🔄 Remortgaging : Maximising Your Mortgage Potential with Empreso
Do you know you could potentially save money by switching to a different mortgage product, shortening your mortgage term or borrowing a bit more for that new kitchen ? We recommend speaking to one of our expert remortgage advisers at least five -or even six- months before your current rate ends. That gives us enough time to do our work properly, so you never pay more than necessary. Our advisers will ensure your mortgage continues to suit your needs by comparing your current lender’s offer with the rest of the market to find the most suitable deal.
How does it all work ?
✅ What is Remortgaging ?
Remortgaging means replacing your current mortgage with a new deal -either with your existing lender or a new one- on the same property. This isn’t about moving house, just securing a better-rate mortgage or releasing equity
🕰️ Why Should You Remortgage ?
- Avoid switching to SVR : once your fixed or tracker deal ends, you’ll default to your lender’s often-higher Standard Variable Rate
- Save on interest : a new fixed or variable deal could significantly reduce repayments.
- Release equity : use property gains to fund improvements, purchases, or consolidations
- Adjust repayments or term : increase flexibility to suit changing budgets or life events
💷 Costs to Consider
- Arrangement/product fee : typically £1k–£2k
- Valuation fee : £300–£500 (waived by some lenders)
- Legal/conveyancing : ~£300–£500
- Early repayment or exit fees : up to 1–5% of balance
📌 When to Remortgage
- Ideally 3–6 months before your current deal ends to avoid SVR
- Or immediately, if current rates outweigh early repayment penalties – early exit can still make sense
🔄 Remortgage Process (in 7 steps)
- Review your current deal : noting rates, ERCs and SVR start date
- Check eligibility : LTV, income, credit score and home value
- Search for deals, or ask a broker to find the best rates across lenders
- Obtain Agreement/Decision in Principle (soft credit check)
- Submit full application with documents (bank statements, payslips, ID)
- Valuation & legal : a solicitor handles documentation and funds transfer
- Completion : old mortgage cleared, new one starts, and your first repayment is confirmed
⚖️ Remortgaging : Pros & Cons
– Pros :
- Lower monthly payments or better rate certainty
- Access to equity for improvements or other uses
- Flexibility to switch terms, lenders, or payment types
– Cons :
- Fees and potential penalties
- Legal complexities if moving to a new lender
- Risk if credit criteria or property value have changed
🧭 Why Choose Empreso ?
- Expert brokers: Compare the whole market and show exclusive deals
- Custom solutions: Reassess your LTV and personal goals to find ideal terms
- End-to-end support: From early research and affordability to completion
- Long-term planning: Help with overpayment strategies, refinancing for improvement or investment
🛠️ Tools & Resources
- Remortgage savings calculator
- Overpayment & term adjustment guide
- Equity release planning
- Tracker vs fixed rate decision checklist
🚀 Next Steps
- Meet your “Clarity to Prosperity™” Adviser – Book a free, no-obligation session
- Prepare your documents – Income proof, statements, and current mortgage details
- Secure your future – Begin your remortgaging journey with confidence