For millions of homeowners, the mortgage is their single largest monthly expense. Yet, many people secure a deal and then let it run for years without a second thought, potentially missing out on huge savings. Sticking with your current lender out of habit could be a costly mistake.
Remortgaging is the process of switching your existing mortgage to a new deal, either with your current lender or a new one. It’s a powerful financial tool that can lower your monthly payments, help you raise funds, or give you more flexible terms. As we move through the second half of 2025, now is a perfect time to review your finances. Here are five key signs that it might be time to look for a better mortgage deal.
1. Your Initial Fixed-Rate Deal is Ending
This is the most common and critical reason to remortgage. Most mortgages start with an introductory deal, typically a fixed-rate or tracker rate for two, three, or five years. When this period ends, your lender will automatically move you onto their Standard Variable Rate (SVR).
The SVR is almost always significantly higher than the rates available on new deals. This means your monthly payments could jump by hundreds of pounds overnight. If your current deal is due to end within the next six months, you should start shopping for a new one now to ensure a seamless transition and avoid falling onto the expensive SVR.
2. You Want to Borrow More Money
Need funds for a home extension, a new kitchen, or to consolidate other, more expensive debts? Remortgaging can be one of the most cost-effective ways to raise capital. By releasing some of the equity you’ve built up in your property, you can borrow additional money at a much lower interest rate than personal loans or credit cards.
3. Your Property’s Value Has Increased
Has the value of your home gone up significantly since you first took out your mortgage? If so, you could be in a much stronger position. A higher property value lowers your loan-to-value (LTV) ratio—the size of your mortgage in relation to how much your property is worth. Lenders reserve their most competitive interest rates for borrowers with a low LTV, so a rise in your home’s value could unlock access to much cheaper deals.
4. You Want More Flexible Terms
An old mortgage deal might be restrictive. Perhaps you want the ability to make larger overpayments without penalty, or you’d like the option of a payment holiday for future security. Modern mortgage products often come with more flexible features. Remortgaging allows you to find a deal that better suits your current lifestyle and future plans.
5. You’re Worried About Future Interest Rate Changes
If you’re currently on a variable or tracker rate mortgage, your payments can fluctuate with market changes. With ongoing economic uncertainty, you might prefer the stability and peace of mind that comes with a fixed-rate deal. Remortgaging allows you to lock in an interest rate for a set period, making your monthly budget predictable and protecting you from potential rate rises.
How to Start the Remortgaging Process
The first step is to find out exactly what your options are. While you can approach your current lender, you’ll only see their limited range of products. The best way to ensure you’re getting the best possible deal is to consult an independent mortgage advisor.
An expert broker, like the team at Confidence in Finance, can compare thousands of deals from across the entire market. They will handle the paperwork, liaise with lenders, and guide you through every step, making the process simple and stress-free. Don’t leave money on the table—a simple review of your mortgage could be the most profitable financial decision you make this year.
