Switch to interest only to lower your monthly costs

As a general rule, you can start the process of remortgaging up to 6 months before your existing mortgage deal comes to an end. If you don't find a better deal by the end of your current product term, you may be put onto your lender's standard variable rate (SVR), which can make your monthly repayments considerably higher.

How long it takes to remortgage depends how quickly you can receive a new mortgage offer from a lender and if there are any delays in the process. Working with a mortgage broker like Tembo can help speed things along, as your dedicated advisor will do a lot of the admin work for you. On average, it takes our remortgage customers 12 days to receive a new mortgage offer and 29 days for their new mortgage deal to be submitted.

Yes, income does matter when it comes to remortgaging. If you are remortgaging with a new lender, they will run a full affordability check to ensure you can afford the loan. If your income has gone down, or your monthly spending increased, this could impact your affordability and your ability to access the remortgage rates you need.

Yes, you can be declined for a remortgage if you fail the lender's affordability or credit checks. There are ways to boost your affordability so you can access better rates and increase the chance of your remortgage being approved. You can also remortgage with the same lender, which doesn't involve as thorough checks as remortgaging with a new lender.

There are various ways you can increase your affordability, from improving your credit score to cutting back spending. If you have family who would like to help, they could also become a guarantor to increase your borrowing potential, or reduce the amount you need to borrow by gifting or lending you money to increase your equity stake. Talking to affordability experts like Tembo can help you identify the best areas to work on to improve your affordability.