Mortgage Renewal

Specialising in pairing people with their perfect mortgage

Are You Coming To The End of Your Current Mortgage?

If you’ve been a homeowner for a few years now, it might be wise to start thinking about your next move as your current mortgage deal comes to an end as you’ll need to start thinking about remortgaging to a new one.

It can feel like an inconvenience trying to arrange your mortgage renewal, however, there is good news. Mortgage rates are at their lowest ever levels and by switching to a better deal, you could see your monthly payments decreasing significantly, especially if you’ve built up equity in your home.

So if your mortgage renewal is due, then this is for you. We can advise you on how to go about it and direct you to what deal you should go for.

When Should You Apply for a New Mortgage?

Ideally, you should think about applying for a new mortgage two to three months before your existing mortgage comes to an end. It can take a month to get an offer from a mortgage lender, but it can sometimes be quicker and offers will usually be valid for three months or to a specific completion deadline.

As with anything financial, it pays to shop around and compare what the different providers are offering – but we understand that you might not know where to begin. But that’s ok, we’ve got you covered. We will help you find the most suitable mortgage renewal for you and your needs, to save the hassle of doing it yourself.

Kiran
Kiran
2024-01-15
Cannot recommend Regal Finance enough! Matthew and Kirsti were amazing and completely took the stress out of the process. They were always available to answer questions and guide us through everything. I found they had access to a wider range of products than other advisors I had used in the past. I will be recommending Regal Finance Group to everyone I know!
L Fowler
L Fowler
2024-01-04
Matthew and his team have gone above and beyond to help us with our mortgage. As first time buyers we decided to seek advice from a mortgage advisor. After having an offer accepted on a house we needed some support with the mortgage fairly quickly and Matthew managed to fit us in out of usual hours to suit us. We had a very detailed call with him and all our questions were answered. From this point onwards Kirsti managed our application and the whole process was fast and effortless as they managed everything. We made the best decision using Regal finance. If you choose to go with Regal you’ll be in good hands.
Jamie Wells
Jamie Wells
2024-01-04
I can’t recommend regal finance group enough. Kirsti and Matthew have been amazing. They are so quick to respond and the advice they give has been so helpful. Don’t hesitate to get in contact if you need a mortgage. Thanks Jamie and Lauren
Sam Powell
Sam Powell
2023-12-07
Excellent service and company
Erion Andoni
Erion Andoni
2023-10-10
I recently had the pleasure of working with Rick to secure a mortgage for my new home and a buy-to-let mortgage for my existing property. Rick's assistance was truly invaluable throughout the entire process. Rick effortlessly guided me through both processes, making sure every detail was covered. His commitment to assist and his availability and willingness to answer my questions, no matter how small was exemplary. Rick's expertise in mortgages was impressive. He made a complex process seem straightforward. I wholeheartedly recommend Rick as a mortgage broker. He is not only skilled but also genuinely cares about his clients' success.
Yolanda
Yolanda
2023-09-27
I did my due dilligence looking at various brokers and was pleased to have received excellent help and direction from the Regal Finance Group. From the lead advisor to the administration team we were kept updated and communication was steady. Our situation was not an easy one for the team but they persevered and assisted us well.
Peter Nelson
Peter Nelson
2023-08-22
We've had a great experience with Regal Finance Group both getting our mortgage initially and now re-mortgaging a few years later. Particulalry during the current turbulent market we really appreciated how calm they made us feel by presenting our options clearly and answering all of our questions. We'd highly recommend them, they have really taken the stress out of mortages!
samantha sothcott
samantha sothcott
2023-08-02
Matthew and Kirsti at Regal Finance have been absolutely brilliant through a difficult remortgage. Always available to talk through anything and explain processes when needed. I would definitely recommend their services and thank them for their guidance.
amy evans
amy evans
2023-08-01
Kirsti and Matt were super helpful and always at the end of the phone to explain everything in detail to me. They saved us a lot of money and had great contacts to use and everyone worked together really well to get it over the line in time. Would highly recommend
izzy P
izzy P
2023-06-15
Can not recommend enough! Matthew and his team gave me the most amazing support throughout my process. Buying a property for the first time can be daunting and Matthew gave me fantastic advice and talked me through everything in as much detail as I needed.

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Is it Difficult to Remortgage?

If you’re staying in your current home for your mortgage renewal, it will be more straightforward than if you were to move home. But you will still have to assess how much you can borrow, which depends on a number of different factors including how much equity you have in your home, what your income and outgoings are and your credit rating.

When you apply for your mortgage renewal, it can be tempting to increase the term, for example, back to 25 years to keep repayments down. However, by doing this you’ll end up shelling out thousands on additional interest. So if you can afford to, try to reduce the term of your mortgage to 20 years. That way you’ll save yourself five years’ worth of interest.

However, by reducing the length of your mortgage, you will be increasing your monthly mortgage repayments. So if you had a mortgage of £150,000 on a rate of 2.5%, you’d pay £673 a month over a 25-year term, but £795 a month over a 20-year term.

What Happens if I Don’t Do Anything?

If you don’t make preparations for your mortgage renewal, it could cost you. You’ll be moved onto your lender’s standard variable rate (SVR). A Standard Variable Rate is a type of variable rate, which means that your payments can go up or down according to changes in interest rate.

The SVR varies between lenders but is typically pegged a few percentage points above the Bank of England base rate. Because the SVR is variable, it can change at any time (SVRs do not always follow the base rate), so be aware that your monthly repayments can go up and down too.

SVRs can also be quite expensive and can cost more than the best tracker rate mortgages available. They also do not provide you with the payment security of a fixed rate, as the amount you pay can go up or down.

SVRs are not that competitive, so there’s a chance that you will end up forking out far more than necessary if you stay on your lender’s SVR.

Give Us A Call

If you’re unsure which mortgage is right for you all you need to do is give us a call and we’ll help point you in the right direction.

Get A Mortgage With Regal in 3 Easy Steps

One

Step 1

Complete an enquiry form and an advisor will call you back.

Two

Step 2

Send us the documents we need.

Three

Step 3

Receive a Decision in Principle from one of our lending panel.

Got A Question? Get In Touch