If your mortgage deal is coming to an end, or your current deal no longer suits your needs, you might be considering remortgaging. For many homeowners across the North West, including Rawtenstall, Burnley and Accrington, remortgaging can be a smart way to save money, secure a better rate or restructure your finances.
At Gordon Anthony Mortgages, we understand that the process can sound more complicated than it actually is. Our experienced advisors and property-savvy team are here to make everything clear, calm and straightforward, guiding you from the moment you start thinking about switching through to securing your new deal.
This guide walks you through the essentials of remortgaging, what it involves, what to watch out for and how we can support you at each step.
What is a remortgage?
A remortgage is when you switch your existing mortgage to a new deal, usually to save money or better suit your financial situation. You may decide to remortgage because:
- Your fixed or discounted deal has ended
- Your circumstances have changed
- You want to borrow additional funds
- You are moving home and looking for a better arrangement
Remortgaging does not necessarily mean moving to a new lender. Sometimes your current lender may offer you a more competitive product. Our team can help you compare your options so you feel confident in the route you choose.
Why do people remortgage?
Your existing mortgage deal is ending
When a fixed or discounted mortgage term ends, you usually move onto the lender’s Standard Variable Rate (SVR). SVRs tend to be higher and less predictable, so monthly repayments often increase. Before you reach this point, it is wise to explore your remortgage options.
Switching to a different type of deal
Maybe your financial position has changed or you want more flexibility. Overpayment options, different term lengths or alternative mortgage products such as tracker or offset mortgages may suit you better now. Remortgaging helps you align your mortgage with your current lifestyle and goals.
Is remortgaging right for you?
If you are thinking about remortgaging, here are some key considerations.
1. What are your current deal terms?
Check your current mortgage offer carefully. There may be early repayment charges if you switch before the initial period ends, which can affect whether remortgaging is worthwhile.
2. How much have you paid off?
If you have paid off less than 10 percent of your property’s value, it may be harder to secure a competitive deal. On the other hand, if you are close to repaying your mortgage, fees for switching might outweigh the benefits.
3. Has your financial situation changed?
If your income or employment type has altered, for example moving into self employment, or your credit score has worsened, it could affect your remortgage options. Our advisors can help review your situation and explain what lenders are likely to see.
At Gordon Anthony Mortgages, we will always be honest with you. If staying with your existing lender makes more sense, we will say so.
Reviewing your current mortgage
Before deciding your next move, it helps to review your mortgage with an adviser. Key questions include:
- Are you on a fixed rate or a variable deal, and has it worked for you
- When does your initial deal period end
- Are there early repayment charges or exit fees
- How much do you still owe
- What is your Loan to Value (LTV) ratio
We will go through these questions with you, helping you understand your position clearly before making any decisions.
Portable mortgages for home movers
If you are planning to move home, you may be able to port your existing mortgage. This means keeping the same rate and lender, which can be beneficial if you would face large early repayment charges.
However, porting is not automatic. Your lender must approve it, and you will still need to undergo affordability checks. If your new home is more expensive, you may need a top up loan at a different rate.
Porting can be complex, so personalised advice is essential. Our team can guide you through the options and timings, especially if you are navigating a house move in Rawtenstall, Burnley or Accrington.
Product transfers
Sometimes, your existing lender may offer you a product transfer, allowing you to move onto a new deal without switching providers. These can be quick and cost effective, with no legal fees or new affordability checks.
But they are not always the best deal on the market. As independent, whole of market advisors, we compare both internal and external options so you get the full picture before choosing.
Typical remortgage fees to consider
Depending on the lender, you may encounter some of the following fees.
Early repayment charge
If you switch before your deal ends, you may have to pay a fee.
Arrangement fee
A common remortgage cost, often between £1,000 and £2,000 or more. We will help you factor this into your overall comparison.
Valuation fees
Lenders may need to value your property. Costs vary depending on size and value.
Reservation or booking fee
Less common, but typically £100 to £300 if charged.
Admin charges and legal fees
Some lenders cover these, but not all do. We will make sure you know exactly what to expect.
Talk it through with us
There is a lot to think about when remortgaging, but with the right guidance, it does not need to be stressful. At Gordon Anthony Mortgages, we explain your options simply and clearly, helping you make a confident decision.
Whether you are remortgaging in Rawtenstall, Burnley, Accrington or surrounding areas, our mix of financial expertise and property insight means we can advise on timings, market conditions and next steps, ensuring everything lines up smoothly with your plans.
If you have questions about remortgaging or your current deal, just get in touch.
Call 01282 506060 | Email info@gordonanthonymortgages.co.uk
A reminder about our Refer a Friend offer
Don’t forget, you recommend a friend who completes their mortgage with us, you will both receive a £50 voucher as a thank you. You can read more about our Refer-A-Friend offer here.
Important information
Your home may be repossessed if you do not keep up repayments on your mortgage. You may have to pay an early repayment charge to your existing lender if you remortgage. Information in this guide is based on our current understanding and may change without notice. It is for guidance only and does not constitute financial advice. No part of this document may be reproduced without permission.