A remortgage allows you to replace your existing mortgage with a new mortgage, usually with a different lender. Whether your current deal is approaching its end, you want to review your monthly repayments or you are considering releasing equity from your property, comparing your options can help you make a more informed decision.
At Empire Mortgages, we provide expert remortgage advice to homeowners across Dunfermline, Fife and beyond. With more than 60 years of combined mortgage experience and whole-of-market access, our advisers can compare suitable lenders and help you understand the costs, benefits and implications of changing your mortgage. Whether you want to secure a new deal, raise additional funds or simply make sure your mortgage still suits your circumstances, we are here to guide you through the process.
A remortgage usually involves replacing your existing mortgage with a new mortgage from a different lender while remaining in the same property.
If you remain with your existing lender but switch onto another mortgage deal, this is usually known as a product transfer rather than a remortgage. Both options can be worth considering when your current mortgage deal is approaching its end. The right route will depend on the products available, your current mortgage terms, affordability, property value and wider circumstances.
Empire Mortgages can compare options from across the market alongside any suitable product-transfer options available from your existing lender, helping you understand the differences before deciding how to proceed.
There are many reasons why homeowners decide to review their mortgage. One of the most common is reaching the end of a fixed, tracker or discounted mortgage deal. Without taking action, you may move onto your lender’s standard variable rate, which could be more expensive than other available options.
Other homeowners remortgage because their financial circumstances have changed, they want to alter the length of their mortgage term or they wish to release equity from their property. You may also consider remortgaging to fund home improvements, contribute towards another property purchase or consolidate certain debts, where appropriate. The right reason and mortgage solution will depend on your individual circumstances, which is why reviewing the full costs and implications is important before making a change.
There is no single perfect time to remortgage, but many homeowners begin reviewing their options several months before their current mortgage deal ends.
Starting early can give you time to understand your existing mortgage, check for early repayment charges, compare suitable new products and complete the application before your current deal expires.
You do not necessarily need to wait until the final month of your existing mortgage.
However, remortgaging too early could trigger an early repayment charge, so the potential cost of leaving your current deal needs to be compared against any possible benefit of switching.
Empire Mortgages can review your existing mortgage and help you understand when it may be appropriate to begin the process.
A remortgage and a product transfer both involve changing your mortgage deal, but they work differently.
A remortgage normally means moving your mortgage to another lender. This allows you to explore products available elsewhere in the market and may also involve a new affordability assessment, property valuation and legal work.
A product transfer means remaining with your existing lender but moving onto another product that they offer.
A product transfer can sometimes involve a simpler application process, but remaining with your current lender does not automatically mean you are getting the most appropriate deal available.
Empire Mortgages can help you compare both routes and consider the interest rate, fees, flexibility and overall cost before you make a decision.
The type of remortgage you choose will depend on what you are trying to achieve and how much flexibility you need.
Fixed-Rate Remortgage – A fixed-rate mortgage keeps your interest rate unchanged for an agreed period, meaning your monthly mortgage payment remains predictable during the fixed term. This can appeal to homeowners who value certainty when budgeting.
Tracker or Variable-Rate Remortgage – Tracker mortgages usually follow an external interest rate, while other variable-rate mortgages can change according to the lender’s terms. These products may offer greater flexibility in some circumstances, but monthly payments can rise as well as fall.
Remortgage for Equity Release – If your property has increased in value or your mortgage balance has reduced, you may have built up equity that could potentially be released through additional borrowing. Our remortgage for equity release guidance explains this option in more detail.
Remortgage for Home Improvements – Some homeowners remortgage to raise money for renovations, extensions or other significant improvements to their property. Our dedicated remortgage for home improvements service explains how additional borrowing may work.
Remortgage to Buy Another Property – Existing homeowners may consider releasing equity to contribute towards the purchase of another property.
Whether this is possible will depend on your equity, affordability and lender criteria. Our remortgage to buy a second property page provides further guidance.
Buy to Let Remortgage – Landlords may also remortgage rental properties when a mortgage deal ends, when reviewing portfolio borrowing or when considering releasing equity.
Buy to let remortgages are assessed differently from residential borrowing and may involve rental-income requirements alongside other lender criteria.
Loan-to-value, often shortened to LTV, compares the amount you owe on your mortgage with the current value of your property. For example, if your property is worth £200,000 and you have £150,000 remaining on your mortgage, your loan-to-value would be 75%. As your mortgage balance reduces or your property value changes, your LTV can change too. Different mortgage products are available at different loan-to-value levels, so a lower LTV may provide access to a wider range of options. If you are releasing equity, your LTV will usually increase because you are borrowing more against the property. Empire Mortgages can help calculate your current loan-to-value and explain how it may affect the remortgage options available.
The interest rate is only one part of the cost of remortgaging. Depending on your existing mortgage and the new product, you may need to consider early repayment charges, arrangement or product fees, valuation costs and legal fees. Some remortgage products include incentives such as free valuations or legal work, but the overall cost still needs to be compared carefully. A mortgage with a lower interest rate may not always be the cheapest option once fees and charges are included. Empire Mortgages will help you compare the total cost of suitable mortgage options rather than focusing solely on the headline rate.
It can sometimes make sense to remortgage before your existing deal ends, but this depends on the costs involved.
If your current mortgage has an early repayment charge, you will need to weigh that cost against any potential saving or benefit from moving to another product. Arrangement fees and other remortgage costs should also be considered. In some situations, waiting until the early repayment charge reduces or disappears may make more sense. In others, changing earlier could still be worthwhile. Empire Mortgages can review the figures with you so you understand the potential financial impact before taking action.
A remortgage application is normally assessed in a similar way to other mortgage borrowing. The lender may consider your income, household expenditure, debts, credit history, mortgage conduct, property value and loan-to-value. If your circumstances have changed since you originally took out the mortgage, this may affect the lenders or products available. This could include becoming self-employed, changing jobs, receiving income from several sources or experiencing previous credit problems. Professional mortgage advice can help identify lenders whose criteria are more closely aligned with your circumstances before an application is submitted.
Having previous credit problems does not automatically prevent you from remortgaging. The options available can depend on the type of credit issue, the amount involved, how recently it occurred and whether it has since been resolved. Missed payments, defaults, County Court Judgments and other credit issues can all be viewed differently by individual lenders. Your current mortgage payment history, deposit or equity position and overall affordability may also influence the options available. Empire Mortgages can assess your circumstances before recommending a lender. Our adverse credit mortgages service provides further guidance if previous financial difficulties are affecting your mortgage options.
Remortgaging can potentially allow you to release some of the equity built up in your home. Equity is the difference between the value of your property and the amount you still owe on your mortgage. For example, if your home is worth more than your outstanding mortgage balance, you may be able to increase your borrowing and receive some of the difference as additional funds. Homeowners may consider this for home improvements, another property purchase or other significant financial commitments. However, releasing equity increases the amount secured against your home and may increase your monthly repayments or extend the time it takes to repay your mortgage. Our dedicated remortgage for equity release page explains this in more detail.
The lowest advertised mortgage rate is not automatically the most appropriate option. Mortgage products can differ in their rates, fees, early repayment charges, affordability criteria and flexibility. A mortgage broker can assess your current mortgage, understand what you are trying to achieve and compare suitable options from available lenders.
At Empire Mortgages, we also consider the overall cost of switching, helping you understand whether a new mortgage may provide genuine value once fees and charges are taken into account. We can then manage the application process, communicate with the lender and help resolve any queries as your remortgage progresses.
At Empire Mortgages, we believe reviewing your mortgage should be straightforward and based on clear, personalised advice.
With over 60 years of combined mortgage experience, our advisers can help homeowners with straightforward remortgages as well as more complex circumstances involving additional borrowing, variable income or previous credit issues.
Our whole-of-market access allows us to consider a broad range of lenders and mortgage products based on your individual needs.
We will explain the options clearly, including the interest rate, fees, mortgage term and any relevant early repayment charges, before you decide whether to proceed.
Appointments are available in person, by telephone or through video call.
Based in Dunfermline, Empire Mortgages provides remortgage advice across Fife, including Kirkcaldy, Glenrothes, Rosyth, Inverkeithing, Dalgety Bay, Cowdenbeath, Cupar, St Andrews, Leven, and surrounding areas.
Our local knowledge combined with access to national lenders allows us to provide advice that is both practical and competitive.
Your mortgage is likely to be one of your largest financial commitments, so it is worth reviewing whether it continues to suit your circumstances.
At Empire Mortgages, we provide personalised remortgage advice, helping homeowners compare suitable options, understand the cost of switching and navigate the application process with confidence. Whether your existing deal is approaching its end, you want to release equity or your circumstances have changed, our experienced advisers are here to help.
Speak to Empire Mortgages todayto review your remortgage options.
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Many homeowners begin reviewing their options several months before their current mortgage deal ends. Starting early can provide enough time to compare suitable products and arrange a new mortgage before moving onto the lender’s standard variable rate, where appropriate.
That depends on your existing mortgage, available products, fees, early repayment charges and personal circumstances. Comparing the overall cost of remaining where you are against switching can help determine whether remortgaging may be worthwhile.
Timescales vary depending on the lender, property valuation, legal work and complexity of the application. Starting the process before your existing deal expires can help reduce unnecessary pressure.
Potentially. The options available depend on the type and age of the credit issue, current affordability, equity and lender criteria. Some lenders may be more flexible than others.
Costs can include early repayment charges, product fees, valuation fees and legal costs. Some mortgage products may include certain fees or incentives, so the overall cost should be compared rather than looking at the interest rate alone.
Yes, it may be possible, but an early repayment charge could apply. Whether switching early makes financial sense will depend on the charge, the new mortgage and your wider circumstances.
Potentially. If there is sufficient equity in your property and the additional borrowing is affordable, remortgaging may allow you to release funds. The amount available will depend on your property value, mortgage balance and lender criteria.
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Empire Mortgages Ltd is an Appointed Representative of PRIMIS Mortgage Network, a trading name of TenetLime Ltd. TenetLime Ltd is authorised and regulated by the Financial Conduct Authority. Tenet Lime Ltd is entered on the Financial Services Register (www.fca.org.uk/register) under reference 150643.
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