How much will you repay on your remortgage?
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While getting a new mortgage can be beneficial, it’s not always the right choice. Before applying, use our remortgage calculator to weigh the pros and cons, compare options, and find the best deal, especially if you have bad credit.
When to Consider a Second Mortgage
Whether you’re moving for a new job, buying a holiday home, or just looking for better terms, a second mortgage can help. With rates at an all-time low, many people are using their home’s equity to lower payments on a new property. This option is also available for the over-60s, who might want to release equity for various needs.
Check Your Current Mortgage Deal
The goal of remortgaging is to save money. If switching lenders doesn’t offer savings, it may not be worth it. Even with exit fees, you could still come out ahead with the right mortgage product. Popular options include:
- Base Rate Trackers: These follow the Bank of England’s base rate, which is historically low right now, potentially saving you money.
- Variable Rate Mortgages: Similar to trackers, but act quickly as rates could rise.
- Flexible Mortgages: These may allow you to switch lenders without heavy penalties.
Potential Savings
Always consider the costs of switching, such as fees and rate changes. Use our mortgage repayment calculator for a quick estimate, but consult with our advisors to get a full picture, especially if you have bad credit or are in the Over 60s category. Different lenders have different fees, like legal costs, surveys, and early repayment penalties. We can help you find the best deal to save you money quickly.
Applying for a New Mortgage
Once you’ve calculated potential savings and compared rates, the next step is applying. Our remortgaging experts can help you switch providers smoothly, lowering your monthly payments with minimal stress. We work with lenders who understand the unique challenges of those with bad credit and those over 60.
What is a mortgage?
A remortgage replaces your current mortgage with a new one, often at a lower interest rate. This can reduce your monthly payments and save you money over time, even if you’re dealing with bad credit or are over 60.
How Do Remortgages Work?
Remortgaging involves moving from one mortgage deal to another, either with the same lender or a new one. Many lenders offer great deals for those willing to switch, but it’s important to compare the whole market and consider all costs before deciding, especially if you have bad credit.
How to Compare Remortgages
High-street lenders and specialist firms offer various remortgage options. To find the best deal, you need to look beyond just the interest rate—consider fees, service quality, and the switching process. Our comparison tools make it easy to find the right product, whether you have bad credit or are over 60. Done right, remortgaging can save you thousands.
Remortgage Fees
Fees vary by lender, and many can be negotiated. Expect costs like early repayment fees, arrangement fees, and valuation fees. A well-planned remortgage can save you money, but it’s important to approach it carefully, especially if you have bad credit.
Where to Get a Mortgage
You can remortgage with the same lenders that offer new mortgages. Some offer low rates to attract new customers, but be sure to check if you’re truly saving money. Use our calculator to compare rates and see how much you could save.
When to Apply for Remortgage
The main reason to remortgage is to save money by securing a lower interest rate. If you have a lot of equity, remortgaging can also help consolidate debt or fund home renovations. This is especially beneficial for those over 60 looking to free up cash for retirement.
When to Avoid Remortgaging
Remortgaging isn’t always the best option. If you have little equity, your home’s value has dropped, or you already have a good rate, you might want to stick with your current mortgage. This is especially true if you have bad credit, as the costs of switching might outweigh the benefits.
Remortgaging with Poor Credit
Poor credit can make remortgaging harder but not impossible. The impact depends on the severity of your credit issues. If your credit problems are minor, you may still find a deal, but expect higher costs. It’s best to work with a specialist if your credit is a concern, and our comparison tools can help you find the best rates available.
Final Thoughts on Remortgaging
Remortgaging can be a smart move if interest rates are favourable, your home’s value is solid, and you want to save money. Since every situation is unique, especially for those with bad credit or over 60s, always talk to a financial expert before making a decision.
Let our AI software compare rates for mortgage products against high-street banks and other institutions:
