News & Blog

Is it time to remortgage?

24th February 2021

There are many reasons why you might consider re-mortgaging your property, the most common of which is to save money. Gale and Phillipson offer independent financial and mortgage advisers and can provide you with specialist mortgage advice and recommendations for you. Below are some of the reasons why it might be time for you to remortgage:

Your current mortgage is ending soon or has already ended

If your current mortgage is coming to an end, you are more than likely going to be put on your lenders standard variable rate (SVR) which usually has a higher interest rate than what you were previously on. It is best to start looking for a new mortgage 3 to 4 months before your mortgage is due to end, to give you time to research the best rate and get everything organised. Alternatively, you can contact a mortgage adviser, such as Gale and Phillipson, who will be able to find the best rate for your circumstances. Mortgage advisers sometimes have access to some lenders who regular customers can’t access.

The value of your home has increased

If the value of your property has risen, you may be in a lower loan-to-value (LTV) band since you first took out your mortgage. If this has happened to you there could be lower rates now available to you. You should first consider any charges or early repayment fees which might apply if you are still tied into your current deal.

You don’t have the ability to overpay

If you have the ability to overpay on your monthly payments but your lender either doesn’t let you overpay, or only lets you overpay a small amount it could be worth looking elsewhere. Again, you will need to consider any charges and fees you might have to pay for re-mortgaging.

If your interest rates are due to increase

If you aren’t on a fixed mortgage and the Bank of England’s base rate rises you may find that your interest rate and payments rise due to this. At the moment the base rate is at 0.1% and is unlikely to change anytime soon, however once the economy improves the base rate could begin to increase which could increase your interest rates in turn.

To borrow more money

If you are wanting to borrow more money and your current lender doesn’t agree to this, or offers poor terms, re-mortgaging could allow you to raise this money. The lender will want to know why you want to borrow this extra money, most often they will let you do this for home improvements or to pay off debt. But there is no guarantee that every lender will let you do this. In some cases, the lender might want evidence that the loan is being used for the proposed plan, especially if you are borrowing a large sum.


Your home may be repossessed if you do not keep up repayments of your mortgage. The content of this article is for general information only and should not be considered advice.  Professional advice relating to your individual circumstances should always be sought prior to making any decisions or taking any action. All details were correct at the time of writing.

Reference – BL121 – Feb -2021

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Gale and Phillipson Investment Services Ltd, Gale and Phillipson Advisory Services Ltd, Gale and Phillipson General Financial Services Ltd and Gale and Phillipson (SE London) Ltd are all authorised and regulated by the Financial Conduct Authority (Reference Numbers 431387, 142752, 195080, 195522).  Gale and Phillipson (Herts) Ltd and Gale and Phillipson Consulting Ltd are appointed representatives of Gale and Phillipson Advisory Services Ltd.  Gale and Phillipson (Surrey) Ltd is an appointed representative of Gale and Phillipson Investment Services Ltd. (Reference Numbers 615821, 811525, 703337). All companies trade under the name Gale and Phillipson and are registered in England and Wales numbers 05409822, 02232959, 03751076, 04077157, 08864945 and 04823391.  Registered office for all companies is Gallowfields House, Fairfield Way, Richmond, DL10 4TB.

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