Remortgages | SNS Mortgages & Financial Services
Remortgaging is one of the most important financial decisions you’ll make as a homeowner. Your mortgage is likely your largest monthly commitment, so reviewing it at the right time can have a big impact on your payments, flexibility, and long-term plans.
Whether your current deal is ending, you’re looking to raise additional funds, or simply want to explore better options, understanding how remortgaging works helps you stay in control — rather than defaulting onto a higher rate.
At SNS Mortgages & Financial Services, we help you review your options and structure the right solution based on your goals.
What to Consider Before Remortgaging
There are several factors to weigh up before making a decision. The right approach depends on your timing, financial position, and future plans.
Key things to consider:
- Timing – When your current deal ends and whether early repayment charges apply
- Exit costs – Any fees for leaving your current lender
- Borrowing needs – Whether you want a straight switch or need to raise additional funds
- Stay or switch – Product transfer with your existing lender vs moving to a new one
- Legal work – Some deals include free legal services, others don’t
- Valuation type – Automated, desktop, or physical valuation depending on the case
How Remortgaging Works
A remortgage simply means replacing your existing mortgage with a new deal — either with your current lender or a different one.
Many homeowners remortgage when their fixed or discounted rate ends. If no action is taken, the mortgage usually moves onto the lender’s standard variable rate (SVR), which is often higher.
Remortgaging can help you:
- Secure a lower interest rate
- Change your mortgage type (e.g. fixed to tracker)
- Raise funds for home improvements or other purposes
- Consolidate debts
- Adjust your mortgage term
Remortgage Timescales
The time it takes depends on whether you stay with your lender or switch.
- Product transfer (same lender): Often completed quickly — sometimes within days
- Switching lender: Typically takes 3–6 weeks
Mortgage offers are often issued within 1–2 weeks, with the legal process taking a few weeks after that.
Starting early helps ensure everything is in place before your current deal ends.
When Should You Remortgage?
Most lenders allow you to secure a new deal up to 6 months before your current one ends.
This means you can:
- Lock in a new rate early
- Avoid early repayment charges
- Ensure a smooth transition without moving onto a higher rate
Remortgaging earlier than this is possible, but you’ll need to weigh up any penalties against potential savings.
What Fees Are Involved?
Remortgaging can include several costs, although many lenders offer incentives to reduce these.
Typical fees may include:
- Arrangement or product fees
- Valuation fees
- Legal or conveyancing costs
- Early repayment charges (if applicable)
At SNS Mortgages & Financial Services, we look at the total cost — not just the rate — to make sure you’re getting the best overall deal.
What Happens If You Don’t Remortgage?
If you don’t take action when your deal ends, your mortgage will usually switch to the lender’s standard variable rate (SVR).
This can:
- Increase your monthly payments
- Expose you to interest rate changes
- Reduce your financial control
Remortgaging ahead of time helps you avoid this and stay on a competitive rate.
Can You Borrow More When You Remortgage?
Yes — this is known as a capital raise.
Many homeowners remortgage to release funds for:
- Home improvements
- Debt consolidation
- Repaying Help to Buy loans
- Purchasing another property
- Buying out a partner
Lenders typically allow borrowing up to around:
- 85% loan-to-value (LTV) for residential properties
- Lower limits for Buy-to-Let
Approval depends on affordability, credit profile, and lender criteria.
Why Choose SNS Mortgages & Financial Services?
Remortgaging isn’t just about switching to a lower rate — it’s about choosing the right structure and lender for your situation.
At SNS Mortgages & Financial Services, we:
- Review your current mortgage in detail
- Compare options across the market
- Advise whether to stay or switch
- Structure your borrowing effectively
- Manage the process from start to finish
- Liaise with lenders and solicitors on your behalf
We make the process simple, clear, and tailored to your needs.
Get Started with SNS Mortgages & Financial Services
If your mortgage deal is coming to an end — or you’re thinking about reviewing your options — speak to SNS Mortgages & Financial Services today.
We’ll help you secure the right deal and keep your mortgage working for you.
⚠️ Important: Your property may be repossessed if you do not keep up with mortgage repayments.
FAQs
Do I need a solicitor to remortgage?
Often yes, although many lenders provide a free legal service.
Will I need a valuation?
In many cases, lenders use automated valuations, but some require a physical inspection.
Is it better to stay with my lender or switch?
It depends — we compare both options to find what’s best for you.
Can I remortgage early?
Yes, but early repayment charges may apply.
