Remortgaging: Word remortgage in wooden blocks
March 17, 2022

Is remortgaging the answer to the interest rate rise?

Remortgaging could be a good solution for some homeowners who are facing a hike in mortgage repayments as a result of rising interest rates.

An interest rate rise from 0.5% to 0.75% has been announced today by the Bank of England. This is the third interest rate rise in four months.

The aim is to keep price rises under control, however, for many homeowners it simply spells higher mortgage costs, alongside increasing energy bills, petrol prices and food costs.

So, is it time to consider remortgaging?

Yes, now could be a good time to dig out your mortgage offer document and check the terms and conditions, especially if you fall into one of the following categories:

Remortgaging is very common and is nothing to be nervous about. Just as you shop around when it comes to car insurance or gas and electricity, it’s a good idea to switch your mortgage to make sure you’re on the best deal. In fact, it is advisable to regularly review your mortgage. Staying put often means you miss out on better deals.

Make sure you factor in all of the costs though when deciding if remortgaging represents better value for you, for example, remember to check any arrangement or product fees associated with the mortgage you are choosing and any early repayment charges that your existing lender might apply. If in doubt, speak to a mortgage expert.

What is the process for remortgaging?

The whole remortgaging process should take roughly four to eight weeks.

If your new deal has an introductory offer, for example, a discounted rate for two to five years, do remember to review your mortgage again when the introductory period ends, otherwise you are likely to be switched to a standard variable rate, which will almost certainly be higher than other available rates.

If you are considering remortgaging and would like a quote for legal services, please contact our Altrincham solicitors on 0161 929 8446, our Stoke-on-Trent solicitors on 01782 205000 or our Birmingham solicitors on 0121 516 3025. Alternatively, you can email