When not to remortgage

Finances have dropped

Lenders now have to see evidence of your income against your outgoings and carry out thorough credit checks. So if your income has dropped since you last took out your mortgage (perhaps you only work part-time now or your partner has retired) the lender might be more cautious about lending you the money.

Already on a low rate

It might be the case that you’re already on a low rate and you don’t need to move to another one. Perhaps at that moment in time, there is no better rate than the one you’re on.

Our Resi Finance team can talk you through whether or not your rate is the best on the market.

Large early repayment charges

If you pulled out of your current mortgage deal before the term is up, it could well come with a hefty early repayment charge which might make you think twice about switching. However, some lenders might be willing to waive the charge if you’re sticking with them and are just moving to a new deal.

If remortgaging isn't the right option for you right now, then you might want to consider something called a product transfer. This is where you stay with your current provider but you change your existing mortgage deal over to a new one that's more suitable for you.

By speaking to a mortgage adviser, you can find out more about your different remortgage options, to make sure you have all the facts before making a final decision that is right for you and your family.