Remortgaging: Don't Pay More Than You Have To
Your current deal is ending. Doing nothing could cost you thousands.
It’s easy to leave your mortgage unchanged for years. But with rates and products evolving, reviewing your options could help ensure you’re not missing out on a deal that better fits your circumstances. If your fixed-rate deal is coming to an end, or if you are already sitting on your lender’s Standard Variable Rate (SVR), you are likely paying significantly more interest than you need to.
At I J Mortgage Solutions, We check your current deal against the whole of the market to hopefully find you a better rate, keeping more money in your pocket
Why Switch?
When your introductory mortgage deal (usually a 2 or 5-year fixed rate) ends, your lender will automatically move you onto their Standard Variable Rate (SVR).
The SVR is typically much higher than market rates and can fluctuate at any time. By remortgaging—switching to a new deal either with your existing lender or a new one—you can secure a new fixed rate and protect yourself from rising costs.
Did you know? Some lenders may let you lock in a new rate up to 6 months before your current deal ends. We can secure a rate for you now to protect you from market rises, and if rates drop before you complete, we can often switch you to the cheaper one!
It’s Not Just About Saving Money
1. Home Improvements
Love your home but need more space? Instead of moving, you may be able to remortgage or take additional borrowing against your home to fund improvements such as a new kitchen, extension, or loft conversion
If you have credit card debt or personal loans, you may be able to remortgage or take additional borrowing against your home to consolidate them into one monthly payment. This could reduce your monthly outgoings but may increase the total amount repaid and your debt will be secured against your home
Note: Think carefully before securing other debts against your home. By extending the term of these debts, you may pay more interest over the long term.
3. Change Your Term
If your salary has increased, you might consider shortening your mortgage term to become mortgage-free sooner, although your monthly payments would be higher. If money is tight, extending your term could reduce your monthly payments, but you may pay more interest overall
2. Debt Consolidation
While lowering your monthly payments is the main goal, remortgaging is also a powerful tool for restructuring your finances.
‘You may have to pay an early repayment charge to your existing lender if you remortgage.’
Product Transfer" vs. "Remortgage
Should you stay or should you go?
Product Transfer (Staying Put): This is when you pick a new rate with your current lender. It’s fast and usually requires less paperwork.
Remortgage (Switching): This is moving to a new lender who may be able offer you a better rate.
Which is better? A comparison site won't tell you, but we will. We compare your current lender’s "existing customer" rates directly against the new customer rates from every other bank in the UK. If staying put is the best option, we’ll tell you (and we can even arrange the switch for you!).
The Remortgage Timeline
Step 1: The Review (6 Months Out)
We review your current mortgage offer. We check when your penalty period (Early Repayment Charge) ends and assess your current loan-to-value (LTV).
Step 2: The Search
We scour the market. We calculate the true cost of the new mortgage—factoring in interest rates, valuation fees, and product fees—to ensure the switch is actually worth it.
Step 3: The Application
We submit the application to the new lender (or your current one). We handle the valuation bookings and the paperwork.
Step 4: The Legal Work
If you are switching lenders, a solicitor is required to move the legal charge. Good news: Many lenders offer "Free Legals" for remortgages to keep your costs down.
Step 5: Completion
Your new lender pays off your old lender. Your new monthly payment begins (which could be higher or lower depending on your circumstances and the deal chosen
Address
I J Mortgage Solutions, 17 Blackley Close, Warrington, WA4 1JA
Contacts
0330 133 2620
info@iijmortgages.co.uk
Areas we Cover
Privacy Policy
Fee Agreement
Cookie Policy
I J Mortgage Solutions
© © 2025 I J Mortgage Solutions Limited is an Appointed Representative of Stonebridge Mortgage Solutions Ltd, which is authorised and regulated by the Financial Conduct Authority. Our FCA number is: 1052669.
Registered Office: I J Mortgage Solutuons Limited, 17 Blackley Close, Warrington, WA4 1JA. Registered Company
Company Number: 16424810 Registered in England & Wales