Remortgaging

Ria Ali at PMS Mortgages helps clients in Croydon, Purley, London and across the UK compare relevant remortgage and product-transfer options. We start with the outstanding balance, current rate, deal end date, repayment method and remaining term. Your plans to move, overpay or borrow more also affect the review.

Remortgage or product transfer?

A remortgage replaces the existing mortgage with borrowing from a different lender. It generally involves a new application, assessment and legal process. A product transfer changes the deal with your existing lender. The requirements and available options depend on the lender and whether you are making other changes to the borrowing.

Staying with the current lender is not automatically the best option, and moving is not automatically better. Compare the relevant rates, fees, flexibility and eligibility. Tell us if you want to change the term, repayment method, borrowers or loan amount, because a straightforward rate change may not address those requirements.

Allow time without assuming a universal deadline

Begin the discussion well before your current deal ends. The appropriate application or reservation timing depends on product availability, offer validity, lender processes and any early repayment charge. A mortgage offer that expires before completion may require further action, and an extension is not guaranteed.

Bring the current mortgage statement and exact end date rather than relying on memory. Tell us about planned changes in employment or spending and any legal work that may be needed. We can discuss the proposed timetable, including whether completing early would create a charge and whether the lender permits an appropriate start date.

Compare the cost over the relevant period

Product fees, legal costs, valuation costs where applicable, exit charges and early repayment charges can affect the comparison. A lower rate with a larger fee may be less suitable for a smaller balance or shorter holding period. Consider the overall cost for the time you expect to keep the deal.

If you add a fee to the mortgage, the debt increases and interest may be charged on that amount. Check whether incentives cover only standard work and whether additional legal costs might arise. We explain the relevant figures and conditions rather than assume an advertised incentive removes every cost of switching.

Updated affordability and property assessment

A new lender will assess your current circumstances, not simply the position when the original mortgage was arranged. Income changes, new credit commitments, childcare, self-employment and other household spending can matter. Maintaining existing payments does not guarantee approval for a new mortgage or additional borrowing.

The property also needs to meet the lender’s requirements. Lease terms, construction, condition and building-safety issues can affect the process. Provide known information early. For landlords, rental assessment and the wider property portfolio may also be relevant; see our buy-to-let mortgage guidance.

Additional borrowing and changes to the term

If you want extra funds, explain the purpose and amount. A further advance with the current lender and a remortgage to another lender can have different costs and conditions. Additional borrowing remains subject to affordability and criteria. Securing more debt against your home increases the amount at risk.

Extending the term may reduce monthly payments but can increase total interest and keep borrowing outstanding longer. If funds are intended to repay other debts, compare the full cost and consequences carefully. A smaller monthly payment does not necessarily mean a cheaper outcome over the lifetime of the borrowing.

Moving plans, protection and the review checklist

If you may move, ask about early repayment charges and porting conditions. A portable mortgage product still requires lender assessment when moving and does not guarantee approval for the next property. Overpayment allowances and the ability to repay early may also influence the suitable option.

For the review, prepare income evidence, bank statements, spending details and your existing mortgage information. Revisit life assurance and income protection if the loan amount, term or household needs have changed. Existing policies should be reviewed on their terms and benefits before making changes. We explain the recommendation and application stages before you proceed.

Frequently asked questions

Is a product transfer always simpler?

It can involve fewer steps for a straightforward change, but requirements vary and other changes may require assessment. Compare suitability and costs alongside the process.

Can I remortgage before my deal ends?

It may be possible, but an early repayment charge can affect the cost. Check the exact dates and product conditions before deciding when to complete.

Will I definitely save money by remortgaging?

No. The outcome depends on available deals, fees, the existing mortgage and your plans. We compare the relevant overall costs and conditions.

Discuss your plans with Ria Ali, Principal Mortgage & Protection Adviser. Book a consultation with PMS Mortgages for advice in Croydon, Purley, London and across the UK. Mortgage approval depends on your circumstances, the property and the lender’s assessment.