Your current deal is ending
If your fixed or discounted rate is coming to an end, it's worth looking at your options before you're moved onto your lender's standard variable rate.
REMORTGAGE ADVICE IN NEWCASTLE
Your mortgage is changing. Make sure it still works for you.
When your current mortgage deal is coming to an end, it's worth looking at your options rather than simply rolling onto your lender's next rate.
Whether you're looking to reduce your monthly payments, change your mortgage term, borrow more or simply make sure you're still on the right deal, our advisers can help you understand what makes sense for your circumstances.
READY TO REVIEW YOUR MORTGAGE?
Start with your plans.
Give us a few details about your mortgage and what you're looking to achieve.
REVIEWING YOUR MORTGAGE
There are plenty of reasons to review your mortgage.
Your circumstances don't stay the same forever. Your mortgage shouldn't simply be left on autopilot either.
Your circumstances have changed
A change in income, employment, family circumstances or your wider financial position could mean that the mortgage that suited you previously no longer fits as well.
You want to change your monthly payments
You may be considering a different mortgage term, looking at your monthly budget or simply checking whether there are more suitable options available.
You need to borrow more
Perhaps you're planning home improvements, helping a family member or need to raise additional funds. Increasing your mortgage may be an option, depending on your circumstances.
DON'T WAIT UNTIL THE LAST MINUTE
Review my options
You can usually start looking at your remortgage options before your existing deal ends. Planning ahead gives you more time to understand what's available.
THE REMORTGAGE PROCESS
From your current mortgage to your next one.
Remortgaging doesn't have to be complicated. We'll explain what needs to happen, what information is required and where you are in the process at each stage.
01
Tell us about your current mortgage
We'll look at your existing mortgage, including your current rate, outstanding balance, remaining term and when your deal comes to an end.
02
We'll understand what has changed
Your income, spending, property value and future plans may all be different from when you took out your current mortgage. We'll take those changes into account.
03
We'll look at the mortgage options
We'll consider the mortgage products that could be available based on your circumstances and explain the differences, including rates, terms, fees and any relevant features.
04
Choose how you want to move forward
Once you've understood the options and our recommendation, we'll help you move forward with the mortgage that's right for your circumstances.
PLANNING AHEAD
Talk through my mortgage
You don't have to wait until your current deal ends.
Starting the conversation early can give you time to understand your options and plan your next move before your existing deal expires.
IF THINGS HAVE CHANGED
Your circumstances may be different from when you took out your mortgage.
That's not necessarily a problem. It just means your options need to be looked at in the context of where you are now.
Perhaps your income has changed, you've become self-employed, your family has grown, you've taken on additional commitments or your credit history isn't quite as straightforward as it once was.
We'll look at your current circumstances rather than assuming the mortgage you have today is the only option available to you.
Talk through what's changed
01
Income has changed
A new job, different pay structure, reduced income or becoming self-employed can change how lenders assess affordability.
02
Your household has changed
Marriage, separation, children or other changes to your household can all affect your financial circumstances and future plans.
03
Your credit history isn't perfect
Missed payments, historic arrears or other credit issues don't automatically mean remortgaging is impossible, although they can affect the options available.
04
You want to raise additional funds
If you're considering home improvements, consolidating certain commitments or another use of additional borrowing, we'll look at whether this could be suitable for you.
SOMETHING DIFFERENT?
If your situation doesn't fit neatly into a standard remortgage, that's exactly the sort of conversation worth having with an adviser.
Explore our mortgage advice
REMORTGAGE QUESTIONS
Thinking about remortgaging? Start with the questions that matter.
Every mortgage is different, so there isn't one answer that applies to everyone. Here are some of the questions we hear most often from homeowners reviewing their mortgage.
It's worth starting the conversation before your current mortgage deal ends. The exact timing will depend on your existing mortgage and the options available, but planning ahead gives you time to understand what you could move to and whether changing your mortgage is worthwhile.
No. You may be able to stay with your existing lender, switch to another lender or consider a different mortgage arrangement. The right option depends on your circumstances, the terms of your current mortgage and what is available when you review it.
Potentially. A different mortgage may offer a lower rate than your current deal, but it's important to consider the overall cost of switching. Product fees, early repayment charges and other costs can affect whether changing mortgage is actually worthwhile.
You may be able to change the term when you remortgage. Reducing the term could mean paying your mortgage off sooner, while extending it could reduce your monthly payments. Both options can affect the total amount of interest you pay, so they should be considered alongside your budget and longer-term plans.
Additional borrowing may be possible, depending on your income, affordability, property value, existing mortgage and what you want the money for. Increasing your mortgage also increases the amount you owe, so the long-term cost needs to be considered carefully.
A change in your property's value can affect your loan-to-value and potentially the range of mortgage products available to you. The value of your property is only one part of the assessment, however, and lenders will also consider your wider financial circumstances.
A less straightforward credit history doesn't automatically mean you can't remortgage. However, missed payments, defaults, arrears or other credit issues can affect which lenders may consider your application and the terms available.
Yes, self-employed homeowners can remortgage, although lenders may assess income differently depending on how you work, how long you've been trading and the information available about your earnings. Your individual circumstances will determine which options may be suitable.
It depends on the terms of your current mortgage and when you leave it. Some fixed or discounted mortgages include early repayment charges during a specified period. Before switching, it's important to establish what charges could apply and whether they make changing mortgage worthwhile.
Not necessarily. If you stay with your existing lender and move to a new deal, that can be different from remortgaging to a new lender. Your adviser can explain the differences and help you compare the options available.
You could, but it depends on your current mortgage, the rates and products available, your outstanding balance, remaining term and any costs involved in switching. A comparison of the overall cost is more useful than simply comparing monthly payments.
You'll normally need information about your current mortgage, income, regular commitments and wider financial circumstances. The exact documents required will depend on your situation and the lender being considered.
RETHINKING REMORTGAGING
Some common remortgage assumptions aren't quite right.
Mortgage decisions can be influenced by things you've heard from friends, family or online. Here's what you actually need to know.
“I should just take the deal my current lender offers me.”
TRUTHYour existing lender may have a suitable deal, but it's worth understanding what else could be available before making a decision.
“Remortgaging is only worthwhile if I can get a much lower rate.”
TRUTHYour reasons for reviewing your mortgage could include changing the term, raising additional funds, improving flexibility or making sure the mortgage still fits your plans.
“I can't remortgage because my circumstances have changed.”
TRUTHChanges in income, employment, family circumstances or credit history can affect your options, but they don't automatically rule out remortgaging.
“I need to wait until my mortgage deal has ended.”
TRUTHIt's often sensible to start reviewing your options before your existing deal expires. Planning ahead can give you more time to understand what is available.
“A longer mortgage term always makes sense because the payments are lower.”
TRUTHA longer term can reduce monthly payments, but it can also mean paying interest for longer and increasing the total cost of the mortgage.
“My house needs to have gone up in value for me to remortgage.”
TRUTHA change in property value can affect your loan-to-value, but you don't necessarily need a large increase in value to review your mortgage options.
YOUR MORTGAGE IS PERSONAL
See what could work for me
What works for one homeowner may not be right for another. The useful question isn't simply “What's the cheapest rate?” — it's “What's suitable for my circumstances?”
REMORTGAGE ENQUIRY
It could be worth reviewing your mortgage.
You don't need to know exactly what you want to do before you get in touch.
Whether your current deal is coming to an end, you've spotted a change in your circumstances or you're simply wondering whether your mortgage still represents good value, we can talk through your options.
Give us a few details and one of our mortgage advisers will get back to you.
Review your current mortgage
Understand your options
Compare suitable deals
Newcastle & North East
START WITH THE BASICS
Tell us about your mortgage.
A few details is all we need to start the conversation.