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13 Jul 2024
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Remortgage Guide

What is a Remortgage?

The remortgage guide below explains some of the criteria and recent changes to debt consolidation remortgage.

Remortgage or refinance mortgage is moving your existing mortgage to a new lender to receive a better rate of interest and or to release equity.

The full range of mortgage products are available for a remortgage with some remortgage lenders offering special remortgage packages.

Remortgage Products

The remortgage market is very competitive with many lenders offering free valuation and legal fees to you to make the switch hassle fee. Many Lenders offer these free remortgage schemes on exclusive products via mortgage brokers. 

Remortgaging your mortgage to a new mortgage lender usually takes one month to complete from start to finish, although this can be done in a shorter period if the remortgage is urgent.


Some of the more common reasons for a remortgage include:

  • to get a better mortgage rate in order to reduce monthly outgoings
  • to consolidate debt, such as outstanding credit card balances
  • to meet home improvement costs, such as a new extension
  • to finance a business loan


When deciding on a remortgage you should take into account a number of potential costs that you may incur as a result of the remortgage.

  • Legal Fees
  • Valuation Fees
  • Arrangement Fees
  • Solicitor Fees
  • Dead Release Fees
  • Telegraphic Transferee Fees
  • Early Redemption Penalties
  • Mortgage Indemnity Guarantee


The good news is that no stamp duty is payable on a remortgage.

Debt Consolidation

Debt consolidation is not always the most suitable option, consolidating debts must be carefully considered. It will usually mean more interest over a longer repayment term and there may also be early repayment penalties on your current mortgage, you should think carefully before securing other debts against your home. There are other ways to manage debt such as free debt advice charities, you can find out more by contacting the Money Advice Service  these services may be more suitable for you.


Do you want Fee Free Remortgage Advice?

After looking through the re mortgage schemes if you would like remortgage advice, complete our mortgage enquiry form and we will contact you to discuses your mortgage requirements. We normally do not charge a fee for mortgage advice, however this is dependent on your circumstances. Our typical fee would be £349


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If you would like to speak to a professional remortgage advisor without obligation, please complete our remortgage enquiry form.


Think carefully before securing other debts against your home, your home may be repossessed if you do not keep up repayments on your mortgage.

Go Direct.co.uk is a trading style for website purposes of Go Direct UK Ltd.

Go Financial Services is a trading style of Go Direct UK Ltd which is an appointed representative of Personal Touch Financial Services Ltd which is authorised and regulated by the Financial Conduct Authority. Registered in England & Wales Company 5703224. FCA Number 456600

We normally do not charge a fee for mortgage advice, however this is dependent on your circumstances. Our typical fee would be £349