Help with remortgaging a property

To remortgage property, you need to take out a new mortgage on a property you already own. You can do this either by switching it to a new lender or by moving to a different rate with your existing lender.

There are a number of reasons you might want to remortgage a property:

  • Your current deal is about to expire
  • To get a better rate and reduce your monthly payments
  • To release equity from your property for home improvements or help children get on the property ladder

The process of remortgaging a property is generally much quicker than buying or selling property, but it can still take a couple of months. So if you are looking to remortgage, give yourself at least two months before your current arrangement expires.

Whatever your reasons for remortgaging, our property solicitors can talk you through the options, helping you to make an informed decision that is right for you now and in the future.

Next steps: get in touch

If you need advice on how to remortgage property, contact our team on: 0800 533 5349 or

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Frequently asked questions

Remortgaging to raise capital requires you to make monthly repayments, whereas an equity release plan does not. For this reason, your income level could be a factor in your decision. Lenders look at your age, as well as affordability, when you apply to remortgage. The main advantage of remortgaging is that it will usually prove the cheaper option overall. Equity release rates are generally much higher than rates on traditional mortgages.

Remortgaging is usually easy, especially compared with getting a brand-new mortgage to purchase a property. If you want to remortgage you simply need to find the mortgage you want and make your mortgage application – your solicitor and lender will take care of the rest.

There are three main ways for homeowners to release cash tied up in their home:

  1. Equity release – such as a lifetime mortgage.
  2. A remortgage or additional borrowing from your existing lender.
  3. A secured loan.

The best way to release cash from your home will depend on your personal circumstances, such as your age, your current loan-to-value (LTV), how quickly you need the cash and your ability to meet monthly repayments.

Unfortunately, unless you own 100% of the property a lender will not consider you or your property for an equity release mortgage. However, if you need to borrow for home improvements it may be possible to arrange a residential mortgage. Speak to our team of experts about your options.

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