A remortgage replaces your current mortgage with a new one—either with your existing lender or a new one. Most people remortgage when a fixed deal ends to avoid the higher SVR.
Reasons to remortgage
- Save money: avoid expensive reversion rates.
- Release equity for improvements, debt consolidation, or gifting.
- Reduce term to clear the mortgage faster.
- Switch type (e.g., variable to fixed; interest‑only to repayment).
Process
- Review your current deal and any ERCs.
- Broker searches market.
- Application & docs.
- Valuation.
- Legal work.
- Completion and new deal starts.
Benefits
Lower repayments, better rates, flexibility to change term/type.
Risks
Early repayment charges, fees, affordability reassessment, and the risk of paying more interest over a longer term when capital is increased.
Example saving
£150k balance, 20 years left. SVR 6% ≈ £1,074/m. New fix 4.5% ≈ £949/m. Saving ~£1,500/yr.
Why use a broker
We compare the market, access exclusive rates, manage paperwork, and advise on timing.
Final thoughts
For many, remortgaging is the simplest way to cut costs and optimise finances.Call to Action
Is your deal ending soon? Don’t pay more than you need to—talk to Everest Mortgages at Everest‑Mortgages.co.uk.
