How Many Times Can You Remortgage?

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Why do you want to remortgage?

Can I remortgage early?

Are there any benefits to remortgaging early?

Can I remortgage with bad credit?

When is the best time to remortgage?

When your fixed-rate mortgage is coming to an end, most homeowners will be thinking about remortgaging. The good news is, you can remortgage as many times as you like, yet this doesn’t mean you should remortgage.

Why do you want to remortgage?

Discussing your remortgage options with an expert mortgage advisors could help you save hundreds down the line, as well as remortgage to release equity in your property, can help you financially.

Others decide to remortgage for home improvements, or remortgage to free up some equity to purchase an additional home, if you can demonstrate to the lender you can afford the additional payments.

Can I remortgage early?

Whilst there are no restrictions, if you choose to remortgage before your fixed rate period is due to end, you may be faced with an early repayment charge (ERC).

If you have a five year fixed-rate mortgage, then we recommend you remortgage once the deal ends, otherwise, you’ll end up on your lender’s standard variable rate (SVR), which can sometimes be a higher interest rate than the initial deal.

Are there any benefits to remortgaging early?

It depends on why you want to remortgage early, some homeowners choose to remortgage to release equity in their property for home improvements or to save money.

As we’ve touched upon take a look at your agreement with your lender, you will most likely have to pay a early repayment charge, which will usually be a percentage of the remaining mortgage amount. In addition to this, there may be an exit fee to cover admin costs.

Another benefit is locking into a more suitable rate in advance of your current deal ending. That way, if rates do increase, you’ll be safe in the knowledge that your new mortgage won’t be affected.

Can I remortgage with bad credit?

As long as you have demonstrated making all repayments on time then it should be possible to remortgage with bad credit. The longer ago your credit issues were the better but some lenders might ignore ‘minor’ blips such as disputes with mobile phone providers.

As with any remortgage, the interest rate payable will depend on your credit score and also how much equity you have in your home. You can also look to capital raise when you look for remortgage advice. 

When is the best time to remortgage?

We recommend you start looking into your remortgage options around 3 to 6 months before your introductory mortgage deal is due to end. This will give enough time for you to seek remortgage advice from an expert in the field and get your new mortgage set up and ready to begin just as your last deal is due to finish.

Alternatively, you may wish to raise capital because your home has increased in value since you first bought it. In this scenario, it might be worth remortgaging early to invest in a buy to let property or use the extra capital for home improvements. 

Speak to a Remortgage Advisor

There is typically no limit on the number of times you can remortgage your home, but most people do it when their fixed-rate mortgage period ends.

Whether you decide to remortgage early or at the end of the fixed-rate mortgage deal, We recommend seeking remortgage advice early to ensure your mortgage payments do not lapse onto your mortgage lender’s standard variable rate.

To speak to a trusted mortgage advisor about your remortgage options, such as a regular remortgage or a remortgage to release equity, please book your free remortgage review and speak to a member of our remortgage advice team.

Written by
Malcolm Davidson
Managing Director of UK Moneyman Ltd.
MAQ & CeRER Qualified

15th November 2023

About the Author

Malcolm Davidson

Managing Director of UK Moneyman LTD

Malcolm is one of the UK’s most well-known and respected Mortgage Advisors. He is passionate about providing a 5* customer experience and he has also trained and mentored dozens of fellow Advisors in a career that is now in its third decade.

In addition to his day to day duties as Managing Director, Malcolm still gives out mortgage advice and feels lucky that his job is also very much his hobby.

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