Homeowners reviewing their current mortgage options

Remortgage Advice

Clear guidance on reviewing your current deal, switching lender and understanding the costs.

Reviewing your options

Review your mortgage before the next decision is made for you

A remortgage replaces your existing mortgage with a new mortgage from a different lender while remaining in your property, whereas a product transfer moves you to a new rate with your current lender. Reviewing your mortgage arrangements before an introductory deal or fixed period expires allows you to compare both paths, assess early repayment charges, and evaluate total costs over the full term rather than focusing on headline interest rates alone.

Your current mortgage may have suited you when it was originally arranged, but your deal, property value, and personal circumstances can change. Anderson Reed Financial Services can review your current arrangement, explain the options available from the lenders accessible to the firm, and help you understand the next appropriate step. Any recommendation will follow an assessment of your needs, circumstances, and lender criteria.

Indicative Benchmark Rates & Refinancing Calculator

Fixed Rate Refinancing: 2-Year vs 5-Year Fixed Rate Comparison

Compare indicative 2-year and 5-year fixed mortgage rates across loan-to-value brackets. Calculate your estimated monthly payment and see the potential monthly savings of refinancing away from an expiring deal or standard variable rate onto a competitive fixed product.

Indicative Benchmark Rate Comparison • Indicative Market Benchmarks

Click any LTV tier below to load indicative pricing

Average Lender SVR Variable

Current avg: 7.75%

Standard variable rate

Benchmark rates are indicative market illustrations based on representative UK lender panel criteria and Bank of England average SVR data. Actual interest rates, product fees, and loan-to-value limits vary by lender, property, and individual credit profile.

Your mortgage details

Adjust the sliders or type your details to update indicative rates and payments.

Estimated property value £300,000

Mortgage balance to refinance £200,000

Calculated Loan-to-Value (LTV): 66.7% LTV

Pricing Tier: 60%–75% LTV

Remaining mortgage term 25 years

Current interest rate or SVR 7.75%

Benchmark comparison assumes lender standard variable rate (7.75%).

Indicative fixed rate comparison

Side-by-side comparison based on your calculated 66.7% LTV.

Loan-to-Value exceeds standard remortgage criteria (>95% LTV)

Standard UK residential remortgage fixed rates are typically capped at 90% to 95% LTV. Borrowing exceeding 95% LTV (or negative equity) requires specialist lending structures or reviewing existing lender retention deals.

Speak directly to an Anderson Reed whole-of-market adviser to discuss your options on 02382 127779.

2-Year Fixed Rate Initial 24 mos

Representative fixed rate

4.39%

Estimated monthly payment

£1,099.16

Save £411.83/mo vs SVR

2-year initial savings: £9,884

Repayment basis: Capital & Interest

Review window: Month 20–24

Why choose 2 years?

Flexibility to refinance sooner if UK interest rates drop, with shorter early repayment charge obligations.

5-Year Fixed Rate Lowest Rate

Representative fixed rate

4.15%

Estimated monthly payment

£1,073.28

Save £437.71/mo vs SVR

5-year initial savings: £26,262

Repayment basis: Capital & Interest

Rate locked until: 2031

Why choose 5 years?

Total peace of mind against base rate volatility, lower monthly payments, and avoiding having to pay a second round of remortgage product setup fees after year two.

Refinancing Analysis Summary:

Refinancing your £200,000 mortgage from your 7.75% SVR (£1,510.99/mo) to a 5-year fixed rate saves approximately £437.71 per month (£26,262 across the 5-year fixed period). costs approximately ... more per month to secure fixed repayment certainty through 2031. The 5-year fix saves an additional £25.88/month compared to the 2-year fix.

Ready to secure a fixed rate?

Anderson Reed checks whole-of-market lenders and your existing provider.

Get personalised quote 02382 127779

Your home may be repossessed if you do not keep up repayments on your mortgage.

Representative fixed rates shown are indicative market benchmarks based on UK residential whole-of-market products for properties in England and Wales. Monthly repayments assume a repayment mortgage basis over the indicated term. Individual rate eligibility, terms, fees, and maximum loan-to-value depend upon your complete circumstances, credit record, and property valuation. Figures exclude lender arrangement fees, legal costs, valuation fees, and early repayment charges from your existing lender. Anderson Reed Financial Services is an independent whole-of-market mortgage broker providing personalised mortgage advice.

Your circumstances

Why might you review your mortgage?

Homeowners consider reviewing their mortgage for different reasons, including:

an existing fixed, tracker or discounted period is approaching its end;
the mortgage has already moved to the lender's reversion or standard variable rate;
they want to compare payment certainty with greater flexibility;
the property's value or outstanding balance has changed, affecting loan-to-value;
their income, expenditure, household or future plans have changed;
they want to review the remaining mortgage term or repayment method;
they are considering additional borrowing for a defined purpose; or
an interest-only mortgage or repayment strategy needs attention.

None of these reasons automatically makes remortgaging suitable. Early repayment charges, product fees, legal and valuation costs, affordability, property criteria and the remaining balance can all affect whether changing the mortgage is worthwhile.

Planning ahead

When should you start reviewing your deal?

Check your latest mortgage statement or offer for the deal-end date, outstanding balance, current rate, remaining term and any early repayment charge. Starting the review several months before the current deal ends can provide time to gather documents, compare routes and complete any application, although application and offer windows vary between lenders.

Starting early does not mean completing early. The timing should take account of any early repayment charge and when a new product can begin. If the current deal has already ended, a review can still compare the available options without assuming that an immediate switch is best.

Comparing routes

Product transfer or remortgage to another lender?

Product transfer with the current lender

The mortgage remains with the existing lender but moves onto another product.
The process can be simpler because the lender already holds the mortgage.
Where payments are up to date and there is no additional borrowing, a product transfer may not require a full affordability assessment, although exceptions and lender rules apply.
Legal work and a new property valuation may be limited or unnecessary, depending on the lender and change requested.
The choice is limited to products made available by the current lender.

Remortgage to a different lender

The new lender replaces the existing mortgage.
It allows comparison with eligible products beyond the current lender.
The new lender will normally assess income, expenditure, credit history and the property under its current criteria.
A valuation and legal work are usually required, although some products include incentives or assisted services.
Product fees, valuation, legal costs, an exit fee or an early repayment charge may affect the overall result.

End of Fixed Rate? How Anderson Reed Handles Your Rate Swap

Approaching the end of a 2-year or 5-year fixed rate can cause understandable anxiety. Homeowners frequently worry about being automatically moved onto an expensive Standard Variable Rate (SVR), undergoing intrusive affordability assessments if earnings have fluctuated, or getting bogged down in legal administration. We take that worry away with our dual-track rate switch service:

1. Whole-of-Market Scan First

3 to 6 months before your deal expires, we evaluate your existing lender's retention rates against eligible mortgage products across dozens of UK lenders, calculating total cost including arrangement and legal fees.

2. We Execute the Best Route for You

If a new lender offers verified overall savings, we manage the remortgage. If no better deal is available on the open market, we handle the rate swap directly with your existing lender on your behalf — with zero legal delays, minimal paperwork, and no hassle.

You gain the certainty that the entire market has been explored, without having to navigate lender portals or risk an expensive lapse onto variable rates.

The simpler route is not automatically the least expensive, and the lowest rate is not automatically the lowest-cost option. Compare both routes over a relevant period and account for every fee, charge and term change.

Current FCA consumer guidance explains that moving to a different lender will usually involve an affordability check, while some up-to-date borrowers staying with their lender may be able to switch products without one where they are not increasing the borrowing. Eligibility and exceptions apply. See FCA support for mortgage customers.

Homeowners comparing mortgage options with an adviser

Looking beyond the rate

Compare the total cost, not only the interest rate

A lower rate can look attractive but may not produce a lower overall cost once fees and charges are included. A useful comparison should consider:

the monthly payment during the product period;
the product, arrangement or booking fee;
whether a fee is paid upfront or added to the mortgage;
interest charged on any fee added to the mortgage;
early repayment charges on the existing deal;
mortgage exit or administration fees;
valuation and legal costs;
cashback, free valuation or assisted legal services and their conditions;
the length of the new deal and any future early repayment charge;
overpayment allowances and other flexibility;
changes to the remaining mortgage term; and
the total amount payable over the comparison period and full term.

Extending the mortgage term may reduce the monthly payment but can increase the total interest paid. Shortening the term may increase the monthly payment and must remain affordable. Neither change is an automatic improvement; the right term depends on your monthly cash flow, retirement plans and long-term financial priorities.

Compare illustrative monthly payments

Explore the potential effect of mortgage overpayments

Homeowner discussing a residential property valuation

Value and equity

How property value and loan-to-value affect the review

Loan-to-value, usually shortened to LTV, compares the mortgage balance with the property's assessed value. As the balance is repaid or the property's value changes, the LTV can change too. This may affect which products and lenders are available.

An online estimate or estate-agent appraisal is not necessarily the value a mortgage lender will use. The new lender may arrange an automated, remote or physical valuation and apply its own criteria. If the valuation is lower than expected, the LTV and available options may change.

Having equity in a property does not by itself demonstrate that additional borrowing is affordable or suitable. Income, expenditure, credit commitments, property type, mortgage term and lender criteria remain important.

Your application

What information may affect your remortgage options?

Factors can include:

current mortgage balance and remaining term;
estimated property value and required loan-to-value;
income, employment status and evidence available;
regular expenditure and existing credit commitments;
credit history and recent missed payments;
age at application and at the proposed end of the term;
property construction, condition, tenure and remaining lease term;
the purpose and amount of any additional borrowing;
planned retirement or expected income changes; and
plans to move home during the next product period.

If income, employment or credit history has changed since the mortgage was originally arranged, disclose that at the start. It does not automatically mean that no route is available, but it may affect the lenders, products and evidence that can be considered. You can also check your credit report with Check My File.

Additional borrowing

Remortgaging to borrow more

Some homeowners consider increasing their borrowing for a clearly defined purpose, such as essential repairs or planned home improvements. Possible routes may include a remortgage with additional borrowing, a further advance from the existing lender, a second-charge mortgage or unsecured borrowing. These products work differently and may not all fall within the firm's permissions or service scope; refer to an appropriately authorised specialist where required.

Before increasing secured borrowing, consider:

why the money is needed and whether the cost is known;
the monthly payment and total amount repayable;
fees and any early repayment charge;
whether existing borrowing would move to a different rate;
the effect of spreading additional borrowing across a long mortgage term;
alternative ways to fund the work; and
whether the revised payment remains affordable if circumstances or rates change.

Homeowners planning improvements to their existing property

Important consideration

Think carefully before consolidating debts into a mortgage

Moving unsecured borrowing onto a mortgage changes the nature of the debt because it becomes secured against the home. A lower interest rate or monthly payment does not necessarily mean a lower total cost. Repaying the amount over a longer term can increase the total amount paid, and fees or early repayment charges may also apply.

The review must consider alternatives, the reason the debts arose, the full repayment cost and the risk of further borrowing. Someone experiencing problem debt should be directed to free, independent debt advice before adding those debts to a mortgage.

Future plans

What if you may move home soon?

If a move is likely during the next product period, consider early repayment charges, product portability and the cost of arranging a new deal now. A mortgage described as portable is not guaranteed to transfer to another property. Moving normally requires a new assessment of the applicants, borrowing and property under the lender's criteria at that time.

If additional borrowing would be needed for the move, it may be on a different product and end date. Compare the practical and total-cost implications before committing to a new remortgage deal.

Buying a home

Repayment strategy

Reviewing an interest-only mortgage

With an interest-only mortgage, the monthly payment normally covers interest rather than reducing the original capital. The borrower remains responsible for maintaining an acceptable plan to repay the balance at the end of the term.

A new lender is likely to assess both affordability and the proposed repayment strategy. If the existing strategy may not repay the balance, contact the lender and seek advice as early as possible. Do not rely on an assumed future property value, inheritance or investment performance.

Prepare for a review

Information to prepare for a remortgage review

Requirements vary, but useful information may include:

the latest mortgage statement and original mortgage offer if available;
the outstanding balance, deal-end date and early repayment charge;
proof of identity and address;
income evidence appropriate to employment status;
recent bank statements;
details of loans, credit cards and other financial commitments;
property information, including tenure and lease details where relevant;
the purpose and amount of any proposed additional borrowing; and
details of expected changes to income, retirement or household circumstances.

What to expect

How the remortgage process works

1
Review the existing mortgage. Confirm the balance, current rate, deal-end date, remaining term, repayment method and any charges.
2
Clarify the objective. Decide whether the priority is payment certainty, flexibility, term review, additional borrowing or another need.
3
Compare meaningful routes. Consider an eligible product transfer alongside suitable new-lender options and compare total cost.
4
Complete the application. A new lender normally assesses the applicants, evidence and property under its criteria.
5
Valuation and legal work take place. The requirements depend on the lender and type of switch.
6
Review the mortgage offer. Check the rate, term, fees, early repayment charge, conditions and total cost before accepting.
7
Complete the switch. On a new-lender remortgage, the legal representative normally uses the new mortgage funds to repay the existing lender and registers the new charge.

Every remortgage has unique milestones — document readiness, property valuations, title checks, leasehold management packs and lender processing backlogs can all affect how quickly completion occurs. We recommend beginning your remortgage review 4 to 6 months before your existing deal expires.

Protection review

Review protection alongside the mortgage, not as an afterthought

A remortgage can be a sensible point to check whether buildings insurance and personal protection still reflect the mortgage, household responsibilities, income and existing cover. A change in mortgage does not automatically mean that existing protection should be cancelled or replaced.

Any protection recommendation must be based on needs, budget, eligibility and the terms of existing arrangements. Check potential loss of benefits, new exclusions, waiting periods or changes in premium before replacing cover.

Explore protection and home insurance.

Common questions

Frequently asked questions

What is the difference between a remortgage and a product transfer?

A remortgage replaces the existing mortgage with a mortgage from a different lender while you remain in the property. A product transfer moves the mortgage to another product with the current lender. The application process, choice, fees and assessment can differ.

How long does the remortgage process take from start to finish?

A standard new-lender remortgage generally takes between 4 and 8 weeks from initial agreement in principle to legal completion, allowing time for property valuation, underwriting, and conveyancing. An internal product transfer or rate switch with your existing lender is considerably faster, often taking just a few days with minimal legal paperwork. We recommend starting your review 3 to 6 months before your current fixed rate expires to lock in a deal ahead of time.

Can Anderson Reed handle my rate switch directly with my existing lender?

Yes. If our whole-of-market comparison shows that your current lender offers the most competitive retention deal—or if changes in your employment, income, or credit profile mean moving lenders is unsuitable—Anderson Reed can execute the rate swap / product transfer directly with your existing lender on your behalf, ensuring a smooth transition without the risk of slipping onto an expensive Standard Variable Rate.

How does free remortgage advice work?

We provide a fee-free initial consultation to review your existing mortgage terms, assess property equity, and search current whole-of-market options. We clearly disclose any broker arrangement fees before you proceed with a formal application, so you have complete visibility over total costs and savings before making any decision.

Will remortgaging always reduce my monthly payment?

No. The result depends on the new rate, remaining balance, term, fees, charges and any additional borrowing. A lower monthly payment can also result from extending the term, which may increase the total amount paid.

Can I remortgage before my current deal ends?

It may be possible, but an early repayment charge or other costs could apply. Review the mortgage terms and compare the cost of switching early with waiting until the existing deal ends.

Do I need another affordability assessment?

A new lender will normally assess affordability under its current criteria. Some eligible borrowers switching products with their existing lender and not borrowing more may not require a full affordability assessment, but lender rules and exceptions apply.

How is my property valued for a remortgage?

The lender decides the valuation method. It may use an automated, remote or physical valuation. The value used by the lender may differ from an online estimate or estate-agent appraisal, which can affect loan-to-value and product availability.

Can I borrow more when I remortgage?

Potentially, subject to affordability, property value, loan-to-value, purpose and lender criteria. Additional borrowing increases the debt secured against the home and should be assessed by monthly payment and total repayment cost.

Can I remortgage if my income or credit history has changed?

Possibly, but the available routes may differ. Disclose changed employment, income, expenditure, missed payments and other credit issues before applying so that appropriate criteria can be considered.

Is remortgaging appropriate if I plan to move?

It may or may not be. Consider early repayment charges, portability, the need for a new application when moving and whether additional borrowing will be required.

How Anderson Reed Financial Services can help

A Mortgage and Protection Advisor can review the existing arrangement, explain the difference between a product transfer and a remortgage, compare suitable options from the lenders available to the firm and help coordinate the application through to completion.

The starting point is a conversation about the current mortgage, property, household circumstances and future plans. We will explain what can be assessed, what evidence is needed and which next step is appropriate.

Review your current mortgage Call 02382 127779

Meet our Mortgage and Protection Advisors

Mortgage information

The information given in this website does not contain all of the details you need to choose a mortgage. Make sure that you read the separate key facts illustration before you make a decision. The FCA does not regulate some forms of buy to let mortgages.

It is our intention to provide you with a high level of customer service at all times. If there is an occasion when we do not meet these standards and you wish to register a complaint, please write to: Compliance Department, Connect IFA Ltd, 39 Station Lane, Hornchurch, RM12 6JL or call: 01708 676110. If you cannot settle your complaint with us, you may be entitled to refer it to the Financial Ombudsman Service.

Anderson Reed and Anderson Reed Financial Services are trading names of Anderson Reed Financial Services Ltd, an Appointed Representative of Connect IFA Ltd, which is authorised and regulated by the Financial Conduct Authority (Firm Reference Number 441505) and is entered on the Financial Services Register under firm reference number 947349. Registered in England and Wales under number 13190705. Calls may be recorded for training and monitoring.

View our Privacy Statement View our Cookie Statement

Remortgage Advice

Review your mortgage before the next decision is made for you