Many borrowers stand a good chance of saving money through remortgaging. But there remain some cases where applying for a remortgage is not a realistic option.
Where you have high Early Repayment Charges
If you have recently taken out a fixed rate mortgage or a discount mortgage you may find that early repayment charges make it very expensive for you to take your loan elsewhere in its first few years. These early repayment charges can stay in force long after the original fixed-rate or discount has run out. If you use our remortgage wizard you can work out whether the terms of your current loan don't sit well with a remortgage.
If you have a very small loan
Many lenders accept remortgage applications only if the loan required is above a minimum level of about £25,000. Fees may also be a problem with very small remortgage loans, as these may outweigh the small saving on offer.
If your employment status has changed recently
Lenders need to feel sure you will be able to repay the loan you take on, so they need to know your likely future income. If you have recently changed your work status from employee to self-employed, but have not yet had time to build up a reasonable track record for your business, you may find it difficult to get a good remortgage deal. Again if you use our remortgage wizard you can work out whether the terms of your current loan don't sit well with a remortgage.