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Why Do People Remortgage Their Homes?

We’re often asked why do people remortgage their homes, what the advantages are, and what you can use a remortgage for – and there are several excellent reasons to consider a remortgage.

Almas Uddin
Almas Uddin

Founder and Mortgage Advisor

Almas Uddin2023-05-09
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Why Do People Remortgage Their Homes?

We’re often asked why do people remortgage their homes, what the advantages are, and what you can use a remortgage for – and there are several excellent reasons to consider a remortgage.

In this Revolution Finance Brokers guide, we’ll answer all your questions, from should I remortgage now or wait, to can you remortgage to pay off debt, and can I remortgage my house to buy another?

If you're still stuck or need advice about can you remortgage early on a fixed rate, please get in touch at any time for independent, expert support.

Why Do People Remortgage Their Homes?

A remortgage means you take out a new mortgage product, replacing your current mortgage. Can you remortgage early on a fixed rate depends on the lender – but theoretically, you can remortgage as and when you wish.

However, the question of should I remortgage now or wait may depend on whether you are in a fixed term and would incur a hefty early repayment charge to remortgage before the contractual period ends.

Can I remortgage to pay off debt? Absolutely, if your home has appreciated in value or you have repaid a proportion of your mortgage, remortgaging may be one of the lowest-cost ways to consolidate other debts or release equity.

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Most lenders will let you borrow 4.5 times your annual salary so, as long as you have a standard 10% deposit, you should be able to borrow this much.


Depending on your personal circumstances, some lenders may let you borrow 5 times your salary.


Lenders usually cap the amount they lend at 5.5 times your salary, so it’s unlikely you’ll be able to borrow more than this.

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Should I Remortgage Now or Wait?

Mortgage rates are an important consideration because can you remortgage early on a fixed rate is complex. If you remortgage too soon, you might need to pay a fee as high as 5% of your mortgage balance, which might make remortgaging unaffordable.

Still, if you’re looking into can you remortgage to buy another property and need to move quickly, there may be scenarios where the extra cost is worthwhile.

Can You Remortgage Early on a Fixed Rate?

Most lenders will charge an exit fee if you remortgage before the term ends. These normally run for between two and five years, so it is normally best to wait until the term finishes before you remortgage. However, if you’re considering can I remortgage to pay off debt and have credit cards or loans with a high-interest rate, you may still be able to save money by remortgaging.

The best bet is to check your mortgage contract. If you are already on the lender’s Standard Variable Rate, it’s very likely you can remortgage and make a considerable reduction in your monthly outgoings, answering the question of should I remortgage now or wait.

Can You Remortgage to Buy Another Property?

Many homeowners leverage the equity in their homes to buy another, either as a buy-to-let investment, a holiday let, or a second home. Can you remortgage to buy another property depends on the financing you need as a deposit on a second home and the equity you have.

You can also look at remortgaging to release equity for home improvements and other costs, as well as considering can I remortgage to buy another property.

Can My Ex Remortgage Without My Consent?

No, if two people are signees on the mortgage deeds, one person cannot remortgage without notifying the other. Another scenario exists where you have bought out an ex-partner and now own more equity in your property – or have repaid a chunk of the mortgage, or found your property is currently worth much more than when you bought it.

One of the common reasons behind why do people remortgage their homes is that they can remortgage the same value but at a much smaller proportion of the property market valuation, reducing their LTV and achieving more competitive interest rates.

Can You Remortgage to Consolidate Debt or Reduce Your Outgoings?

There are lots of reasons to remortgage, but if you’re interested in can you remortgage to pay off debt, reduce your monthly outgoings, or manage your budget, there are several options. One could be to change from a repayment basis to an interest-only mortgage to help you manage your budget.

Switching to an interest-only mortgage from a repayment product isn't always easy. Still, lenders can often provide flexibility – Revolution Brokers can also recommend the right lenders or products that will help manage your mortgage costs, whether you're worried about should I remortgage now or wait or need to look into can I remortgage to pay off debt.

Can I Remortgage to Buy Another Property to Rent Out?

Purchasing a buy-to-let property with a deposit raised from your equity is certainly possible and often a far cheaper option than taking on short-term borrowing since most rental property mortgages require a 25% deposit.

Can I remortgage my house to buy another? This could be one of the most cost-efficient routes if you have sufficient equity. Lenders will assess your affordability carefully to ensure they are confident you can keep up with the repayments on two mortgages or your remortgage repayments and the interest-only payments associated with your new rental investment.

Why Do People Remortgage Their Homes Around Base Rate Changes?

Interest rates have been a hot topic the last couple of years, and one of the top reasons behind why do people remortgage their homes is because the interest rate on their current mortgage is not competitive, or they want to lock in a fixed term before they expect interest rates to increase.

Banks and lenders use the Bank of England base rate as the calculation bases for the interest charges they offer on mortgage products, so when the base rate rises, so too do the costs of borrowing.

However, should I remortgage now or wait is about more than interest rates. You can also lock in short-term fixed-rate mortgage contracts for 24 months if you are uncertain whether high-interest rates will change soon.

If you’d like any further information about why do people remortgage their homes, whether a remortgage is the right option for you, or should I remortgage now or wait, please get in touch at your convenience with our friendly team.

Almas Uddin
Almas Uddin

Founder and Mortgage Advisor

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Frequently Asked

There are lots of considerations around the ideal timing for a remortgage, and much depends on whether you are in a fixed-term deal, what the early exit fee would be, and what you stand to save by remortgaging. It is also important to factor in other circumstances, such as whether delaying would mean missing out on an opportunity to purchase another home or the costs of repaying other debts that you could consolidate.

No, if two or more parties are on a mortgage deed, everybody must be notified and consent to a remortgage. However, you can remortgage to buy out an ex-partner, and several options exist.

In most cases, lenders will levy an early exit penalty if you decide to remortgage before a fixed term ends. You can theoretically remortgage any time you wish, but calculating this cost is important as it may be prohibitively expensive. However, it may also be worth accepting the early exit fee if you stand to save much more on a remortgage.

Yes, if you have sufficient equity in your property, you can remortgage and use the capital as a deposit or even full payment for a second home. Affordability assessments will apply to ensure you can keep up with two mortgage repayments, where applicable.

People remortgage for many reasons, but the most common is to remortgage before a deal ends a fixed term and switches to the lender's Standard Variable Rate, which is almost always the most expensive interest basis applied to a mortgage. Other reasons include releasing equity, consolidating debts, or finding another mortgage product with a more competitive cost.

Yes, if you own a property worth more than the mortgage balance, you should be able to remortgage and pay off other debts, which will likely be liable for a higher interest rate than you would pay on a mortgage product.

Most lenders will happily consider a remortgage application if you have plenty of equity in your home and want to increase your mortgage borrowing to release the money required to buy another property. The assessment criteria will depend on whether the other property is a second home, holiday let, commercial property or buy-to-let and your financial circumstances.

Most mortgage contracts have a minimum period or term where you are locked into a discounted rate, so you may need to wait between two and five years to be able to remortgage without incurring an early exit fee. However, if you have debts with a very high-interest rate, it is worth calculating the cost saving to see whether this option is viable.

Yes, homeowners with appropriate equity levels in their property can remortgage and use the finance raised as a deposit or full payment on the cost of acquiring a buy-to-let investment property. Lenders will need to assess the potential rental value generated from the property and the value of your home to ensure the numbers stack up.

Rarely, because if you have other debt issues and want to remortgage but are in a fixed term, the early exit fee may be too costly to make this a beneficial exercise. However, you are always welcome to contact the Revolution Finance Brokers team to evaluate the potential solutions and decide on the best way to proceed.

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FCA disclaimer

The content included in our articles, blogs, web pages and news publications is based on information accurate at the time of writing. Note that policies and criteria can change regularly throughout the UK mortgage lending market, and it remains essential to contact the consultation team to receive up to date guidance. The information included on the Revolution Brokers site is not bespoke to any circumstances or individual application scenarios and therefore is not intended to be used as financial advice. The content we share is designed to be informative and helpful but cannot be relied upon to provide individual advice relevant to your mortgage requirements. All Revolution team members are fully qualified, trained and experienced to provide mortgage advice of an independent nature.

We collaborate with lenders and providers who are regulated, authorised and registered with the Financial Conduct Authority (FCA). Should you require specific mortgage borrowing types, some products such as buy to let mortgages may not be FCA regulated. The Revolution team can provide further information about regulated and unregulated lending as required. Please remember that a mortgage is a debt which is secured against your home or property. Your home can be at risk of repossession if you do not keep up with the repayments or encounter any other difficulties in managing your mortgage borrowing responsibly. This also applies to any remortgage or home loan secured against your property, including equity release products.

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