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Remortgage FAQs | Expert Mortgage Advice in Wiltshire & Somerset
Discover answers to the most common remortgage questions, from income types to when you can remortgage. Get local, expert advice tailored to Wiltshire and Somerset. Save money on your mortgage with confidence.
FAQ's
Q: What is remortgaging?
A: Remortgaging means switching your current mortgage to a new deal — either with your existing lender or a new one. Most people do this to get a better interest rate, borrow more money, or change their mortgage term.
Q: When should I start looking to remortgage?
A: It’s best to start looking 3 to 6 months before your current deal ends. This gives you time to compare rates and avoid being moved onto your lender’s standard variable rate, which is usually more expensive.
Q: Can I remortgage early?
A: Yes, but check for early repayment charges on your current mortgage. In some cases, the savings from switching may still outweigh the cost of the fees — we can help you work that out.
Q: How much can I save by remortgaging?
A: Savings vary, but many people reduce their monthly payments by £100 or more by switching to a lower rate. Use our free remortgage calculator to see your potential savings.
Q: What documents do I need to remortgage?
A: Typically, you’ll need:
● Proof of income (payslips or tax returns)● Bank statements● Current mortgage statement● Proof of ID and Address
However documentation can vary slightly depending on your specific circumstances - We will advise you on exactly what is required.Q: Will I need a solicitor to remortgage?
A: Yes, but many remortgage deals include free legal work, or you can use your own solicitor. If you're staying with the same lender (“product transfer”), legal work may not be needed.
Q: What are the fees involved in a remortgage?
A: Potential costs may include:
● Arrangement/product fees● Valuation fees● Legal fees (often free with products/deals)● Early repayment charges (if exiting a fixed period early)
We won't ever charge you a fee for advice and we'll help you find deals that minimise or remove the costs listed here.Q: Can I remortgage if my credit isn't perfect?
A: Yes, there are lenders who cater to people with less-than-perfect credit. It may affect the deals available, but a remortgage is still possible in many cases. You can obtain a free credit report here to understand your credit position in detail.
Q: Do I have to change lenders to remortgage?
A: No — you can stay with your current lender and switch to a new deal (this is called a product transfer). It’s often quicker, though switching lenders might save you more. We'll compare mortgage rates offered by your current lender and hundreds of other lenders to make sure you're getting the best rate for your situation.
Q: Can I remortgage if I'm self-employed?
A: Yes — lenders will usually ask for 2 years of accounts or tax returns however some lenders will request less. We can guide you through the process and help you find suitable deals.
Q: What if my home has gone up in value?
A: If your home's value has increased, you may be eligible for better rates due to a lower loan-to-value (LTV) — which means lenders see you as lower risk.
Q: How long does remortgaging take?
A: The process typically takes 3–6 weeks if switching lenders. It may be faster if you're staying with your current one.