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  • Writer's pictureAnnie Hunt

New Year, New Mortgage - why you should look at re-mortgaging

New Year, New Mortgageshould I look at re-mortgaging my property and will it save me money?

The seeing in of a new year often makes us determined to make changes in our lives, to make improvements, or to get the things done that have been pushed too many times to the end of our to-do lists.

Maybe you’ve considered re-mortgaging your property, and perhaps with so many other things to do, it’s just not been a priority; or maybe you haven’t thought about it at all. Well, now is the time to think about it.

Why? The best reason is to save money. Let’s be honest, we’re all happy to save money if and when we can. Switching to a cheaper rate could save you a bundle every month, which could amount to thousands each year.

My fixed mortgage rate has ended, can I switch to a new rate or am I stuck on the variable rate?

There is nothing to stop you switching to a new rate now that your fixed rate has ended. There will be no early repayment charges, so you can switch whenever you like. Staying on the lender’s standard variable rate will often mean much higher monthly payments, so you should get this sorted as soon as you can.

One of our recent clients had a fixed-rate mortgage that came to an end, and she went onto the lender’s standard variable rate. One quick call to Hazelwood and she is now saving over £500 per month having switched to a new fixed rate with a different lender.

My mortgage term is not coming to an end yet; why should I look at re-mortgaging?

Whether your current rate is about to come to an end or not, it’s worth checking if you can switch rates to save money. Some lenders terms will require an early exit fee, but some may not. It may still be worth paying this if what you will save over the year will exceed it. Do some calculations (or let us do it for you) and find out what your options are. You could be missing out on huge savings.

Money saving expert Martin Lewis has some great advice, and agrees with us; it’s always worth checking if you could save money because more often than not, you can.

I’d like to make some home improvements, could re-mortgaging give me the capital to do this?

Yes, absolutely. Even if your current lender isn’t offering great terms to be able to do this, going to a new lender will usually mean lower rates, so you could walk away with the money you need to make your home improvements, and could also save money on your monthly payments having switched to a better rate.

Can I consolidate my credit card and other debts by re-mortgaging my property?

Consolidating debts and making home improvements are two things that lenders are often happy to lend you more money to do. You may have to provide evidence to prove you have paid the debts, but finding the right deal to re-mortgage should be no problem. Even Step Change, the debt advice charity, recommend re-mortgaging if you need to improve your financial situation.

I have a mortgage on a buy-to-let property as well as my home, should I look to re-mortgage both?

Whatever mortgages you have, it is worth letting us check if we can save you money. There are nearly always savings to be made. Whether you have one or more mortgages, we can provide you with a free review, so get in touch today on 01279 792756 or send us an email at to see how we can help.

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