) or change lender entirely (called a remortgage). However, there are so many other factors to consider and speaking to one of our specialist advisers is highly recommended - zero hassle and fee-free.
Remortgage advisers
Remortgaging is the process of switching your existing mortgage to a new one. This is done for various reasons, such as getting a better interest rate, reducing monthly repayments, releasing equity from your property or consolidating debt.
Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.
Get in touch with James Leighton now to uncover how much you could save.
Get in touch
Get in touch
Remortgage with confidence
Trusted, tailored and whole of market advice
Our remortgage advisers have a track record of ensuring homeowners switch their current mortgage deal when it's advantageous to do so, often securing better rates and terms that align with their evolving financial circumstances. We’ve been able to help people save through a tailored approach and access to a wide range of lenders and exclusive options available to us as part of the Quilter Financial Planning network.
It’s never a one-size-fits-all service as your adviser needs to assess your existing mortgage terms and the current market. Moreover, we are completely whole of market and will guide you throughout the complete process. We aim to make your remortgaging journey as effective and efficient as possible.
- Call: 0115 870 9520
- Email: [email protected]
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Access your home’s capital
As part of your remortgage, you could access some of your home’s capital as a lump sum. This could be a more cost-effective method of borrowing for home improvements or something else.
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Remortgaging peace of mind
Our specialised and highly experienced remortgage advisers’ objective is to give you peace of mind that changing lender will bring clear, worthwhile and tangible benefits.
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Access exclusive remortgaging products
As a Whole of Market brokerage, our remortgage advisers have access to a huge range of more than 90 lenders and 1000s of deals, in addition to a range of exclusive products offered through our network, Quilter Financial Planning Limited.
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Negotiations with lenders
When using our mortgage services, you won’t have to deal with lenders directly. Our experienced advisers will liaise on your behalf to secure the most suitable remortgage deal for your needs.
Experience in action
With our specialised and experienced remortgage advice team, we harness in-depth market knowledge to maximise value for our clients.
Things to consider
Get started early
In our experience, one of the most important factors that will determine what remortgage options you have is what your property is worth. This is because it will determine how much you can borrow against the value of the property and what eventual rate you get. The lower the Loan to Value the more options you will have. Getting an accurate and realistic idea, by doing your research online in advance, will help you get the right remortgage first time.
Things to consider
Finding the most-suited remortgage option
Remortgaging can bring enormous benefits but there are many things to think about, such as what deals are available from your existing lender, when your deal ends, whether you want to borrow more money and what your short, medium and long term objectives are. An experienced remortgage adviser will help you understand what’s possible and practical.
Things to consider
Time it wisely
The mortgage market is constantly changing in line with the economy, housing market and other factors. Timing is therefore critical when it comes to securing a new deal. Starting your research as early as possible before your current mortgage deal comes to an end is recommended to allow enough time for processing and to give you the best chance of securing a great deal. For tailored jargon-free advice, speak to one of our remortgage experts.
By your side
Focusing on your long-term goals
The James Leighton team of mortgage advisers take the time to understand clients’ long-term financial goals when remortgaging. By understanding your wider financial goals, our advisers can help you make decisions that contribute to a more secure financial future. As remortgaging has the potential to save you money and/or provide greater flexibility on repayments, it should be carefully considered alongside other financial planning.
We are based in Nottingham and work with clients looking to remortgage across the UK. We don’t rush initial consultations and make sure we truly understand your current situation and long-term goals. This ensures our remortgaging advice aligns with your genuine needs and preferences, so you can make informed and considered decisions. We commit to truly bespoke remortgaging services for the benefit of our clients.
- Call: 0115 870 9520
- Email: [email protected]
FAQs
Q
How does the interest rate on a remortgage compare to the original mortgage?
A
Q
What are the pros and cons of remortgaging to a fixed-rate mortgage over a variable-rate mortgage?
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Fixed-rate mortgages mean fixed repayments which makes for easy budgeting and certainty for a number of years ahead. However, they lack flexibility because an early repayment charge will apply if you redeem the mortgage before the end of the fixed rate period. A variable rate product offers flexibility as they will usually have low or no early repayment charges (ERCs) and you might benefit if the Bank of England Base Rate drops.
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Can mortgage brokers help with remortgaging if I have complex financial circumstances and unsatisfactory credit history?
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Yes, clients with complex financial circumstances, such as being self-employed, being a contractor, having adverse credit, owning multiple properties, holding foreign passports and many other reasons, are well advised to speak to a broker. They will be able to use their experience and knowledge about lender criteria to open access to more lenders, often saving you time and money.
Home movers
Whether you’re upsizing or downsizing, our mortgage advisers can assist you in finding the most advantageous mortgage option.
New build mortgages
Navigate the new build mortgage market with our experienced and well-connected new build mortgage advisers.
Buy-to-let
Overcome the buy-to-let (BTL) mortgage market with a customised solution provided by our knowledgeable team of BTL mortgage professionals.
First-time buyers
As a first-time buyer, you’ll receive a personalised mortgage advice service, clear explanations and exceptional patience throughout the process.
353,000
mortgage products were up for renewal in Q1 of 2023*.
Almost 6 in every 10 (57%) mortgages will be up for renewal by the end of 2023.
*Source: https://www.uswitch.com/mortgages/remortgaging/remortgage-statistics/
Grace Flint - Remortgage Adviser
“With a whole lot of dedication and know-how, we guide clients down the road to financial success, one remortgage at a time!"
Grace joined us in July 2022. She's passionate about helping clients achieve their financial goals and believes in strong communication and collaboration within the team.
- Call: 0115 870 9520
- Email: [email protected]
Case study
Managing mortgage and help to buy equity loan for a brighter financial future
Client background: We recently helped a couple in their early 60s who came to us seeking advice with their money matters. Their mortgage with NatWest was reaching the end of its term and they were worried about how to pay off their Help to Buy equity loan, given they had a deadline of 9 years remaining. The couple were finding it hard to pay their bills and pay off the loan so looked to James Leighton for a much needed solution. As the gentleman in the couple was still working, he told us about his job and mentioned it was not too physically demanding, therefore meaning he could work for longer. The couple’s main objective was to find a way to make their monthly payments less and deal with paying off the equity loan.
The challenges:
- They had 9 years left to pay off their mortgage in full and they needed a way to make it more affordable.
- The gentleman was over 60 years old which can sometimes mean limited mortgage options are available.
- Some banks and building societies will require you to use your pension as a source of income if you're close to 70 and wish to change your mortgage.
- The extra money the gentleman made from working more hours was really important but some banks didn't count it because of his age.
What we did: We talked a lot and came up with a plan to help them out:
- Changing mortgage time: We thought about making the time they had to pay their mortgage longer. This would mean they could pay less each month which would be better for them. This would mean extending their mortgage term from 9 years to up to 14 years.
- Picking the right lender: We suggested using Santander because they were better at dealing with the situation around the gentleman’s age and how much money he made. This way, they could check if the couple could really afford the payments.
- Considering the options: We thought a 2-year fixed term where they paid the same amount each month would be a good idea. The couple had an option to draw down a lump sum from their pension and pay off the Help to Buy equity loan which they appreciated as it meant they could look to reduce the extended term down again. We talked about it to make things better in the long run.
To wrap it up: By extending the couple’s term and giving more time to pay the mortgage, we were able to secure them a better rate meaning they could pay less money each month. The 2-year fixed term gave them time to think about paying the loan faster with their pension money.
We were able to find a way to help these clients handle their mortgage and loan payments that worked better for them. They got more time to pay the mortgage and a bank that was agreeable about their situation. The 2-year plan let them think about using their pension money to finish paying the loan early if they wanted. It made their money situation better and gave them a brighter financial future.
They got more time to pay the mortgage and a bank that was agreeable about their situation.
What our customers say
We have been using James Leighton since we bought our property back in 2017 and always found them to be fantastic. They always find the best deals and manage to decipher what it exactly you want when remortgaging.
Grace was super friendly from the start ensuring that everything was discussed upfront and all questions were answered. Thank you so much.
