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Learn more about remortgages
There are several reasons when you can remortgage:
- To reduce your monthly payments
- To pay off a larger amount and reduce the remaining term
- To borrow more to fund renovations, etc
Usually, you’ll want to start the remortgage process around three months before the end of your current deal. This should allow more than enough time to complete the process before lapsing onto the lender’s (usually) more expensive Standard Variable Rate.
There isn’t a limit to the number of times you can remortgage. However, the timing is important to avoid any penalty fees.
Remortgaging is usually done at the end of your initial period (usually 2 or 5 years) to avoid lapsing onto a lender’s higher Standard Variable Rate. So you might remortgage 12 times over a typical 25 year period.
If you remortgage during a fixed term deal, you might have to pay a penalty called an early exit fee. This can be expensive and should only be considered when absolutely necessary.
Yes, you can. There are certain circumstances when you might want to bite the bullet and pay an early exit fee to remortgage in the middle of a fixed rate deal.
- To immediately sell a property and pay off the mortgage in full
- To take advantage of a much better mortgage deal
- To release equity in your home at short notice, etc
In all situations, it’s important to consider what the exit fee will cost as it’s usually a percentage of the remaining loan amount (which can work out to be a lot!) If in doubt, seek advice from an independent financial adviser.
If you have a fixed term mortgage, you’ll need to wait until the end of its initial term (usually 2 or 5 years) to avoid paying a penalty. The remortgage process can begin several months beforehand, but you’ll only be able to switch to the new deal once your current one has finished.
You can still remortgage during the initial period if you wish, but you might need to pay an expensive early exit fee to do so.
If you don’t have a fixed term mortgage (a variable rate, for example) then you should be able to remortgage at any time without penalty.
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