Remortgaging – is now the time?

If you’re on a tracker, discounted or variable rate mortgage, it’s likely that you’ll have seen your monthly payments reduce following base rate cuts back in March. However, if you’re coming to the end of your current deal or have moved onto your lender’s standard variable rate (SVR), it could be the right time to remortgage.

Remortgaging means taking out a new mortgage on a property you already own. This could be to borrow more money against your home or to get a better deal than your current mortgage. You may wish to remortgage because:

  • Your current deal is coming to an end
  • You want a better rate
  • You want to borrow more
  • Your current deal won’t allow you to overpay
  • Your property has increased in value, meaning you could get a better rate with your new loan-to-value ratio.


At the start of the pandemic, lenders reacted by pulling products off the market (particularly for those in the high loan-to-value bracket). The inability to do physical valuations also hampered the progress of mortgage applications. With the reopening of the property market and renewed optimism, however, lenders have been reintroducing products and finding workarounds for operational problems, for example automated ‘drive-by’ valuations.


Things are changing almost daily in the property market, so if you’re thinking about remortgaging, now is the time to give it some serious thought. Remortgaging won’t be right for everyone, but we can advise you on whether it’s a suitable option for you, explaining the costs and any potential implications along the way. In a complex environment, getting good advice can really pay – so get in touch and we’ll guide you through the process.

As a mortgage is secured against your home or property, it could be repossessed if you do not keep up mortgage repayments.