Mellow FinancialRemortgage advice.
Looking for a better deal, or want to release some of the equity in your home? We compare lenders across the market to find the right remortgage for you.
Before you switch
Check the whole market, not just your current lender.
Staying with your current lender can seem the easiest option. We'd still urge you to review the whole market before you commit. Many lenders offer incentives to move, such as free valuations or cashback towards legal costs. If staying put is right for you, you've lost nothing.
If your deal ends in the next six months or so, get in touch. We'll check your current mortgage terms, tell you whether any early repayment charges apply, and time the switch so the new deal starts when those charges end.
You may have to pay an early repayment charge to your existing lender if you remortgage before your current deal ends.
Types of mortgage
The main options.
Fixed rate
Your payments stay the same for the fixed period, so you know exactly what to budget.
Discounted
A discount off the lender's standard variable rate for a set period. Payments rise and fall with rates.
Capped
Your rate can fall but won't rise above a set cap.
Flexible
Overpay, and sometimes underpay, without penalty. Useful if your income varies or you want to clear the mortgage early.
Questions
Frequently asked.
What is remortgaging?
Switching your existing mortgage to a new deal, often with a new lender. You might also choose to borrow more at the same time.
Why remortgage?
To get a lower rate and reduce your payments, to release equity for home improvements or other plans, or to move to a mortgage with features that suit you better.
When is the best time to remortgage?
Many people remortgage when their current deal ends, to avoid moving onto the lender's standard variable rate. If rates have dropped, it can be worth looking sooner.
How much does remortgaging cost?
Costs can include valuation fees, legal fees and early repayment charges if you switch before your deal ends. Some lenders offer fee-free deals or cover certain costs.
Can I raise extra money to clear other debts?
Often, yes. Securing other debts against your home can mean paying more overall, so think carefully before doing so. We'll talk it through with you.
How long does remortgaging take?
Typically 4 to 8 weeks. Getting your documents ready early helps.
Can I remortgage with bad credit?
It's harder but often possible. Some lenders specialise in less than perfect credit, and we can find them for you.
Do I need a broker to remortgage?
No, but it helps. We can access a wide range of lenders and products, saving you time and possibly money.
What documents will I need?
Usually proof of income such as payslips, bank statements or tax returns, your latest mortgage statement, and photo ID.
What happens if I don't remortgage?
Your mortgage will usually move to the lender's standard variable rate, which tends to be higher, so your payments could go up.