Discover the best new mortgage deal for you

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.

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.

While remortgaging to a new mortgage lender involves more admin and steps than staying with your current lender, you can often secure a better mortgage rate by switching. Moving over to a lower mortgage rate will make your monthly repayments more affordable.