Frequently asked Questions About Remortgages - for definitions of any other terms or descriptions that are confusing, please see the comprehensive glossary on this web site.

What exactly is a Remortgage?

Remortgaging simply means switching your existing mortgage to a new mortgage deal, usually with a new mortgage lender.

How can a Remortgage save me money on my repayments?

If the decision to remortgage is to reduce the amount you pay each month, a new discounted mortgage deal will normally be sought from a new lender by our mortgage advisers. It is the difference between your present lender's Standard Variable Rate and the new lenders enticement of a discount period, that results in the cheaper deal.

Am I limited to one type of mortgage when I remortgage?

No. The choice, in the UK, is very varied. Most major UK lenders offer an incredibly wide range of remortgage products - fixed rates, capped rates, discounts, cashbacks, flexible deals and base rate trackers, for example. Which is why we recommend you speak to our mortgage advisers to take you through the the pros and cons of whichever mortgage type you are interested in.

How much could I expect to save if I remortgage?

Again, with so many variables and so much choice, only a mortgage adviser who has been able to review your particular circumstances against what is on offer from all the major UK lenders could tell you this.

Will I have to pay a fee when I remortgage?

Our remortgage advisers will be able to advise you on this, but, normally, the object would be to choose a deal that is better (and cheaper) overall, from the one that you already have. Often this means that your mortgage adviser will achieve a no fees deal from a lender. It is often possible, in addition, to arrive at a remortgage deal that also comes with no valuation fees with the lender sometimes paying your legal fees. On the other hand, it may be that the deal that is best for you in the long run, comes with a fee of a couple of hundred pounds.

What about redemption fees. If I remortgage will I be penalised?

Some mortgage lenders impose redemption penalties, many do not. A redemption penalty may be charged if you pay off or switch your mortgage within a certain time period. Before you remortgage, it is necessary to check whether redemption penalties apply to your existing deal, and if so, how much they will cost. Be careful, they could be punitive, costing you thousands. Our remortgage advisers will be able to tell you very quickly, whether remortgaging at the present stage in the life of your mortgage is the best thing for you to do.

How long will it take to remortgage?

Normally, remortgaging is a very quick process. It is in nobody's interest to act slowly, but sometimes lenders do suffer bottlenecks. We would expect to be able to arrange the whole thing for you in a week and can often put pressure to bear with lenders for a fast turnaround. Our mortgage advisers will give you an idea of the possible time-scale involved at the outset and will update you when the various stages are complete.

Can I get a written quotation?

Yes. When you phone one of our mortgage advisers, arrangements will be made to send you a full quotation which fully complies with the requirements of the Financial Services Authority (FSA).