When your initial mortgage deal ends, if you do not take any action, your mortgage will automatically revert to the lender’s standard variable interest rate which in most cases will mean that your repayments will increase and the payable rate of interest will be higher.

Typically, you can start looking to re mortgage from your current mortgage deal, up to three months in advance of your rate expiring.

Ashurst Mortgage Solutions can review the whole of the market for your ‘next time rate’ to best suit your ever changing circumstances, preferences and requirements.

There are many reasons why you should consider re mortgaging:

  • Reduce your monthly household costs
  • Repay your mortgage quicker by paying a lower mortgage interest rate
  • Free up cash to overpay your mortgage
  • Reduce the term of your mortgage and increase your mortgage payments to pay your mortgage off quicker.
  • Regular reviews after each deal ends can result in you repaying your mortgage quicker and having paid less interest overall on your original loan

Re mortgages can also involve increasing the amount you have borrowed against your home to consolidate unsecured debt, raising money for home improvements or raising a deposit towards purchasing another property. You should think carefully before securing other debts against your home.

Many of the re mortgage deals offered by competitive lenders are ‘fee free’ meaning that there may not be a valuation fee and no Legal fees to move the registered secured charge from your existing lender to the new lender. New products come to the market daily and you may be able to take advantage of a deal which was not available when you originally purchased your home.

If you are an existing customer of Ashurst Mortgages, you do not need to do anything. We will automatically contact you in advance of your mortgage deal expiring to discuss your circumstances. This is largely because your circumstances are unlikely to stay the same, even over as short a time as two years and your original mortgage may no longer be the most suitable for you.

You may have to pay an early repayment charge to your existing lender if you remortgage.