When your fixed rate ends, your lender moves you onto their Standard Variable Rate — usually one of the most expensive rates on the market. We search 90+ lenders to find you a better deal, handle all the paperwork, and switch you over without the stress.
Remortgaging is not just about getting a lower rate. Here are the most common reasons our clients in London, Romford, Ilford, and Essex come to us.
Since you bought your home, two things may have changed in your favour: your mortgage balance will be lower (because you have been making repayments), and your property may be worth more. Together, these reduce your loan-to-value (LTV) ratio — and a lower LTV usually means access to better mortgage rates.
For example, if you originally bought with a 10% deposit and your home has risen in value, you may now effectively have 25% or more equity — which opens up significantly better rate tiers. We calculate your current LTV before we start searching, to make sure we are comparing you in the right bracket.
| Equity / LTV | Loan to Value | Lender choice | Rate outlook |
|---|---|---|---|
| 10% equity | 90% LTV | Good | Higher rates |
| 15% equity | 85% LTV | Very good | Competitive |
| 25% equity | 75% LTV | Excellent | Better rates |
| 35% equity | 65% LTV | Widest choice | Best rates |
| 40%+ equity | 60% LTV | Widest choice | Lowest rates |
Based on clients remortgaged in 2024 across London and Essex.
Start early. You can lock in a new rate up to 6 months before your current deal ends — protecting you if rates rise before your switch date.
Most remortgages are simpler than people expect. Here is exactly what happens when you come to us.
We start with a short phone call or meeting where we find out your current lender, rate, outstanding balance, remaining term, and when your deal ends. We then calculate your current LTV and search across 90+ lenders to find your best available rate. We tell you your exact monthly saving — before you commit to anything. There is no charge for this review and no obligation to proceed.
Most lenders allow us to secure a new mortgage offer 3 to 6 months before your existing deal ends. This means we can lock in today's rate now, and your new deal starts automatically when your old one expires — with no gap and no SVR. If rates fall before your switch date, we can often move you to a better deal before completion. If rates rise, you are already protected.
We submit your remortgage application and provide all the supporting documents the lender needs — payslips, bank statements, proof of identity, and so on. Most remortgages do not require a full survey (lenders often use an automated valuation), which speeds things up considerably. We liaise with the lender throughout and handle any queries they raise.
Your remortgage requires a small amount of legal work. If you are staying with the same lender, no solicitor is needed at all. If you are switching lenders, a conveyancer is required — but many lenders offer a free legal service for straightforward remortgages. If you are releasing equity or changing the names on the mortgage, more legal work is involved. We explain exactly what applies to your situation upfront.
On completion day, your new mortgage replaces the old one and your new lower monthly payment begins. We confirm everything has gone through correctly and stay available for any follow-up questions. We also make a diary note to contact you again 3 to 6 months before your next deal expires, so you never accidentally roll onto an SVR again.
Questions we hear every week from homeowners across London and Essex. If yours is not here, call us and ask.
We recommend starting the remortgage process at least 3 to 6 months before your current fixed rate or deal expires. Most mortgage offers are valid for 3 to 6 months, meaning you can secure a new rate today and have it ready to start automatically when your old deal ends. This protects you from being left on an expensive Standard Variable Rate even for a single month. We diary your deal end date and contact you at the right time.
When your fixed rate deal ends, your lender automatically moves you onto their Standard Variable Rate (SVR). SVRs are set by the lender and can be changed at any time — they are typically 2% to 3% higher than the best available fixed rates on the market. On a £250,000 mortgage, being on an SVR could cost you an extra £200 to £350 per month compared to a competitive fixed rate. Every month you stay on an SVR is money you are giving away unnecessarily.
It depends. If you are doing a product transfer — switching to a new deal with the same lender — no solicitor is required. If you are switching to a new lender, a conveyancer is needed for the legal work, but many lenders offer a free legal package for straightforward cases. If you are releasing equity or changing the names on the mortgage (transfer of equity), more legal work is involved and costs are higher. We always explain the costs upfront before you commit.
Yes. Self-employed applicants remortgage successfully all the time. Lenders typically require 2 years of self-employed accounts, though some will consider 1 year. We work with lenders who genuinely understand self-employed income — whether you are a sole trader, Ltd company director, or contractor. We know which lenders will use your most recent year's income, which helps if your earnings have been increasing.
Yes, if you remortgage during your current fixed rate or deal period, your lender will charge an Early Repayment Charge (ERC). These typically range from 1% to 5% of your outstanding balance. However, in some cases — particularly when rates have fallen significantly — the saving on your new rate can outweigh the ERC cost within a short period. We run the numbers for you honestly and tell you whether it makes financial sense to switch early or wait.
Costs vary depending on the new lender and product. Some products have no arrangement fee, while premium rate products may charge up to £999 or more in fees. Legal costs apply if you are switching lenders (some offer free legals). Our typical broker fee is £500. We always show you the total cost of each option — including all fees — so you can compare deals on a true like-for-like basis. In most cases the saving on your new rate significantly outweighs the total switching costs. Use our Repayment Calculator for an instant estimate.
Speak directly with Jagpal — no call centres, no waiting. Your initial consultation is completely free.
Every month on an SVR is money wasted. A quick call with Jagpal could save you hundreds of pounds — for free and with no obligation.
Many homeowners remortgaging also review these at the same time.