Remortgaging – Could You Save Money on Your Mortgage?

Is Your Mortgage Rate Too High? It Might Be Time to Remortgage

For many homeowners, a mortgage is the biggest monthly expense—yet most people don’t review their mortgage as often as they should.

If your current deal is ending or you’re on a Standard Variable Rate (SVR), you could be paying more than necessary. At Mather & Murray Financial, we help homeowners find better mortgage rates, reduce monthly payments, and unlock equity by searching the whole mortgage market.

What is Remortgaging?

Remortgaging means switching your mortgage to a new lender or a new deal with your existing lender to get a better rate, reduce payments, or borrow more money.

Common reasons people remortgage include:

• Securing a lower interest rate – Potentially saving thousands over the mortgage term.
• Avoiding lender’s Standard Variable Rate (SVR) – SVRs are often much higher than fixed or tracker deals.
• Raising money from home equity – Access funds for home improvements, debt consolidation, or investments.
• Shortening or extending the mortgage term – Adjust your mortgage to suit your financial goals.
• Fixing your rate for stability – Protection against future interest rate rises.

If your fixed-rate or tracker mortgage is ending, now is the time to review your options before you get moved onto a higher SVR.

When Should You Consider Remortgaging?

1. If Your Fixed or Tracker Deal is Ending

Most mortgage deals last between two to five years. Once this period ends, your lender will automatically switch you to their Standard Variable Rate (SVR)—which is usually much higher than your previous rate.

By remortgaging before your deal ends, you could secure a better rate and keep your monthly payments low.

2. If You’re on a Standard Variable Rate (SVR)

Lenders set their own SVRs, which are often higher than new deals available on the market. If you’re on an SVR, you could be overpaying unnecessarily.

A remortgage could switch you to a lower fixed or tracker rate, saving you money every month.

3. If You Want to Borrow More Money

If your home has increased in value, you may be able to release some equity to:

• Fund home improvements (extensions, renovations, energy-efficient upgrades).
• Consolidate debts (potentially reducing overall interest payments).
• Support major life expenses (such as weddings, tuition fees, or investments).

We will assess whether remortgaging is the right option or if alternative borrowing methods may be better suited.

4. If You Want to Pay Off Your Mortgage Faster

By remortgaging to a lower interest rate, you could afford to increase monthly payments, reducing the overall term of your mortgage and saving thousands in interest.

How Does the Remortgaging Process Work?

At Mather & Murray Financial, we make remortgaging simple and stress-free:

Step 1: Free Mortgage Review

We assess:

• Your current mortgage deal and when it ends.
• Your financial situation and borrowing needs.
• The best remortgage options available to you.

Step 2: Finding the Best Mortgage Deal

We search the whole market to find a remortgage that suits your needs, whether that’s lower monthly payments, borrowing more money, or fixing your rate.

Step 3: Application & Approval

We handle the entire mortgage application process, ensuring a smooth switch to your new deal.

Step 4: Mortgage Completion

Once approved, your new mortgage replaces your old one, ensuring a seamless transition with no disruptions.

Avoid Early Repayment Charges (ERCs)

Before switching lenders, we check whether Early Repayment Charges (ERCs) apply on your current mortgage. Some fixed or tracker deals charge an exit fee if you leave early.

Even if an ERC applies, a new lower-rate mortgage could still save you money in the long run. We’ll do the calculations to ensure you make the best financial decision.

Why Remortgage with Mather & Murray Financial?

• Independent Whole-of-Market Advice – We compare thousands of mortgage deals to find the best one for you.
• Exclusive Mortgage Rates – We access deals not available on the high street.
• Tailored Solutions – Whether you want to reduce payments, release equity, or fix your rate, we’ll find the right option.
• Fast & Stress-Free Process – We handle all the paperwork, liaising with lenders and solicitors on your behalf.
• Local & Nationwide Service – Book an appointment at our Swindon head office or speak with an adviser online.

Frequently Asked Questions About Remortgaging

1. How much can I save by remortgaging?
It depends on your current mortgage rate and the deals available, but many homeowners save hundreds per month by switching to a better deal.

2. Will I have to pay any fees to remortgage?
Some lenders charge arrangement fees, and your current lender may apply an Early Repayment Charge (ERC). We’ll calculate whether switching will save you money overall.

3. How long does remortgaging take?
The process typically takes 4 to 8 weeks, but we help fast-track applications to avoid delays.

4. Can I remortgage if my credit score has changed?
Yes, but your options may be more limited if your credit score has dropped. We work with specialist lenders who offer remortgage deals to borrowers with bad credit or complex income.

5. Can I borrow more money when I remortgage?
Yes, you can release equity from your home for home improvements, debt consolidation, or other large expenses. We’ll assess whether this is the right option for you.

Book Your Free Remortgage Review Today

If your mortgage deal is ending, you are on an SVR, or you need to borrow more money, remortgaging could help you save money and secure a better financial future.

Speak to our independent mortgage experts at Mather & Murray Financial for a free, no-obligation consultation today.

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As a mortgage is secured against your home or property, it could be repossessed if you do not keep up the mortgage payments.

Some types of buy to let mortgages are not regulated by the Financial Conduct Authority.