Mortgages

What is remortgaging?

In simple terms, this is moving your mortgage to a new lender. Usually this is done when your current deal comes to an end. Remortgaging can help to save you money by changing your mortgage to one with a lower interest rate, thereby reducing your monthly payments. You can also use it to pay for things in the home, like decoration or home improvements, or to release capital (or equity) from your property.

Existing customer?

Find out how to do an Existing Borrower Transfer to secure a new mortgage deal.

Some things to consider...

A key part of considering a new mortgage deal is working out all the costs involved. Remortgaging can look attractive but there may be fees and/or charges to pay when you change to a new deal. You should also bear in mind that:

• You may need to show evidence of your income and outgoings e.g. household bills or debt commitments
• You may need to speak to a Mortgage Adviser more than once.
• A prospective mortgage lender will need to make sure you can afford the mortgage repayments on a new deal, both now and in the future should interest rates rise.
• You'll need to pay a fee for a valuation to be carried out on your current property.
• You will also need to pay a solicitor or licensed conveyancer to carry out the necessary legal work.

Find out more about remortgage costs.

How does it work?

Step 1: Check your existing mortgage

The first thing to do is ask your existing lender to send you a Redemption Statement. This will tell you how much you need to repay your mortgage, including any early repayment charges.

You should be aware of our fees and charges for a remortgage application; you’ll need to pay a valuation fee for your current property and legal fees for a solicitor or licensed conveyancer.

There may also be a product fee, depending on the remortgage product you select and a fee for processing your application.

Step 2: Choose a new mortgage

We have a wide range of mortgage products to choose from but before you start looking, it's important to know what monthly repayments you can afford and how much you would need to borrow. You can use our mortgage calculators to help you get a clearer picture of how you stand:

How much can I borrow?
Find out how much we might be able to lend you – takes about 5 minutes.

How much will it cost?
Get a quick estimate of your mortgage payments – takes about 2 minutes.

To help you decide which mortgage is right for you, you can use our remortgage search tool to find the right deal for you.

To find out more about the types of mortgages we offer, you can read our guide to mortgage types.

We have a wide range to choose from, but if you still can't make up your mind, our qualified Mortgage Advisers are here to help. You can call us on 0345 1200842.

Step 3: Apply for a remortgage

Your first step is to obtain a lending decision which will tell you if we will lend to you and if so, how much we would be able to lend.

Once you’ve obtained your lending decision, you can use our remortgaging finder to select a remortgage deal from our current range. You will then be able to apply for your remortgage online or over the phone - it's your choice.

If you'd like to know more about the process, you can read our guide.

Our mortgage products

Fixed rate mortgages

Mortgages which allow you to keep the same interest rate for a set period of time, even if the Bank of England Base Rate rises. If you want to come out of a Fixed rate mortgage before the end of the special rate period, early repayment charges will apply – see our individual product pages for details on this.

Tracker mortgages

These mortgage products track the Bank of England Base Rate which means the interest charged on your mortgage will rise when the Base Rate increases and fall when it decreases. This in turn will increase or decrease your mortgage repayments. It's important that you consider the risk that your mortgage repayments could increase should the Base Rate rise in the future.

Offset mortgages

• Both Fixed rate and Tracker mortgages can be Offset which links your mortgage to any savings you may have. By using your savings to offset against the balance of the mortgage, you can reduce the interest charged on your mortgage. This can help to reduce your mortgage repayments or reduce the term of the mortgage.
• Offset mortgages can be Fixed or can track the Bank of England Base Rate.
• If you want to come out of an Offset mortgage before the end of the special rate period, early repayment charges will apply – see our individual product pages for details on this.

Other incentives may also be available such as our Free Remortgage Legal Service and Free Valuation – look at the individual products for details. Some of our mortgages have product fees and early repayment charges, these are clearly shown on the product pages.

Free Valuation

On selected products, we'll cover the cost of a standard mortgage valuation. Please note that this excludes second or subsequent valuations and does not include homebuyer's surveys, building and structural surveys or specialist reports. If you decide to change the loan amount you need after we have the valuation, you may be asked to cover the costs of a new valuation.

Free Remortgage Legal Service

On selected products, we'll cover the legal costs** we've agreed with Optima Legal to complete your mortgage move to us. There shouldn't be any additional costs, but it's worth bearing in mind that this service is only for standard remortgages where the title of your property is registered freehold (heritable in Scotland), or leasehold.

Here's some things to be aware of. You can only take advantage of our free legal service if you apply directly with us and not through a third party. Also, we won't be able to cover:

• the cost if you need to register the property with the Land Registry in England, Wales or Northern Ireland
• any costs related to the transfer of title, postponement/discharge of charges, costs of notice to a landlord for a leasehold property, insurance to cover title defects or the costs of your own legal adviser

We'll ask you to pay any extra costs that aren't directly related to your mortgage transfer to our legal service provider, including any reasonable expenses we incur if your mortgage doesn't complete.

** There'll be a charge of £35 plus VAT made by Optima Legal and payable by you for our legal adviser transferring the funds to repay your existing mortgage.

Mortgage calculators

Use our simple calculator tools to work out how much your repayments could be, how much we could lend to you and if an Offset mortgage could save you money.

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