Remortgaging

When you remortgage, you are switching your mortgage to another deal, and frequently another lender.
Remortgages can be used for various reasons, most people simply switch mortgage because it will work out cheaper for them.
For example, the introductory discounted interest rate may have finished with your current lender; therefore you could get a discount, or a lower APR, with another lender.
Other individuals may use a re-mortgage to consolidate their debts, if they take out their remortgage for a larger amount than owed on the existing mortgage.
If you are looking to replace your existing mortgage for one with lower repayments please fill out our enquiry form.

Remortgage FAQs

Thousands of borrowers throughout the UK continue to pay over the odds for their loan due to misunderstanding over the remortgage process.
Thomas George Finance mortgage advisors are committed to helping you save money by having the most cost effective mortgage , we see this as of paramount importance within each individuals finances as it will possibly be the biggest monthly out lay that you have.

Can moving my mortgage save me money?

Moving your mortgage loan could save you money. Throughout the UK, numerous borrowers pay too much for their mortgage loans because they have allowed their mortgage deal to revert to a lender's standard variable mortgage rate. Switching your mortgage to a cheaper deal is one of the most effective ways of saving money.

What is the cost of remortgaging?

Taking out a remortgage doesn't have to be expensive, and many mortgage lenders now provide specialist remortgaging services. Some of these charge no fee for legal and arrangement costs.
Our advisors will help you source the best deal taking into consideration all arrangement costs and free offers.

Can I use a remortgage to borrow more money?

It is possible to use a remortgage to free up equity stored in your home. Moving your mortgage, as well as reducing the amount you pay each month, could let you free up capital. Borrowing on a remortgage could give you cheap rates, but remember the loan is secured against your home.

Are there any problems with remortgages?

The only potential problem, beyond affordability, is that the terms and conditions of your existing mortgage loan could mean that you are tied in for a fixed rate of time, and have to pay a redemption charge in order to change deals early. This type of fee is usually known as an early repayment charge.

Shouldn't I just stay with my mortgage lender rather than move my mortgage?

Many borrowers feel a loyalty to their lender, yet mortgage lenders usually do not reward customer loyalty. Therefore, shopping around for a cheaper loan is the best way to save money.
At Thomas George Finance we employ some of the very best and experienced advisors around, they will look to take the pain away of shopping around and provide you with their extensive knowledge of the market place to make the right decision for your circumstances.

Which type of remortgage deal is best for me?

Four types of deal: fixed, capped, discounted and flexible, are most common. The most suitable mortgage will depend on your individual circumstances.

What should I watch out for on the remortgage market?

Avoid lenders who charge extended redemption penalties. These small-print lurkers can really sting you when it comes to changing your deal next time.

How does the remortgage process work?

When it comes to taking out a remortgage, the first step is to get a 'redemption statement' from your mortgage lender. This tells you how much you still owe.
We will then sit down with you to assess your circumstances and requirements that will allow us to provide you with advice on the mortgage we feel best suits your circumstances and needs.
The application process is then all dealt with by ourselves from ordering the valuation to chasing the offer of loan through to completion by liaising with your solicitor.

How long does a remortgage take?

Depending on the specifics, remortgages generally take about a month.