Remortgages
As a remortgage broker, Anderson Harris provides mortgage advice for homeowners who are reviewing their current mortgage, approaching the end of a fixed rate, considering a product transfer, or deciding whether to switch lenders. We are wholly independent and recognise that the right remortgage route depends on more than just the headline rate.
We will help you determine whether staying with your current lender or moving to a new one is more suitable. We can also advise on releasing equity, restructuring borrowing, reviewing a higher-value mortgage or preparing for a mortgage renewal before your current deal ends.
The Anderson Harris team will help you:
Compare product transfer and full remortgage options
Review rates, fees, timing and lender criteria together
Manage applications from advice through to completion
What Is Remortgaging
Remortgaging is simply moving your current mortgage onto a new deal. This may involve switching to a new lender or arranging a new product with your existing lender, depending on your circumstances and requirements.
Remortgaging is often triggered by the end of a fixed-rate term. If no action is taken, a mortgage will normally default to the lender’s standard variable rate, which, depending on the lender and market conditions at the time, is likely to result in higher monthly payments,
Remortgage deals can vary greatly, and should always be reviewed for suitability as well as headline rate. The right option depends on your goals, your current mortgage, property value, income, loan-to-value ratio, and wider financial circumstances.
Why Homeowners Remortgage
The homeowners who come to Anderson Harris for remortgage advice have a range of motivations for looking for remortgage deals. The most common reasons are outlined below.
Fixed rate ending
Many homeowners consider a remortgage because they can see their fixed-rate ending, and want to avoid automatically moving onto a standard variable rate.
Reviewing monthly payments
Some homeowners remortgage to secure a new deal and review monthly payments where suitable options are available. The total cost, including fees, should be considered alongside the rate.
Releasing equity
A remortgage to release equity may be considered for home improvements, family support, investment, high planned costs or other suitable purposes. Additional borrowing changes the affordability conversation.
Restructuring borrowing
Some borrowers use a remortgage to review the term, repayment structure or wider borrowing position. This needs careful advice, especially if debt consolidation or interest-only borrowing is being considered.
When To Start The Remortgage Process
It is always sensible to start reviewing remortgage options before your current deal ends. Many borrowers begin looking several months ahead, especially if they want enough time to compare their current lender with the wider market. Remortgaging timescales can drag because the process involves a lot of legwork. If you leave the process too late, you might run out of time. The problem with this is that the quickest option is not always the best outcome.
Earlier planning is especially useful if your circumstances are not straightforward. You might be in a higher-value borrowing category or have a variable bonus income, which means leaving time for additional underwriting. Your property might be older or a leasehold, which might prompt time-consuming lender queries. The list of reasons remortgages can move slowly is long.
Starting early does not mean you have to make an immediate decision, of course. It gives you time to understand the options properly and avoid being rushed as your current deal approaches its end.
If your current deal is ending soon, we can help you review the options early and avoid a rushed decision.
Remortgage Vs Product Transfer
This is probably the first decision remortgaging homeowners have to make. Essentially, this means choosing between sticking with a current lender or moving elsewhere. Product transfer refers to choosing another product from your existing lender. This can often be the quicker, simpler choice with less paperwork because your current lender already holds details about your circumstances and your property.
A full remortgage means switching to a new lender for a new mortgage deal. As you are not tied to your existing lender for a full remortgage, you have a wider range of rates, products, and borrowing structures to choose from. A full remortgage is typically best for customers looking to borrow more, with changed circumstances, or simply looking for a better fit.
In deciding between the two options, it is important to remember that the easiest or quickest option might not be the best. A product transfer may be convenient, but a full remortgage may produce a better overall result.
Not sure whether to stay with your lender or move? We can help you compare both routes in detail and make an informed decision.
Remortgaging Costs To Consider
It’s easy to look at headline remortgaging rates when shopping around, but homeowners should always consider the total cost of the new deal before signing. A low rate may not be the best overall deal if fees, timing or restrictions make it less suitable.
The main costs to consider include:
Early repayment charges if you leave your current deal before the end date
Arrangement or product fees
Valuation fees
Legal fees
Booking or administration fees
Any costs linked to changes
Some remortgage deals include free valuations or legal work, but this varies by lender and product. It is important to understand what is included, what is payable upfront and what may be added to the mortgage balance at a later date.
If you are borrowing more, the cost needs even more attention. Increasing the loan amount, extending the term, or restructuring the borrowing can all significantly change the total amount repayable.
Can You Borrow More When You Remortgage
It is often possible to borrow more when you remortgage, depending on your circumstances. Homeowners use a remortgage deal to release equity for home improvements, to support their families, or to make capital investments. For any extended borrowing, your lender will typically ask questions about why you need the money, your income, and major financial outgoings as part of the affordability assessment.
Debt restructuring should always be considered carefully. Moving shorter-term borrowing onto a mortgage may reduce monthly payments, but it can increase the total cost if repaid over a longer period.
What Lenders Look At When You Remortgage
Even if you have held a mortgage for many years, lenders will still assess your remortgage carefully. They will want to fully understand your circumstances, details of the property and the reason you’re looking for a new deal to see if you fit their criteria.
The team at Anderson Harris has a wealth of experience preparing remortgage applications around the following points.
Property Value And Loan-To-Value
Your current mortgage balance and property value help determine the loan-to-value ratio, which can affect the remortgage rates and products available to you.
Income And Affordability
Lenders will review salary, bonus, commission, self-employed income, regular commitments, dependents, and overall affordability.
Credit Profile And Commitments
Credit history, existing loans, credit cards, car finance, and other commitments can influence lenders' choices and borrowing capacity.
Property Type
Leasehold flats, unusual construction, service charges, cladding questions, additional borrowing or a change in repayment structure may all affect lender appetite.
How Long Can Remortgaging Take?
Remortgaging rarely follows a fixed timescale as every customer's circumstances are different. It’s always sensible to treat any advice as an estimate and to view guarantees with suspicion. That said, the quickest route is usually a product transfer with your existing lender. In these straightforward cases, a remortgage can sometimes be arranged within weeks.
Moving to a new lender is usually more involved. The new lender will need to review the application, assess affordability, confirm the property value and complete the legal work required to replace the existing mortgage. As a broad estimate, a full remortgage often takes around four to eight weeks, but again, this should only be treated as a guide.
When A Remortgage Broker Adds Real Value
At Anderson Harris, we add value through wholly independent, tailored advice on remortgage products and lender choices. We help homeowners avoid rushed decisions and clearly and practically compare the available options, ensuring you feel confident making informed choices. We then help you navigate the application process.
We can support your remortgage by helping with:
Product transfer and full remortgage comparison
Lender selection that fits your income profile and property type
Review of rates, fees, costs and early repayment charges
Deposit, equity and loan-to-value assessment
Preparation of income and affordability evidence
Support for bonus income, self-employed income or complex income
Advice on additional borrowing or equity release
Application and underwriting management
All this helps you choose the right remortgage route for your circumstances, rather than relying on the quickest or most obvious option.
Why Speak to Anderson Harris
Anderson Harris provides remortgage broker support for homeowners who want more than a simple rate comparison. Our approach is particularly suited to higher-value and more nuanced cases, such as borrowers with complex income structures, self-employed earnings, and larger mortgage balances. We help clients compare lenders and find the right deal, then support them through every stage of their application.
Speak to Anderson Harris if you’re wondering when to remortgage or want bespoke advice built around your circumstances, your property and your wider borrowing goals.
Remortgage FAQs
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A remortgage is the process of moving your current mortgage to a new deal. This may involve switching to a new lender or arranging a new product with your existing lender.
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It is sensible to start reviewing options before your current deal ends. Many borrowers begin several months in advance, especially if they want to switch lenders, borrow more, or have a more complex case.
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Not exactly. A product transfer means taking a new deal with your existing lender. A full remortgage usually means switching to a new lender.
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Remortgaging timescales vary. A product transfer may take a few days to a couple of weeks in straightforward cases. A full remortgage to a new lender often takes around four to eight weeks, depending on the lender, property and circumstances.
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Yes, but leaving a fixed deal early may trigger an early repayment charge. It is important to check your current mortgage terms before making a decision.
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Costs may include early repayment charges, arrangement fees, valuation fees, legal fees, booking fees or administration charges. The total cost should be considered alongside the interest rate.
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Yes, this may be possible. The lender will assess your income, affordability, credit profile, property value, loan-to-value and the reason for the additional borrowing.
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A lender may require a valuation to confirm the property's current value. This helps establish the loan-to-value and can affect the products available.
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Yes. Moving onto a new product from your existing lender is usually called a product transfer. It may be quicker, but it should still be compared with wider remortgage options.
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Lenders will review a range of factors, including your current mortgage, your property, your financial circumstances, and the reason for remortgaging.
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Yes, but lender choice may be more important. Bonus income, self-employed income, commission or variable pay can all be assessed differently by different lenders.
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Yes, especially if you want to compare product transfer and remortgage options, borrow more, release equity or review a more complex case before timing becomes tight.
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