What is Remortgaging?

Remortgaging is when you move to a new lender, without moving home. Remortgaging is not the same as changing to a new product with your existing lender. If you already have your mortgage with us and are looking for a new mortgage product please view our rate switching guide.

Why remortgage?

Remortgaging could save you money
We may be able to offer you a lower interest rate compared to what you are already paying, which could reduce your monthly repayments, giving you that bit extra for little treats.

You can compare our rates by looking at the APRC, you can also use this to compare your current mortgage with what we have to offer. Remember there are other costs involved when remortgaging, you should take these into consideration to decide if you are actually saving.

Pay your mortgage off earlier
If you move to a cheaper rate with us, you may be able to afford to reduce the overall term of your mortgage while keeping your monthly repayments the same, leaving you with more money for the future.

Raise money by remortgaging
You may want to raise some extra funds for home improvements or debt consolidation. Remortgaging to us can allow you to raise funds by releasing some of the equity you have in your home.

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Types of mortgages

We offer a range of mortgages to suit your needs. Our main types of mortgages are described below.

Fixed rate mortgages
These mortgages offer a fixed interest rate for the term of the product, meaning your monthly repayments will remain the same even if our Standard Variable Rate (SVR) increases.

Discount rate mortgages
These mortgages offer a discount from our SVR, meaning the rate and your monthly repayments can increase or decrease with changes to our SVR.

Costs to consider

Although you may be saving money on your monthly repayments by remortgaging, it is important to consider other related costs so you know if you are actually getting a better deal.

Early Repayment Charge (ERC)
This is a charge you may incur if you pay off your mortgage during the existing product term. If you were to remortgage at the end of the product term, you are unlikely to be liable to pay an ERC. You should check with your current lender to be sure what ERC’s you may experience when remortgaging to us.

Exit fees
These include a range of fees that your current lender may charge to release your property deeds to your legal representative.

Product fees
Your new remortgage product may have product fees associated. Product fees are often the most expensive part of remortgaging, however we do allow you to add certain fees to the mortgage amount which could reduce the burden.

Valuation fees
All lenders must complete a property valuation to ensure the property value will cover the amount you are borrowing. Many of our remortgage products offer a contribution towards the cost of a valuation.

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What you’ll need

Here at the Tipton we want to make the process of remortgaging as easy as possible. Because of this you can book an appointment with us face to face or over the phone. To book an appointment you can complete our online form, call us on 0121 557 2551 or visit one of our branches.

When you apply for your remortgage with us, we’ll ask you to bring a few documents with you:

  • Last three months payslips (or last two years SA302’s or Limited Company Accounts if you’re self-employed);
  • Your accountants details (if self-employed);
  • Latest three months salary fed bank statements;
  • Your most recent P60;
  • Employers contact details;
  • Proof of any other income;
  • Proof of your name and address;
  • Full details of any outgoings.