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.

Dan Churchouse
Dan Churchouse
We used Regal for our recently completed house purchase. The mortgage was a relatively complex arrangement given it consisted of two parts (a result of porting over the terms of an existing mortgage and adding additional debt on new terms) but Matthew Graves and Kirsti Newman were very clear in their articulation, making it easily digestible and allowing me to factor into monthly affordability. They were also speedy in their responses and clearly not biased to any one provider. I feel safe in the knowledge that I ended up with the best deal available and would highly recommend their services.
Taylor Joanne
Taylor Joanne
Excellent and professional service. Everything was handled and dealt with quickly.
Sue Vecchione
Sue Vecchione
Well worth the fee. Mortgage sorted in less than 48 hours. Fantastic service with great communication. Much recommended 😀
Harry Jackson
Harry Jackson
Matthew, Kirsti and Katie were all really helpful. Made sure that, as first time buyers, we understood everything that was going on and were always there to help if we needed them to. 100% would recommend you use them!
Michael Clarke
Michael Clarke
Karen and Kirsti have been invaluable in helping us through the mortgage application process for our first home. We would thoroughly recommend their services - it has saved us a lot of stress! Swift and considerate guidance and support throughout the process.
Ioana Tomut
Ioana Tomut
We have worked with Karen and are extremely happy with how she handled our account. This was the second time we have attempted to buy our first house and we have worked with another mortgage advisor before. While both were excellent in terms of service and communication, Karen's suggestions for solicitors and survey were significantly cheaper to what we were quoted last time. I greatly recommend them.
R Findlay
R Findlay
Thank you very much to Richard at Regal Finance for making our first home purchase run as smoothly as possible. Richard was available to provide us advice throughout the whole process and I would highly recommend using Richard at Regal Finance Group!
Sarah Carter
Sarah Carter
Absolutely brilliant! Alwasy go over and above and feel thoroughly looked after. Highly recommend.
Joe Alsford
Joe Alsford
I can not speak highly enough of the service I received from Richard Powers at Regal. Gave excellent clear advice, continually negotiating the best deal available. Went above and beyond, fantastic to have in your corner in what can be a stressful process!
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!

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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


Step 1

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


Step 2

Send us the documents we need.


Step 3

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

Got A Question? Get In Touch