"Interest rates are higher than they have been in a number of years, so it's important to get the right remortgage deal. Make sure to speak to a whole-of-market broker well in advance of your current mortgage ending, to avoid going on to your lender's standard variable rate, which is usually more expensive."
Why should I remortgage?
You might want to remortgage if:
Your current mortgage deal is coming to an end - When your deal comes to an end and you're moved onto your lender's standard variable rate (SVR), the interest rate is usually a lot higher.
You'd like to switch deals - You may want to switch to a fixed-rate mortgage so you know how much you're expected to pay monthly. Or onto a variable-rate mortgage deal if you think rates may fall soon and you might benefit from lower payments as a result.
You're not happy with your current lender - If you're not happy with the level of service, remortgaging allows you to switch to a new lender.
You want to overpay your mortgage - Most mortgages have the option to overpay your mortgage without fees up to a certain amount (usually 10%). But some deals have more flexibility and allow you to overpay by more than this – you may be able to remortgage to one of these more flexible deals.
The value of your property has increased - If your property has increased in value, your new lower loan-to-value (LTV) could help you access better deals when you remortgage. But bear in mind that mortgage rates are much higher than they have been in recent years. So you may find the rates available to you now are higher than when you took out your current deal.
You'd like to borrow more on your mortgage - You might want to borrow more on your mortgage to get a lump sum to help consolidate debts, make home improvements or for something else.
Remortgaging with Mojo Mortgages
We've partnered with an expert broker to help borrowers save on their biggest monthly expense.
Just answer some questions about your situation and let Mojo's expert advisors guide you to a mortgage tailored to your needs. And the best part of it all is, it’s completely free (yes, really!).
With access to lenders across the whole of the market, Mojo advisors strive to save you money and find your best mortgage rate.
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as of 04/12/2023
What our expert says
Mojo's customer says:
“Fast and efficient service from Mojo team regarding remortgage. They kept me informed of the rate changes and secured the best available rate.”
Mr Kumar - Mojo Mortgages customer (December 2023)
Learn about different mortgage types
are a type of loan used to buy a property. The mortgage is secured against the value of the property.
are designed to help give you that first step on the housing ladder.
are where you only pay back the interest each month. When your mortgage term comes to an end, you still owe exactly what you borrowed at the start.
aren't that different from a regular mortgage. But there are some important differences.
Tips & guides on remortgages
An early repayment charge, or ERC, is a fee that’s paid to your mortgage lender for paying off some types of mortgages early.
Mortgage overpayments are when you pay more than your normal monthly mortgage payment. This lets that you pay your mortgage off faster and you could pay less interest overall.
What is loan-to-value (LTV) and what does it mean for buying a house?
Equity releases can get you a tax-free lump sum, but there are a few things to think about before applying.
Need more help?
Remortgaging your home is usually faster than buying your first property. It could be even faster if you’re staying with your current lender and you’re not looking to borrow extra.
If you’re switching to a new deal, be sure to start the remortgaging process early enough to a new deal when your current one expires.
This means you won’t switch to your lender’s SVR – which is typically more expensive – when your current mortgage term runs out.
The lower the LTV ratio, normally the better remortgage deals and rates you can access. The cheapest rates are normally available for those with a 60% LTV or lower.
The equity you have in your home will determine your LTV ratio for remortgaging. But you can also put down additional money to boost your deposit amount and reduce the LTV ratio.
You usually only need to revalue your property if you’re changing mortgage lender. If you’re staying with your current lender, a full valuation isn't generally required making it a bit more straightforward.
If you’re looking to borrow more against the value of your home, you normally do need a valuation.
You can remortgage to release equity in your home to allow you to borrow more than what you currently own on your existing mortgage.
Whether you can remortgage to a larger mortgage depends on your affordability and the LTV ratio you're looking to borrow.
Alternatively, you can look into taking out a second mortgage which means you keep your existing mortgage and take out another one. But this does mean you'll have to keep up with 2 loan repayments on the same property.
Different mortgage lenders have different age limits, so it’s best to check with yours first if you want to remortgage.
Some may have an age limit for starting a mortgage and others for when the mortgage term comes to an end.
There are also a few lenders who don't have any age restrictions.
You may be able to remortgage if you have bad credit. Some lenders offer bad credit mortgages but it normally depends on the severity of your credit issues.
There are specialist brokers who deal with adverse credit, and might be able to help you find a lender that can consider your application.
You may be able to remortgage if you're self-employed. But you need to evidence that you're earning enough to cover the loan repayments, normally via providing a few years of full accounts or SA302 end-of-year tax calculations.
Certain lenders are also more flexible with self-employed applicants. Mojo Mortgages may be able to help identify which banks and building societies are best suited for your circumstances.
YOU SHOULD THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME/PROPERTY. YOUR HOME/PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
The Financial Conduct Authority does not regulate mortgages for commercial or investment buy-to-let properties.
Confused.com is not a mortgage intermediary and makes introductions to Mojo Mortgages to provide mortgage solutions.Confused.com and Mojo Mortgages are part of the same group of companies.
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Mojo is a trading style of Life's Great Limited which is registered in England and Wales (06246376). We are authorised and regulated by the Financial Conduct Authority and are on the Financial Services Register (478215). Mojo’s registered office is The Cooperage, 5 Copper Row, London, SE1 2LH, and head office is WeWork No. 1 Spinningfields, Quay Street, Manchester, M3 3JE.
To contact Mojo by phone, please call 0333 123 0012.