How do I remortgage with the same lender?

How to remortgage with the same lender

When you’re coming to the end of your current mortgage deal, your current lender will likely get in contact with you offering a few different remortgage rates for you to choose from. Or you can log onto your lender’s website and browse the deals they have available. 

To change to a new deal, simply select the mortgage product you want and apply. But be aware that there is a chance you might not be eligible for every product. The lender will check your eligibility, and may conduct some affordability checks - if you don’t pass either of these hurdles, your remortgage application will be rejected.

It’s often a safer bet to see what you could be offered from your current lender before applying. When you create a free Tembo plan, we’ll compare your eligibility to thousands of mortgage products from over 100 lenders, including your current provider.

You’ll then see live interest rates and indicative mortgage repayments from deals you could qualify for, so you can see if staying with the same lender is the best choice.

Read more: What to do if your mortgage application is declined?

How easy is it to remortgage with the same lender?

It’s very easy to remortgage with the same lender. If you find a deal they are offering on their website, you might even be able to apply within a few clicks. However, while remortgaging with the same lender is an easy process, this doesn’t mean you shouldn’t look around first. 

There are thousands of mortgage products on the market - another lender could offer you a better rate, which will make your monthly repayments cheaper. However, different mortgage products have different criteria, so finding deals you qualify for can be time-consuming and confusing. Enlisting the help of a trusted mortgage broker can help you find the best deal for you from across the market, including from your current lender, without you needing to spend time researching yourself.

Is it easier to remortgage with the same lender?

Yes, it is often easier to remortgage with the same lender, but this doesn’t mean it’s the best option for everyone. Staying with the same mortgage lender can be quicker than remortgaging with a new provider, but this could see you missing out on the best rates available on the market, which could save you money.

This is because when you remortgage with the same lender, you’ll only be offered rates from their mortgage products. There are thousands of mortgage products out there (in fact, here at Tembo we advise on over 20,000!), so it’s worth shopping around to see what you could be offered from another provider. 

How long does a remortgage take with the same lender?

Remortgaging with the same lender can be a very quick process. If you apply online through your current lender’s website, applying for a new deal could take a couple of clicks. You then need to wait for your product transfer to be approved, which can take as little as a couple of days or for more complex cases a few weeks. 

However, it’s wise to not rush remortgaging and choose the first deal you see. There are thousands of mortgage products, and small differences in interest rates can save you a lot of money each month. By working with a specialist mortgage broker like Tembo, you can ensure to get the best deal for you without having to do all the research yourself.

The mortgage market can be volatile and unpredictable, so locking in an interest rate months ahead of your current deal ending can feel risky. If you apply for a remortgage through Tembo 6-months before your current deal ends, you’ll benefit from our free rate-checking service. 

This means if interest rates go down in those 6 months, simply contact us and we’ll submit a new application for free - so you can benefit from a lower rate. If rates go up, your lower rate will already be safely locked in - it’s a win-win!