Fixed deal ending? Remortgage with Tembo

It can be easier to remortgage with the same lender in comparison to changing mortgage providers. As your current lender already has your details on file, they won't have to do a full remortgage. Instead, you'll go through a product transfer which doesn't require a full affordability check. While this might mean you won't have access to the best rates available on the market, the process should be quicker than a full remortgage.

When you remortgage with a different lender, your new lender will effectively pay off your old mortgage balance and transfer your loan over to them. Before this happens, your new lender will run a new mortgage application including a full affordability and credit check, as well as a property valuation.

While remortgaging to a new mortgage lender involves more admin and steps than staying with your current lender, you can often secure a better mortgage rate by switching. Moving over to a lower mortgage rate will make your monthly repayments more affordable.

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.

Ideally, you should start planning to remortgage around 6 months before your fixed term ends. If you apply for a remortgage through Tembo 6-months before your current fixed rate deal ends and interest rates go down in that time, we can submit a new application at no extra charge to take advantage of the lower rates.