Five Things to Consider Before Remortgaging

Remortgaging — switching your existing mortgage to a new deal, either with your current lender or a different one — is one of the most powerful financial moves a homeowner can make. But timing and preparation are everything.

**1. Know when your fixed rate ends**

Most homeowners are on a fixed-rate deal. When it ends, you'll automatically roll onto your lender's Standard Variable Rate (SVR), which is almost always higher. Set a reminder at least three months before your deal expires so you have time to explore your options.

**2. Check your loan-to-value ratio**

The amount you owe compared to your home's current value (your LTV) determines which deals you can access. If your property has increased in value since you bought it, you may now qualify for better rates.

**3. Factor in early repayment charges**

If you're thinking of switching before your current deal ends, check whether early repayment charges apply. Sometimes the saving on a new deal outweighs the penalty — but you need to do the maths.

**4. Consider your financial goals**

Are you looking to reduce monthly payments, pay your mortgage off sooner, or release equity for home improvements? Different products suit different goals.

**5. Get independent advice**

With hundreds of mortgage products on the market, getting independent advice from a qualified adviser ensures you're comparing the whole market — not just what's on offer from your current bank.

At BMSG, our advisers are available to help you make the right decision for your circumstances. Get in touch today.