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Remortgaging FAQs
What does remortgaging mean?
Remortgaging means moving your mortgage to a new lender while staying in the same property.
Is remortgaging a good idea?
Remortgaging can be an effective way to save money on your monthly mortgage payments. Most people re-mortgage to secure a lower monthly rate of repayment, which usually derives from securing a more competitive interest rate.
Are there other reasons why people remortgage?
Aside from seeking to reduce the rate of monthly repayments home owners may choose to remortgage in order to raise capital by withdrawing equity from the property, or remortgaging may be used as a means of consolidating other more expensive short term debts.
Can there be hidden costs when remortgaging?
Although your chosen lender will take you through the details relating to your new mortgage it can sometimes be difficult to make a clear comparison with the terms of your existing mortgage terms. In some instances, the monthly saving that you stand to make can be outweighed by the fees that you will be required to pay to your new lender to secure the product. It therefore important that you consider all of the costs.
What is an arrangement fee?
An arrangement fee is the charge that your new lender will make to secure their product. You may also be charged a further fee by any mortgage broker that you use on account of the cost of their service.
What is an early repayment charge?
When you take out a mortgage you are usually required to retain it for a minimum period (i.e. 2,3 or 5 years). This minimum fixed term period usually runs for the same period as the headline interest rate. If you want to re-mortgage and move to a new lender before the expiry of your minimum fixed term period, your existing lender may charge you a penalty fee. The penalty fee may be a fixed amount, or a percentage of the overall outstanding balance of your loan. Once your minimum fixed term period has ended you will be free to move to a new lender without incurring an early repayment charge.
Do I need to get my house valued when I remortgage?
This will depend entirely upon the requirements of your new lender however it is normally safe to assume that a valuation will be required.
How many times can I re-mortgage?
There is no limit on the number of times that you can re-mortgage however you will need to bear in mind that every time you move to a new product you may be required to arrangement fees, and if you re-mortgage during the minimum fixed term period on your existing product you may incur an early repayment charge.
Can I re-mortgage with my existing lender?
Yes. When you re-mortgage with your existing lender the process is normally a little more straightforward as you will only be required to agree to the terms of the new product. This should mean that there is no need for you to have a valuation carried out but this is not always the case. Each lender is different and will impose their own requirements.
When do I need to instruct a lawyer?
Normally it is only necessary to instruct a lawyer to act on your behalf when you choose to re-mortgage with a new lender.
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We recently instructed Sylvia Garcia of Eric Robinson
We recently instructed Sylvia Garcia of Eric Robinsons in the sale of our property. Sylvia was fantastic from start to finish. She was helpful, polite and very efficient. Her services were above and beyond. We definitely recommend Sylvia for your coveyancing matters and will certainly instruct her again in the future.
Leigh Burwood was excellent.
Leigh Burwood was excellent. She did everything she said she would within the time frame. She was calm and reassuring at a very difficult time. I would definitely recommend her.
It was a very nice experience with Eric…
It was a very nice experience with Eric Robinson. Thank you
excellent service
Victoria kept us updated throughout the whole process of providing a POW , she is an excellent communicator.
Thank you Sajith Pillai from Eric…
Thank you Sajith Pillai from Eric Robinson’s solicitor for his exceptional legal service through out the journey of my purchase. This is the second time with Sajith Pillai as my solicitor. He is friendly supportive and very efficient member of your team. Sajith was very professional and well coordinated in every stage of my home purchase .Once again thank you Sajith Pillai and your team . Wishing you all success. Regards Jini Varghese
Sylvia Garcia was lovely and always…
Sylvia Garcia was lovely and always available to help with a tricky conveyancing issue.
We recently instructed Sylvia Garcia of Eric Robinson
We recently instructed Sylvia Garcia of Eric Robinsons in the sale of our property. Sylvia was fantastic from start to finish. She was helpful, polite and very efficient. Her services were above and beyond. We definitely recommend Sylvia for your coveyancing matters and will certainly instruct her again in the future.
Leigh Burwood was excellent.
Leigh Burwood was excellent. She did everything she said she would within the time frame. She was calm and reassuring at a very difficult time. I would definitely recommend her.
It was a very nice experience with Eric…
It was a very nice experience with Eric Robinson. Thank you
excellent service
Victoria kept us updated throughout the whole process of providing a POW , she is an excellent communicator.
Thank you Sajith Pillai from Eric…
Thank you Sajith Pillai from Eric Robinson’s solicitor for his exceptional legal service through out the journey of my purchase. This is the second time with Sajith Pillai as my solicitor. He is friendly supportive and very efficient member of your team. Sajith was very professional and well coordinated in every stage of my home purchase .Once again thank you Sajith Pillai and your team . Wishing you all success. Regards Jini Varghese
Sylvia Garcia was lovely and always…
Sylvia Garcia was lovely and always available to help with a tricky conveyancing issue.
Key contacts

Hannah Jones
Conveyancing Executive

Chui Wah Choudhary
Senior Solicitor

Sajith Pillai
Senior Solicitor

Ben Smith
Senior Associate Solicitor

Afshana Ullah
Solicitor

Michelle Parker
Associate Executive

Michala Ward
Conveyancing Executive

Emma Gillespie
Solicitor

Chelsea Marsh
Trainee Solicitor

Miya Smith
Solicitor

Sarah Hogarty
Solicitor

Rume John
Solicitor
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