Remortgaging: Don't Pay More Than You Have To

Your current deal is ending. Doing nothing could cost you thousands.

Many homeowners treat their mortgage like a utility bill—they set it and forget it. But in the mortgage world, loyalty rarely pays. If your fixed-rate deal is coming to an end, or if you are already sitting on your lender’s Standard Variable Rate (SVR), you are likely paying significantly more interest than you need to.

At I J Mortgage Solutions, we turn "mortgage admin" into "monthly savings." We check your current deal against the whole of the market to find you a better rate, keeping more money in your pocket.

Why Switch? The "Loyalty Penalty"

When your introductory mortgage deal (usually a 2 or 5-year fixed rate) ends, your lender will automatically move you onto their Standard Variable Rate (SVR).

The SVR is typically much higher than market rates and can fluctuate at any time. By remortgaging—switching to a new deal either with your existing lender or a new one—you can secure a new fixed rate and protect yourself from rising costs.

Did you know? You can lock in a new rate up to 6 months before your current deal ends. We can secure a rate for you now to protect you from market rises, and if rates drop before you complete, we can often switch you to the cheaper one!

It’s Not Just About Saving Money

1. Home Improvements

Love your home but need more space? Instead of moving, you can remortgage to release equity (cash tied up in your house) to fund a new kitchen, an extension, or a loft conversion.

If you have expensive credit card debt or personal loans, you may be able to release equity to pay them off, consolidating everything into one lower monthly mortgage payment.

Note: Think carefully before securing other debts against your home. By extending the term of these debts, you may pay more interest over the long term.

3. Change Your Term

Has your salary increased? You might want to shorten your mortgage term to become mortgage-free sooner. Is money tight? You could extend the term to reduce your monthly outgoings.

2. Debt Consolidation

While lowering your monthly payments is the main goal, remortgaging is also a powerful tool for restructuring your finances.

Product Transfer" vs. "Remortgage

Should you stay or should you go?

Product Transfer (Staying Put): This is when you pick a new rate with your current lender. It’s fast and usually requires less paperwork.
Remortgage (Switching): This is moving to a new lender who is offering a cheaper rate to win your business.

Which is better? A comparison site won't tell you, but we will. We compare your current lender’s "existing customer" rates directly against the new customer rates from every other bank in the UK. If staying put is the best option, we’ll tell you (and we can even arrange the switch for you!).

The Remortgage Timeline

Step 1: The Review (6 Months Out)

We review your current mortgage offer. We check when your penalty period (Early Repayment Charge) ends and assess your current loan-to-value (LTV).

Step 2: The Search

We scour the market. We calculate the true cost of the new mortgage—factoring in interest rates, valuation fees, and product fees—to ensure the switch is actually worth it.

Step 3: The Application

We submit the application to the new lender (or your current one). We handle the valuation bookings and the paperwork.

Step 4: The Legal Work

If you are switching lenders, a solicitor is required to move the legal charge. Good news: Many lenders offer "Free Legals" for remortgages to keep your costs down.