Remortgages in Preston
If your current mortgage deal is coming to an end, doing nothing could cost you. When a fixed or discounted rate expires, most lenders move you onto their standard variable rate, which is often far higher than the deals available elsewhere. A remortgage lets you switch to a better rate, release equity, or reshape your mortgage around your life today. At The Mortgage Room we help homeowners across Preston and Lancashire remortgage the smart way, whole of market, in plain English, and free at your initial consultation.
What is a remortgage?
Remortgaging simply means switching your existing mortgage to a new deal, either with your current lender or a different one, without moving home. People remortgage for lots of reasons: to lock in a new rate before their current one ends, to lower their monthly payments, to release some of the equity built up in their home, or to consolidate the mortgage around a change in circumstances. The key is timing it well and choosing the right deal, which is where we come in.
When should you remortgage?
The best time to start looking is around three to six months before your current deal ends. Many lenders let you secure a new rate in advance, so you can lock in todays deal and switch seamlessly the moment your existing one finishes, avoiding even a single month on the expensive standard variable rate. If you are already on the standard variable rate, it is worth reviewing straight away, as you may be paying more than you need to.
Reasons people remortgage
- Your deal is ending. Avoid slipping onto a higher standard variable rate.
- Lower your payments. A better rate can reduce what you pay each month.
- Release equity. Borrow against the value in your home for improvements or other needs.
- Change your term. Shorten it to clear the mortgage sooner, or extend it to ease monthly costs.
- Move to a fixed rate. Get certainty over your payments if rates are moving.
Releasing equity through a remortgage
If your home has grown in value or you have paid down a chunk of your mortgage, you may be able to borrow more against it when you remortgage, known as releasing equity. Homeowners often use this to fund home improvements, though it can be used for other purposes too. Borrowing more increases your mortgage, so it needs thinking through carefully. We will show you the impact on your monthly payments and total cost so you can decide with full information.
How the remortgage process works
- Free review. We look at your current deal, your home value and your goals.
- Market search. We compare a wide range of lenders for the best fit.
- Recommendation. We explain the options, including any early repayment charges, in plain numbers.
- Application. We handle the paperwork and liaise with the new lender.
- Completion. Your new deal takes over, often with no need to move solicitors thanks to free legal packages many lenders offer.
Will a remortgage save me money?
It depends on your current rate, any early repayment charges, and the deals available now. Sometimes the saving from a lower rate easily outweighs any charge for leaving early; sometimes it is better to wait until your deal ends. Because we compare the whole market, we can show you the real, like-for-like difference before you commit. Try our repayment calculator to see how a new rate could change your monthly payment.
Why Preston homeowners choose The Mortgage Room
We are a local, whole-of-market adviser who will genuinely tell you when it is worth remortgaging and when it is not. You get a dedicated adviser, honest advice, and appointments to suit you, including evenings and weekends. We help homeowners across Preston, Lancaster and Goosnargh. Also see our protection advice and the full list of areas we serve.
Remortgage FAQs
When should I start looking to remortgage?
Around three to six months before your current deal ends. Many lenders let you secure a new rate in advance so you switch the moment your old deal finishes.
Can I remortgage to release equity?
Often yes, if you have enough equity and the borrowing is affordable. Homeowners commonly do this for improvements. We will show you the effect on your payments first.
Will I pay an early repayment charge?
You might, if you leave your current deal before it ends. We always weigh any charge against the potential saving so you can see whether switching early still makes sense.
Do I need a solicitor to remortgage?
Usually the legal work is lighter than a purchase, and many lenders include a free legal package for remortgages. We will let you know what applies.
Can I remortgage on the standard variable rate?
Yes, and it is often worth reviewing straight away, as standard variable rates are typically higher than the deals we can find for you.
How long does a remortgage take?
It varies by lender, but a straightforward remortgage often completes within a few weeks once the application is in. We keep it moving for you.
Do you charge for your advice?
Your initial consultation is free and with no obligation, agreed up front. Fee wording is being confirmed under our network, The Right Mortgage.
Deal ending soon? Let us find you a better one
Book a free, no-obligation remortgage review and we will tell you honestly whether you can do better.