Your Quick Guide to Remortgaging

Is your fixed term mortgage coming to an end? Are you considering your remortgaging options?

With branches on your local high street and real people for support, we look at each mortgage case individually and review each application on merit. Our brand of kinder banking meant that we were nationally commended remortgage providers at the industry Moneyfacts awards 2023.

What is remortgaging?

Remortgaging is when you change the mortgage on your property, either by switching it to a new lender, or moving to a different rate with your existing one.

Why would I want or need to remortgage?

There are a number of reasons why remortgaging might be right for you, and the benefits of a new deal can be different for everyone depending on your circumstances.

Your existing product is about to expire - When your current mortgage product ends, your mortgage will normally move to your lender’s standard variable rate (SVR), which in some cases will be higher than the variable or fixed interest mortgage that you have moved from. Remortgaging can move you on to a lower interest rate.
You want to borrow extra - You can release equity from your property when you remortgage to pay for home improvements.
Mortgage overpayments - You may want to remortgage to find a provider with more flexible terms that lets you overpay on your mortgage without penalty.
Increased property value - If your property value has increased, your lower loan-to-value might help you qualify for lower interest rates.
Life changes - Whether you’re starting a family or expecting a significant change to your income, remortgaging gives you a chance to find a deal that’s a better fit for you now and in the future.

When should I begin to consider my options?

Remortgaging does involve a paperwork process and solicitors are unlikely to carry out work instantly. At The Cumberland our mortgage offers are valid for 6 months and we encourage customers to speak with us at least 3 months before their existing product is due to expire.

Further information on mortgages at The Cumberland can be found here.

You can make an appointment with a mortgage adviser here.

For general enquiries please feel free to visit your local branch or give our customer service team a call on 01228 403141 – we’re always happy to help.

Your mortgage is secured on your home. Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.