Is a Remortgage Right for You?
Caz Blake-Symes • May 15, 2025
Everyone's circumstances are different, so whilst remortgages and product transfers can bring certain benefits, there are important considerations to be made too, and this is why it's important to seek professional advice before taking action.
These are an example of some of the key considerations that must be factored in from the outset:
- Early repayment charge: When tied to a fixed rate mortgage deal, remortgaging before the fixed period has ended can result in an early repayment charge. The rate of this charge will be dependent on a variety of factors, and it's recommended to speak to an adviser on what the impact could be for your specific deal.
- Change of circumstances: Your financial circumstances may not be the same as when the mortgage was originally obtained. It could be that lifestyle changes, such as becoming self-employed or having a lower income, result in the lender criteria no longer being met.
- Your equity has shrunk: In some cases where the value of your property has fallen since purchase, then this can cause challenges. For example, you had a 10% deposit when buying your home, borrowing the remaining 90%, if the overall value has fallen, then the amount you owe is a bigger proportion of the overall property value.
- Credit history: Since taking out your first mortgage, if your credit score has worsened, with any missed credit card, mortgage or utility payments, or loan defaults, then it may be more difficult to remortgage. However, an adviser may still be able to find you suitable deals, even if your credit history isn't the best.
- Mortgage size: If you have a large mortgage, a remortgage or product transfer can be a suitable choice. However, for smaller mortgages, it may not be as worthwhile. Once your loan falls below a certain amount, it may not be economic to switch lenders, simply as you are less likely to make a saving if the fees are high. The smaller the mortgage you have, the larger the effect of any fees you pay to remortgage is, especially given that most new mortgage deals have a four-figure arrangement fee attached.
When planning for a financial commitment as important as your mortgage, it's important to consider all the potential benefits and drawbacks of remortgaging. Speaking with an adviser can be a great way to ensure a wide range of mortgage products have been explored.
Need some help making the right decision?
It can be tricky to navigate the mortgage landscape with so many options for the future of your home. Seeking professional advice can make you feel rest assured that a wide range of options have been considered. Having an adviser investigate and understand your specific circumstances can mean a greater scope of product options are considered. Advisers also have access to exclusive lender products and deals that aren't usually accessible to the public.
How can I get advice?
Please call Russell Green for full details and options if you are looking to remortgage or considering a product transfer.
Get in contact with Russell who will be delighted to discuss all the various options available to you.
We have a wide selection of lenders and products available to us and will find you the most suitable product to suit your specific needs.
How to Contact Us
Tel 01934 442023
Email russell@swmortgages.com
Complete a form via our website www.westonmortgagesonline.com
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
Our initial mortgage consultation is free and with no obligation, should you proceed to an application there will usually be a fee for mortgage advice. The precise amount of the fee will depend upon your circumstances but will range from £290to £490 and this will be discussed and agreed with you at the earliest opportunity.
Article taken from ourr June Newsletter Summer 2025 presents a rare opportunity for first-time buyers. Lenders are reintroducing 100 % mortgages, increasing income multiples, and easing affordability tests. While this may help those struggling to save for a deposit, thorough preparation is essential. If you are considering buying your first home this summer, here is what to know and how to get ready. Understand the New Mortgage Landscape Several lenders, including April Mortgages and Gable Mortgages, have launched 100 %, meaning buyers can borrow the full value of a property without any deposit if they meet strict criteria1. Gable Mortgages offers a five-year fixed rate of approximately 5.95% for standard properties and 5.65% for newbuild homes1. Other lenders, including Skipton, Barclays and Halifax, are launching or reintroducing similar nodeposit products. Get Your Finances in Order Before applying, you need to present a strong financial profile. Lenders will assess the following carefully: Your credit report, ensuring it contains no errors. Your existing debts, including credit cards and loans. Clear and documented bank transaction history, showing consistent income and no unexplained withdrawals or gambling transactions. Your rental payment history, as some lenders use this as proof of affordability. Your mortgage adviser can guide you in cleaning up your financial records, advising on what is acceptable and what could harm your application. Secure a Mortgage in Principle A mortgage in principle is a preliminary agreement from a lender based on your income and credit profile. It provides clarity on how much you might be able to borrow and shows estate agents and vendors that you are a serious buyer. Crucially, a mortgage in principle arranged by your adviser will not affect your credit rating. Consider the Total Costs Buying your first home involves more costs than just the purchase price. You should budget for: Solicitor and conveyancing fees Valuation and survey costs Possible mortgage arrangement fees (some lenders allow these to be added to the loan) Stamp duty, though many first-time buyers pay little or none Home insurance and life or income protection, which your adviser can help to include in a review Your mortgage adviser can help plan these costs to avoid financial surprises later on. Understand the Risks Zero deposit mortgages come with higher interest rates and a greater risk of negative equity should house prices fall. Ask your adviser to stress test your budget against repayment rates increasing by 1% or 2%. This helps ensure you can comfortably meet repayments, even if economic conditions change. Speak to Weston Mortgages Online Early Preparation is key. Your mortgage adviser can: Help you understand which no deposit and low deposit options you qualify for Run credit and affordability health checks Explain the implications of higher interest and monthly costs Advise on protection policies to safeguard your financial commitments Keep track of repayment buffers, interest rises and building equity With 100% mortgages and flexible lending returning this summer, the time to act is now. Speaking to a mortgage adviser early will ensure you approach the process with clarity and confidence. How can I get advice? Get in contact with Russell, who will be delighted to discuss all the various options available to you. How to Contact Us Tel 01934 442023 Email russell@swmortgages.com Complete a form via our website www.westonmortgagesonline.com Our initial mortgage consultation is free and with no obligation; should you proceed to an application, there will usually be a fee for mortgage advice. The precise amount of the fee will depend upon your circumstances, but will range from £ 290 to £490 and this will be discussed and agreed with you at the earliest opportunity. Sources: Mortgage Solutions (2025). Gable Mortgages enters market with 100% LTVs. Available at: https://www.mortgagesolutions.co.uk/news/2025/05/20/gable-mortgages-enters-market-with-100-ltvs/ [Accessed 24 Jun. 2025]. Your home/property may be repossessed if you do not keep up repayments on a mortgage or other debt secured on it. All the information in this article is correct as of the publish date 3rd July 2025. The opinions expressed in this publication are those of the authors. The information provided in this article, including text, graphics and images does not, and is not intended to, substitute advice; instead, all information, content, and materials available in this article are for general informational purposes only. Information in this article may not constitute the most up-to-date legal or other information. Please be aware that by clicking on to any of the above links you are leaving our website. Please note that neither we nor HL Partnership Limited are responsible for the accuracy of the information contained within the linked site(s) accessible from this page.
Adapted from an article by Richard Donnel, Zoopla’s Research Director, 30 June 2025
More sales, rising supply, plenty of demand and modest house price growth shape a steady UK housing market in June 2025.
The average house price in the UK is £268,400 as of May 2025 (published June 2025). This is a rise of 1.4% or £3,6
Looking to grow your portfolio and expand into the buy-to-let market? Let us be the helping hand through your journey, making everything as simple and smooth as possible. Buy-to-Let mortgages are different to regular mortgages and require a different type of mortgage. Here is a Brief overview of the Buy-to-let market.
At Weston Mortgages Online, we take pride in offering excellent customer service and providing tailored advice to each of our clients.
Below are just a few examples of some of our 5-star Google Reviews from the past few weeks. Thank you to everyone who has taken the time to give their feedback.
If your two-year fixed mortgage is about to expire, you might potentially be in for some positive news. Back in early 2023, many borrowers locked into deals with interest rates as high as 6.86%, as the Bank of England battled stubborn inflation with relentless interest rate hikes. Now, however, the tables have turned—and you could be paying much less when you remortgage.
Lower mortgage rates are supporting more house sales against a backdrop of modest house price inflation. Zoopla’s House Price Index tracks key trends in the UK housing market - here’s the latest news in May 2025.
When your fixed-rate mortgage deal comes to an end, it might feel easiest to stay with your current lender. After all, they know you, they already have your details, and they might even send you a letter inviting you to switch to a new rate.
But before you sign anything, it is worth pausing to speak to your mortgage adviser. That simple conversation could save you money, give you more choice, and help you make a better-informed decision.
If you have children or grandchildren stuck renting, watching house prices rise, and struggling to scrape together a deposit, there might be some long-awaited good news.
Thinking about getting on the property ladder and buying a house for the first time can be a daunting prospect.
Adapted from a Rightmove Property News article 8 May 2025 The Bank of England has voted to reduce the Base Rate by 0.25% for the second time this year, taking it to 4.25%. Base Rate was held at 4.5% in March after it was cut by 0.25% in February. The Bank meets every six weeks to decide what should happen to interest rates, with the aim of keeping inflation to its target and keeping the wider economy healthy. Inflation is at 2.6%, which is still above the 2% target the government sets for the Bank. The financial markets have been widely expecting a cut to interest rates this week, as continuing to hold rates could have a negative knock-on effect on economic growth, impacting businesses and households further down the line. What’s happened to mortgage rates recently? Mortgage rates have continued to come down slowly in recent weeks. The average rate for a 2-year fixed rate mortgage has fallen by 0.05% to 4.64% compared to a week ago, while the average rate 5-year fixed rate is now 4.60%. With strong signs of home-mover activity since the start of this year, the outlook for borrowers remains stable. What does the Base Rate reduction mean for my current mortgage? Changes to the Bank’s Base Rate can impact how much interest you’ll pay on loans, including mortgages. If you’re on a fixed-rate deal, your monthly payments won’t change until the end of your deal. And if you’re on a tracker mortgage, or a variable rate mortgage that follows Base Rate changes, this month’s Base Rate reduction will mean your monthly payments will take on this drop. If you’re coming to the end of your fixed-rate mortgage soon, you’ve probably already started to think about the rate you’ll be offered on your next deal. In July 2023, the Mortgage Charter was launched to help those struggling to meet their monthly payments, as well as borrowers who are coming to an end of their fixed rates soon. The Mortgage Charter encourages lenders to be flexible and offer borrowers the chance to lock in a new deal up to six months before their current rate ends. Of course, borrowers can also look at moving to another lender – commonly known as remortgaging – but this can take longer, as you have to go through a normal lending process, such as income checks, the legal process, and maybe a valuation of your home. This all takes time, and you would want to make sure you’re looking around a few months before the end of your current deal to avoid falling onto your lender’s Standard Variable Rate (SVR) – which will cost more than the repayments you’d have made on a fixed rate mortgage. The current average for SVRs is 7.5%. What could the Base Rate reduction mean for affordability? Lenders’ ‘stress test’ calculations – which is how they calculate whether someone could afford a mortgage were their repayments to jump considerably – are directly linked to the Standard Variable Rates that we just talked about above. The ‘stressed rate’ is usually the lender’s SVR, with at least 1% added on top. So, if lenders’ SVRs reduce in line with this Base Rate cut, we might start to see affordability improve, because the stressed amount will now be lower than if Base Rate wasn’t reduced today. What could happen next? The Bank of England’s Monetary Policy Committee meets every six weeks to discuss and vote on whether interest rates should go up or down, or stay the same. History has shown that after interest rates have increased over time, they have remained flat before starting to come down. So, while we’re now seeing a gradual downward curve, it’s extremely unlikely that rates will drop back to the historic lows we saw back in 2021. The financial markets have been forecasting two-to-three more possible cuts to Base Rate in 2025. So, we could see it fall to 3.75% or further by the end of the year. Though as always, this could change depending on what happens in the broader economic environment. The next decision on interest rates will be announced at midday on 19 June 2025. If you would like Weston Mortgages Online to help you with a first-time Buyer Mortgage, Remortgage or any other Mortgage or Protection needs please call Russell Green today to book a free consultation! How to Contact Us Tel 01934 442023 Email russell@swmortgages.com Complete a form via our website www.westonmortgagesonline.com YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE. Our initial mortgage consultation is free and with no obligation, should you proceed to an application there will usually be a fee for mortgage advice. The precise amount of the fee will depend upon your circumstances but will range from £290to £490 and this will be discussed and agreed with you at the earliest opportunity.