10 Things to Know Before You Remortgage Your Property

Remortgaging your home can save money, release equity, or secure better terms—but only when approached with clarity and care. Whether you're nearing the end of your fixed-rate period or planning a renovation, knowing what to expect helps you make confident decisions. 

Partnering with experienced solicitors in Westbury-on-Trym ensures the legal process runs smoothly and efficiently. In this article, we share ten essential insights every homeowner should consider before remortgaging.

 

 

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1. Understand Why You're Remortgaging

Start by clarifying your goal. Are you seeking lower monthly payments, looking to fund a home improvement project, or aiming to consolidate debt? Are you exploring a buy-to-let opportunity or changing your lender after poor customer service?

Understanding your objective will help you choose the most suitable mortgage product. The MoneyHelper platform provides guidance for identifying your remortgage priorities. Having a clear goal also enables your solicitor or broker to advise on lenders whose products best match your financial situation.

2. Review Your Current Deal

Check when your fixed or discounted rate ends. Many homeowners wait too long and revert to their lender’s Standard Variable Rate (SVR), which is typically higher. This can lead to unnecessary monthly costs, particularly during inflationary periods.

Set reminders at least six months before your deal expires. Early action gives you more choice and better rates. It also helps you avoid being rushed into a decision or missing lender deadlines.

3. Factor in Early Repayment Charges (ERCs)

Leaving your mortgage before the term ends may incur ERCs. These can reduce or eliminate the savings of a new deal.

Review your mortgage offer documents to understand any penalties. Your solicitor can help you calculate the real cost of switching. In some cases, it may be worth waiting until the penalty period ends, especially if the savings are marginal.

4. Check Your Credit Score

Lenders use your credit profile to assess eligibility. A higher score may grant access to lower interest rates and better products. Even a small dip in your credit score can affect the rates offered.

Free tools like Experian allow you to check your report and fix errors in advance. Common mistakes include outdated addresses, unclosed accounts, or incorrect missed payment records. Checking your report early gives you time to address inaccuracies.

5. Understand Affordability Assessments

Even if your mortgage is staying the same or decreasing, lenders still run affordability checks. These include income verification and a review of existing debt. Some lenders use Open Banking tools for faster access to your financial data.

Self-employed applicants should prepare tax returns and profit/loss statements. Staying financially organised boosts approval odds. It’s also helpful to reduce short-term spending in the months leading up to your application to enhance your debt-to-income ratio.

6. Choose the Right Type of Mortgage

Options include fixed, tracker, and offset mortgages. Each has pros and cons depending on your income stability and risk tolerance. Fixed deals offer security, while tracker mortgages may benefit those expecting interest rate cuts.

The HomeOwners Alliance offers an overview of mortgage types and suitability. You should also consider the length of the deal, arrangement fees, and exit terms.

7. Factor in Legal and Valuation Costs

Although some lenders offer free legal services, many borrowers prefer to appoint their own solicitor. This ensures independent advice and added protection. It can also prevent delays if the lender's solicitor is overburdened or unfamiliar with local property issues.

You'll also need a property valuation. Some lenders cover this, while others add it as a fee. It’s worth checking if the valuation is automated or physical, as discrepancies in house value may impact loan approval.

8. Use Technology to Compare Offers

Digital platforms allow you to compare multiple remortgage products quickly. Online calculators can estimate monthly repayments, interest savings, and loan-to-value ratios. These figures help you make data-driven choices. Many tools also offer eligibility checks and automatic application tracking.

9. Expect a Short Legal Process—but Be Prepared

Remortgages often complete within four to six weeks. Your solicitor will check title deeds, redeem your current mortgage, and handle lender requirements. While it’s faster than a property purchase, it still requires due diligence.

Any delays usually stem from incomplete documents or valuation issues. Clear communication ensures a faster timeline. Let your solicitor know upfront about shared ownership, leasehold issues, or recent name changes on the title to avoid surprises.

10. Choose the Right Legal Partner

Even a simple remortgage can benefit from professional support. Your solicitor will review the mortgage offer, explain legal terms, and liaise with the lender to protect your interests.

They’ll also handle HM Land Registry updates and ensure compliance with lender rules. Choosing a solicitor with local knowledge offers both convenience and clarity. A good solicitor can also keep you informed and calm throughout the process—especially when timelines are tight.

Final Thoughts: Confidence Comes from Preparation

Remortgaging isn't just a financial transaction—it's a legal process that requires foresight and planning. With the help of experienced solicitors, you can make informed choices and protect your home investment.

Review your current position, explore your options, and seek the right guidance to get the most from your mortgage. Taking a few extra steps early on can lead to smoother transactions and more favourable financial outcomes.

This article is intended for informational purposes only and does not constitute legal or financial advice. Please consult a qualified solicitor or mortgage adviser for tailored assistance with your remortgage journey.