If your current mortgage deal is coming to an end, you might be wondering what your next steps should be. Many homeowners in Beverley choose to remortgage to secure a better deal, release equity, or adjust their mortgage terms.

Whether you’re looking to reduce your monthly payments, fund home improvements, or consolidate debts, remortgaging could be the right move.

As a mortgage broker in Beverley, we’ve helped countless homeowners explore their options, ensuring they find the most suitable mortgage for their needs.

What is a Remortgage?

A remortgage is when you take out a new mortgage to replace your existing one, often with a different lender. This can help you access better interest rates, release equity, or make changes to your mortgage terms.

Many homeowners look into remortgaging as their fixed-rate deal comes to an end. If you don’t switch, your lender will usually move you onto their Standard Variable Rate (SVR), which can be much higher than your previous rate. This often leads to increased monthly payments, making a remortgage a smart way to save money.

Why Do People Remortgage?

Finding a Better Interest Rates

Most mortgage deals last between two and five years. Once your fixed term ends, your lender will place you on their SVR, which can fluctuate and often costs more.

By remortgaging, you can lock in a better interest rate, reducing your monthly payments and saving money in the long run. Many homeowners in Beverley remortgage for this reason alone, ensuring they continue to benefit from competitive rates.

Releasing Equity for Home Improvements

If you’ve built up equity in your home, you could release some of it through a remortgage. This is a popular option for homeowners looking to:

  • Extend their property
  • Renovate kitchens or bathrooms
  • Convert lofts or garages into extra rooms

Rather than moving to a new home, remortgaging for home improvements in Beverley allows you to make your current space work better for you. It can also increase your property’s value, which could benefit you if you decide to sell in the future.

Remortgaging to Adjust Your Mortgage Term

Some homeowners choose to shorten their mortgage term, helping them pay off their mortgage faster. This often leads to higher monthly payments, but it can reduce the total interest paid over time.

Others opt to extend their term, lowering their monthly repayments and making them more manageable. The right choice depends on your financial situation and long-term goals.

Consolidating Debt

For those with multiple debts, a remortgage in Beverley can help combine everything into one manageable monthly payment. This can be a useful way to regain control of your finances, but it’s important to consider the long-term impact.

Because mortgage terms are longer than personal loans, you may end up paying more interest overall. Speaking with a mortgage advisor can help you understand whether this is the right move.

Buy-to-Let Remortgaging

Landlords often remortgage their buy-to-let properties to release equity for new investments. Whether you’re expanding your portfolio or improving an existing property, remortgaging can be a strategic way to fund future purchases.

When Should You Remortgage?

If your fixed-rate deal is ending within the next six months, now is the time to start exploring your options. A mortgage advisor can help you secure a new deal before your current one expires, avoiding the risk of moving onto a higher SVR.

Even if you’re tied into your mortgage for longer, it’s worth checking if you could save money by switching early. Some lenders offer lower rates that could outweigh any early repayment charges.

Speak to a Mortgage Advisor in Beverley

A remortgage in Beverley can help you save money, improve your home, or adjust your mortgage to suit your lifestyle. With so many options available, getting expert advice can make all the difference.

Book a free remortgage review with one of our experienced mortgage advisors in Beverley today. We’re available seven days a week, making it easy to find a time that fits your schedule.

Our team will take the time to understand your needs and find the best remortgage deal for you. Get in touch today and see how we can help.

Date Last Edited: February 7, 2025