Wondering, ‘how many times can I remortgage my house?’ Get a better grasp of the remortgaging process with UKMC.
Regardless of whether you’re considering switching because your home’s overall value has increased, or you’re worried about rising interest rates, luckily, there’s no limit on exactly how many times you can remortgage in the UK.
Is there a limit on how many times you can remortgage?
For those typing ‘how many times can you remortgage’ into a search engine, the simple answer is; no, there’s no limit on how many times you can remortgage.
However, it’s important to keep in mind your remortgage application must meet certain criteria to be approved and accepted by a lender – and each one differs in terms of what it expects from an application.
First and foremost, to apply for a remortgage, you must have an existing mortgage and be close to reaching the end of your current deal – usually within at least six months of it ending.
Applying to end the arrangement before this point usually activates an early repayment charge (ERC). A lender will want reassurance in the form of bank statements and payslips that your monthly income means you’ll be able to meet the repayments.
Another factor that helps if you’re intending to remortgage is a good credit score. The terms of your deal will also vary according to where you live, your personal circumstances, and of course the lender’s own products.
To make the process less daunting, we’d always advise seeking assistance from a mortgage expert who can guide you every step of the way.
How often do most people switch?
Many homeowners remortgage several times during their lifetime – often remortgaging every two or five years to coincide with their end of their fixed-rate deals.
However, according to figures from banking trade body UK Finance, there’s been an increase in longer average mortgage terms in the UK – from 28 years a decade ago to 31 years in more recent years.
Largely driven by the desire to lower monthly payments, these longer terms (some lasting up to 40 years) mean homeowners must repeat the remortgaging process more times before the debt is fully paid off.
Subsequently, the number of times a person will remortgage during their lifetime is increasing.
However, how often someone chooses to remortgage heavily depends on their personal circumstances, the terms of their current mortgage arrangement, and fluctuations in interest rates.
Why do most homeowners remortgage more than once?
Many homeowners consider remortgaging not only when they naturally reach the end of their current mortgage arrangement – but sometimes strategically – often to save money or for other personal or financial reasons.
Some of the most common reasons for homeowners to remortgage include:
- Switch to a better interest rate
- Release equity for home improvements
- Consolidate personal loans into the mortgage
Is it worth it to remortgage regularly?
The short answer is; it depends.
It can make sense to remortgage more than once, depending on your situation and the terms in your original mortgage arrangement.
Remortgaging several times can have many benefits, including:
- Avoiding standard variable rates (SVRs): remortgaging helps avoid a lender’s standard variable rate (SVR) when your fixed-rate mortgage deal ends – often beneficial because monthly payments tend to be higher when a SVR applies.
- Reduced interest rates: switching mortgages gives you an opportunity to negotiate a new fixed-rate mortgage deal with a reduced interest rate, helping you to prepare for the future and build savings over the long term.
- Access to more suitable products: our personal and financial circumstances, as well as interest rates, are always changing. Remortgaging provides access to potentially more suitable products for your specific needs.
- Equity release: if your property’s value has increased, then remortgaging provides access to equity – something that is useful if you’re looking to release extra cash.
- Debt consolidation: those facing financial challenges could remortgage as a way of consolidating several debts into one affordable monthly repayment.
- More favourable terms: Remortgaging to an arrangement with a longer term helps to spread the cost, resulting in reduced monthly payments while making things more manageable.
When is the best time to remortgage?
If you’re considering whether now is the right time to remortgage, remember that an early repayment charge may be applied if you do so before the end of your current mortgage term.
At UKMC, we understand the remortgaging process can feel overwhelming without any support. For that reason, we recommend talking to an expert who can provide guidance tailored to your personal circumstances.
That’s why we aim to make remortgaging as stress-free as possible. By adopting a down-to-earth approach, we can help you understand your options and choose the most suitable arrangement for you.
Contact UKMC today to explore your options!
Now you’ve received a clear answer to ‘How many times can I remortgage?’, why not explore remortgaging with UKMC? Our team possesses the know-how and patience to assist.
Don’t just take our word for it, a tally of more than 700 positive reviews on Trustindex is proof we know what we’re doing.
Want to secure the best remortgage deal for you? Then why not book your consultation today?
Our remortgage advice process is quick, easy and hassle-free.
First, you book a fact-finding call with a member of our expert staff.
From there, your dedicated mortgage advisor will work with you to identify your options.
If you don’t want to arrange a call straightaway, we’re more than happy for you to request a callback at a more convenient date and time.
Alternatively, you can complete our online contact form or book your own appointment.
Disclaimer
UK Mortgage Centre Limited is an Appointed Representative of Refresh Mortgage Network Limited.
Refresh Mortgage Network Limited is authorised and regulated by the Financial Conduct Authority. We are entered on the Financial Services Register under firm number 1019794.
As a mortgage is secured against your home, it could be repossessed if you do not keep up the mortgage repayments. The Financial Conduct Authority does not regulate some forms of buy-to-let mortgages.
The Financial Conduct Authority does not regulate will writing and taxation and trust advice.
You may be charged a fee for your advice. A typical fee is £495, which would be payable when you receive your mortgage offer. Your dedicated advisor will discuss this further on your free initial phone call.
Registered company number: 15825320
