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Remortgaging is the process of changing mortgage terms. This can be done through a product transfer with the same mortgage provider or through a new lender. Because of this, your house might be worth more than the equity—also referred to as the remaining amount on your mortgage—which could enable you to remortgage and obtain money for other uses.

It's always a good idea to browse once a deal is closed, whether you own a residential property or are purchasing a mortgage to rent. However, as previously mentioned, evaluations are a good idea because a lot can change while trading based on pricing and individual circumstances.

To locate the greatest refinancing offers in the future, 1st Choice Mortgages searches the market and existing lenders. Although sticking with the current lender seems like the easiest choice, it might not be the wisest one. Thus, if this proves to be the best option, we suggest it; but, you can save a significant amount of money on your mortgage by shopping at the conclusion of each transaction.


Our remortgage calculator is available for use.

Repayment of your mortgage can be a great time to think about adding other loans for debt consolidation, upgrading your house, or even reducing or extending the duration of your mortgage. Since there is no exit penalty for switching lenders at the conclusion of the transaction, it is the ideal moment to make a move. You can assess affordability and locate the best lender for your requirements. We've made sure that our mortgage calculators and resources are easy for you to use. They help you determine how much you can borrow and how adjustments to your mortgage will impact how much you have to pay back. If you default on your mortgage or any other loan secured by a mortgage, your home could be in danger.


Using a mortgage calculator, you can ascertain:

  • How much can you borrow.?

Discover how much you can borrow based on your income. 

  • Repayment Calculator

Search out what your mortgage is.? Then make payment. 

  • Stamp Duty calculator

Discover how much you can save Recent Changes in Stamp Duty. 

  • Overpayment Calculator

Discover How Much You Can Save to Overpay your mortgage. 

  • Best Rate calculator

 Determine how the Bank of England’s base interest rate changes affect mortgage payments.

Various reasons for remortgaging

  • Lower Interests rate

There are always different mortgage offers from lenders. You might choose a mortgage to receive reduced interest rates and cheaper monthly payments if you are eligible for any of these offers.

  • Property Financing

Consequently, you have the right to raise some additional money through a remortgage if you're interested in property finance and have integrity in your residential property.

  • Monthly Reimbursement

There are two components to monthly repayments: principle and interest. Every month, we pay back a tiny percentage of the loan plus the interest. It's fantastic that you paid off your mortgage in full at the end of the term if you made all of the required payments. But if you don't pay back, you can end up losing your house.

  • Home Improvements

 Suppose you renovate your home or perhaps want to build augmentation to expand your house. Then, you can use portion of your property as collateral rather than a huge credit card debt or personal loan.

  • Centralize Debt

You can refinance your home and consolidate debt if you have a lot of outstanding loans, such as credit card debt, past-due personal loans, or installment purchases.

Need for Remortgaging

Your mortgage may be priced at a special rate for a restricted time, regardless of whether you have a fixed-rate mortgage, tracker mortgage, or other discount rate kinds. A three-year tracker mortgage or a two-year fixed-rate mortgage are typical examples. Mortgage holders will select a new transaction at the conclusion of the predetermined period. If not, the mortgage will revert to the adjustable default rate set by the lender. It is typically much greater than fixed transactions as a result.

The cost of debt restructuring is determined by the required credit amount, the kind of mortgage (including principal and interest payments), the negotiated interest rate, and the length of the loan over an extended period of time (referred to as the loan term). as well as the setup fee. You may obtain a better understanding of how much your mortgage will cost on a monthly basis and how much you can borrow by using our mortgage calculator. The entire cost of the mortgage is also shown when interest is included.

If your credit is poor, you might be able to reschedule your obligation, but you won't likely be able to get the best rate the lender has to offer. Rather, obtain a complimentary duplicate of your credit report to determine whether you can raise your credit score.

Therefore, you can discover mortgages that are likely to qualify without jeopardizing your credit score when you compare remortgaging packages with 1st Choice Mortgage. The reason for this is that when we seek for a new mortgage transaction with a lender, we can conduct thorough investigation on your credit file.

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