Remortgaging: What It Is and How It Works

Not many people are aware of how remortgaging works, so few people are actually able to take advantage of its benefits. 

In this post, Conveyancing Expert – a trusted conveyancer in Manchester, shares some of the basic information you need to know about remortgaging, including why you should do it and how it works. If this is something you’re interested in, read on, and you’ll definitely find the answers to your remortgaging questions: 

“Why Should I Remortgage?”

When you first get your mortgage, it’s likely that what you’ve signed up for was a really good deal. The problem is, over time, the mortgage market goes through many changes. Newer and much better deals are now available. What that means is that it’s likely that there’s one that can benefit you better today and save you some money. 

Here are some of the reasons why you might want to remortgage: 

To Get a Better Interest Rate

When you take out a new mortgage, you’ll likely be given an introductory deal which will be a low fixed rate or a low tracker rate for several years. Such deals often last for two to five years, depending on the offer of the lender. When that introductory period ends, it’s a good idea to check the market to find out if switching will save you some money. 

To Get a More Flexible Deal

Remortgaging may offer a more flexible deal, like when you want to overpay. You can also do it to switch to a current account mortgage, where you can use your savings to minimize the amount of interest you need to pay. Some even allow you to draw your savings back should you need them. 

To Consolidate Debt

If you have a lot of debt, it might be tempting to borrow the extra money so you can pay off other debts. But even if mortgage interest rates are usually lower than that of a personal loan and significantly lower than credit cards, you might still end up having to pay more overall, especially because it’s going to be a long-term one. 

“Do I Need to Change My Lender?”

Not necessarily. To know for sure if there’s a need to change lenders, you should check with your current one if there’s any arrangement they can offer you. You can ask about the product fees they have on their new mortgages as well as any early repayment charges if you end your mortgage deal early. These expenses can add to the remortgaging cost, so you should really assess if it still makes sense to remortgage after you add these costs. 

“When Should I Consider Remortgaging?”

Well, it’s up to when you want to remortgage. However, if you are not yet at the end of your term, it’s likely you’ll have to pay an early repayment charge. Many choose to remortgage when they reach the end of their fixed-rate term because this is usually when their current mortgage stops being a great deal. 


Remortgaging can indeed be beneficial to many, but to be on the safe side, you should thoroughly check out the costs involved. There are lenders who will offer deals with zero fees to tempt you. However, many do not, and in such cases, you’ll have to pay for the legal, valuation, and administration fees which can be substantial, too. You shouldn’t jump at the first deal you are offered, mainly either. Compare offers and see which one is best for you. 

Conveyancing Expert offers quality conveyancing services in Manchester and nearby areas. Contact our team today to get a remortgage quote or to know more about our services!