Remortgages kept simple.

A remortgage replaces the mortgage on your current property with a new one from a different lender. You stay in the same home. You can switch just the amount you already owe, or apply to borrow more at the same time. Changing to a new rate with your existing lender is usually called a product transfer.

No. You can look at remortgaging while your current deal is still running, whether you want to borrow more or change your mortgage. An early repayment charge could make switching expensive, so your adviser will compare the cost of leaving now with waiting or keeping your current mortgage.

The initial check uses a soft search and won’t affect your credit score. If you go ahead with a full mortgage application, the lender will normally carry out a hard credit search and affordability checks. Your adviser will explain what happens before you proceed.

Yes, you can apply to borrow extra for work such as a new kitchen, an extension or a loft conversion. The lender will check your property, income, commitments and what the money is for. Your adviser can compare a remortgage with other ways of funding the work, including extra borrowing from your current lender.

It depends on the lender’s valuation of your home, your existing mortgage and any other secured borrowing, plus what you can afford to repay. Having equity does not mean you can borrow all of it. Lenders also set loan-to-value limits: the mortgage amount as a proportion of the property’s value.

Some lenders let you borrow more on your mortgage to repay credit cards and personal loans. Your existing mortgage and the debts included are replaced by one new mortgage payment. Your adviser will compare your current combined outgoings with the new payment, as well as fees and the total cost.

Consolidation does not write off debt. It moves previously unsecured borrowing onto your home, and repaying it over a longer term could cost more overall. If you’re struggling with payments, get free debt advice before taking on more secured borrowing.

Yes, some lenders allow both within the same remortgage. You can apply for enough to replace your existing mortgage, repay the debts you choose and cover the work you have planned. The amount available depends on your equity, affordability and lender criteria. Your adviser will explain the new payment and total cost before you decide.

It may be possible alongside a remortgage. Changing ownership is usually called a transfer of equity and involves legal work as well as the lender’s approval. Anyone remaining on, or joining, the mortgage must meet the lender’s checks. A solicitor will explain the ownership change and any tax implications.

There may be options, but approval is not guaranteed. Lenders assess income differently and look at the type, age and severity of any credit issues. Tell your adviser about your situation early so they can check suitable lenders and explain the evidence you’ll need. The rate and terms available may differ from mainstream offers.

Costs can include an early repayment charge or exit fee on your existing mortgage, a new product fee, valuation and legal costs, and a broker fee. Some products include help with legal or valuation costs. Your adviser will set out the costs before you decide. Adding fees to the mortgage increases the borrowing and the interest you pay.

Yes, subject to the lender’s approval. A shorter term usually means higher monthly payments but less interest overall. A longer term could lower the monthly payment but increase the total interest. Your adviser will compare both the monthly budget and the full cost, including how the term fits with your expected retirement.

Allow several weeks rather than expecting an instant switch. Timing depends on the lender’s checks, the valuation, your documents and the legal work. Extra borrowing or an ownership change can add steps. Your adviser will give you a realistic timescale for your case and help coordinate completion around any early repayment charges.

Many mortgages allow some overpayments without an extra charge, but limits vary by product. Paying more than the allowance or clearing the mortgage during an early repayment charge period could trigger a charge. Once that period ends, the charge normally no longer applies, although an exit or administration fee may remain. Check your mortgage offer or ask your adviser before paying extra.