Guide: How to Remortgage.

  • Our Wales based mortgage experts work tirelessly to get you the right deal.
  • We've helped hundreds like you secure their dream home and invest their money wisely.
  • Our 5* rated advisers are ready to hear from you today.

Get in touch for an initial fee free, no-obligation chat with an adviser about how we might be able to help.


Get in touch

The internet is not a completely secure medium, so we can't guarnatee the privacy of your data.

How would you like to be contacted?

Home 5 Guides 5 Guide: How to Remortgage.

Guide: How to Remortgage.

Remortgaging could save you money if you are due to switch onto the Standard Variable Rate with your existing mortgage lender.

Remortgaging could take as long as three months, depending on your circumstances, so it’s a good idea to start thinking about getting a new deal early.

Once you apply for a mortgage, the rate you’ve applied for will generally be secured for at least 3 months.

Here are 4 questions you should be asking yourself before remortgaging.

Are there any Early Repayment Charges?

Generally, fixed rate mortgages penalize you for ending the mortgage within the deal’s initial period. This is known as an Early Repayment Charge (ERC). Remortgaging at the start of a 5 year fixed rate mortgage could typically mean paying an ERC of 5%. On a £100,000, that’s £5000!

Any early repayment charges should have been stated in your Mortgage Illustration or Mortgage Offer letter, so before remortgaging, you should dig this out.

If there are ERC’s on your mortgage, you may want to consider waiting until they no longer apply. It’s worth noting that ERC’s are typically only payable if you complete on your new mortgage within the chargeable period. It’s common practice to start arranging your new mortgage early, so it’s ready to go when the ERC lifts.

Have I Checked my Credit Report?

Often, remortgaging with your existing lender will not lead to a check on your credit history – provided you’ve kept up repayments and are not changing the term or borrowing under your mortgage.

If you are considering a different lender, your credit report will be reviewed. Your credit file is a summary of all of your current and previous loans and credit cards. It also lists your address history and any evidence of defaults, CCJS, IVAs or missed payments.

Your credit file will be one of the key things the lender will use to decide whether or not to give you a mortgage. If you get turned down based on poor credit, this could further impact your credit score – it’s a slippery slope!

We suggest checking your credit score using a website such as

How much is my house worth?

The bigger the difference in your loan and the value of your home (equity), the better mortgage rate you’re likely to get.

When applying for a mortgage, it’s important to have a clear, realistic idea of your home value, or you could end up applying for a product which is unachievable.

A mortgage lender will normally value your home before offering you a mortgage. This makes sure that they can sell it on should you default. You should get ahead of the game.

Have a local estate agent value your property, or do your own local research and use online tools such as rightmove or mouseprice to validate your findings.


If you’re remortgaging with your current lender (a product transfer), you wont need a solicitor. If you’re changing to a different lender, then you will! Typically lenders offer Cash back incentives or ‘free legals’ to help you switch, so bear this in mind when you’re searching.

What people are saying:

sam tapsellsam tapsell
17:17 11 Mar 24
Chris has been super helpful, always provided honest advice tailored to my situations. Highly recommend!
Ann-Marie JonesAnn-Marie Jones
17:47 18 Jan 24
Highly recommend Chris at Exley Financial Planning. He was really helpful and has walked through each stage carefully with patience and helped secure us a better rate on our mortgage.
Jasmine ScottJasmine Scott
20:21 18 Jul 23
I’ve had the pleasure of working with Chris now for over 6 years. He’s arranged my last three mortgages for me successfully. I’ve always found Chris to be highly efficient, and clear and open in all of his communications. He’s also taken the time to explain my options and be at the end of a phone. I trust him implicitly and would recommend him to anyone looking for sound financial advice and support regarding money matters.
Mike WilliamsMike Williams
16:37 18 May 23
Couldn't recommend a better financial planning advisor.Chris's help, advice and knowledge base was second to none.
Deborah NDeborah N
11:41 18 May 23
Chris was outstanding. His service was attentive, comprehensive and he displayed an impressive knowledge of his field. He was always easy to contact, friendly and returned calls and messages promptly. His help was invaluable. We are incredibly grateful for all his assistance and wouldn't hesitate to recommend him to others.
Jay ProbertJay Probert
12:02 07 Jul 22
Chris was referred to my wife an i by a neighbour. Despite conducting all communication online (emails/MS Teams calls) at all times Chris has remained personable and responsive. My wife and i are far from experts in this field but Chris' calming approach to the process has been most reassuring and would strongly recommend his services to others. Thanks Chris.
Alexia BowlerAlexia Bowler
08:27 25 Apr 22
We recently used Exley Financial Planning (Chris) for our mortgage and they were so professional, efficient and listened to our every need. We got some very good advice and felt confident that they had our interests at heart. I would use Exley Financial Planning again for anything finance related, and feel relieved we've now got someone who takes us through documents and processes (most of which are fairly confusing!), step-by-step. Thanks Chris!
bethan boddybethan boddy
11:55 08 Mar 22
Fantastic service from Chris.Chris helped me with the process of getting my mortgage from start to finish. As a first time buyer, I was clueless. Having Chris help me made the process a lot easier and he was able to explain information to me that I was unsure off.I highly recommend this company to anyone, especially first time buyers.
Ellen MorganEllen Morgan
08:26 31 Mar 21
I can’t thank Chris enough for all his help throughout my purchase. It hasn’t been an easy process buying my first home during a pandemic, but Chris made securing a mortgage a breeze! Chris is very knowledgable and was honest with me from the outset about what was affordable for me and the mortgages available. It has been a long process for me, but Chris is always available on the other end of the phone to answer any questions I had and kept me updated every step of the way. Brilliant service, I would highly recommend! Thank you Chris!
Rod DCRod DC
19:42 19 Aug 19
Chris has been absolutely fantastic in helping us secure our mortgage offer.Our own situation was a bit more complex due to work and contracts but Chris has worked extremely hard to find us a mortgage that suits us.The quality of service has been top notch from the first meeting. Communication has been excellent and we have been constantly updated on the situation and progress of all processes.It has been so worth employing the services of Exley and I cannot recommenced the service more.

What we’re talking about:

7 Mortgage Mistakes You Need To Avoid

Get in touch

The interenet is not a completely secure medium, so we can't guarnatee the privacy of your data.

How would you like to be contacted?

You May Also Like…

Weekly Market Update

Weekly Market Update

Our weekly market update is brought to you by our partners - Omnis Investments. This page is updated around Mid day...