Remortgage with the same lender through a product transfer

As a general rule, you can start the process of remortgaging up to 6 months before your existing mortgage deal comes to an end. If you don't find a better deal by the end of your current product term, you may be put onto your lender's standard variable rate (SVR), which can make your monthly repayments considerably higher.

Yes, you can leave your current fixed term at any point and remortgage to another lender. However, if you leave your deal early you may have to pay an Early Repayment Charge, which could make switching more expensive. But if you remortgage onto a lower fixed rate, the amount you could save per month in interest could outweigh the cost of switching. It's always best to talk to an expert mortgage broker to help weight up whether switching early is right for you.

Yes, income does matter when it comes to remortgaging. If you are remortgaging with a new lender, they will run a full affordability check to ensure you can afford the loan. If your income has gone down, or your monthly spending increased, this could impact your affordability and your ability to access the remortgage rates you need.

Yes, you can be declined for a remortgage if you fail the lender's affordability or credit checks. There are ways to boost your affordability so you can access better rates and increase the chance of your remortgage being approved. You can also remortgage with the same lender, which doesn't involve as thorough checks as remortgaging with a new lender.

There are various ways you can increase your affordability, from improving your credit score to cutting back spending. If you have family who would like to help, they could also become a guarantor to increase your borrowing potential, or reduce the amount you need to borrow by gifting or lending you money to increase your equity stake. Talking to affordability experts like Tembo can help you identify the best areas to work on to improve your affordability.