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Looking for the Best Remortgage Rates in Scotland?

A remortgage, or remortgaging is a common phrase, and it can be used in many circumstances. However, knowing when it is best to remortgage, or how to find the most suitable remortgage deal, or the cheapest mortgage rate, is not such common. Don’t worry even if you don’t really know what remortgaging means, The Mortgage Broker Scotland can simplify the whole remortgage process and explain everything for you right from initial questions through to finding you the right product.



It is important to speak to a mortgage adviser, as there are many different reasons why people remortgage and you need to know whether it is the right move for you, and if it is, what is the right product.

In the current mortgage climate, there is not a better place to find a mortgage adviser in Scotland, to help you understand your mortgage options and help you understand the right solution for your personal needs, giving you the best chance to have a specialist on your side, helping you personablly get the best remortgage deal. Remember – our goal is always, your goal!

A remortgage is often used for any of the following:

  • To Get Better Interest Rate
  • Home Improvements
  • Debt Consolidation
  • Need More Flexibility
  • Release Equity (Cash!)

The Mortgage Broker Scotland is a leading mortgage broker, and our mortgage advisers can search thousands of products to find the right remortgage for you.

What is remortgaging?

Remortgaging basically just means you’re moving to a new mortgage lender, but staying in the same property. When you Remortgage you could potentially change your balance, your mortgage term or the product you’re on. As a broker, we would discuss any changes in your circumstances since you set up your mortgage and advise you on how a remortgage can suit any new circumstances.

If maybe you had a promotion since the last time you set up your mortgage, and you’re on a higher income, we may be able to adjust your term to get your mortgage paid off a bit quicker, saving you money overall. You keep your balance the same or pay a lump some off if you wanted to. You could also apply for additional borrowing when you remortgage.

This can either be with a new lender altogether, or you could do what’s called a product transfer, and keep your mortgage with the same lender, but on a different deal.

When is a good time to remortgage in Scotland?

Around three months before your current fixed rate expires allows plenty of time to prepare for your remortgage before your current rate ends. Some people remortgage to get a lower interest rate or to borrow extra money for home improvements or debt consolidation. People who have maybe got an Interest-only mortgage and no way of paying at the end of the term might consider remortgaging onto a Capital Repayment mortgage so that the full balance is paid at the end of the term.

One of the good things about remortgage is that you may find you’ve got equity in your house, or your home has increased in value, so when you come to remortgage, you may be eligible for a lower interest rate and a lower monthly payment.

Have you noticed an increase of remortgaging for home improvements over the last two years with the pandemic going on?

Yes, one of the biggest increases we’ve found is people remortgaging to add a home office because a lot of people are working from home. Lots of people are putting home bars in their houses and other entertainment, so a big increase in home improvement remortgages recently.

When is remortgaging not a good idea?

It’s probably not a good time to remortgage if your house has dropped in value, as this might mean you’ve got less equity in your house, and are only eligible for a higher interest rate than you already have.

If you’ve had a change in circumstances, you might no longer fit with many lender’s criteria, making the only option a product transfer. so to give you a bit of an example in that test I saw if you have recently. If you’ve maybe developed a poor credit score, or significantly dropped in income, it might not be a good idea to remortgage. That’s why it’s always best to speak to your broker, because we’ve got access to so many different lenders and know all of their criteria, so we’ll know what the best solution is for you.

What remortgage options are available?

As we’ve said, you could use remortgaging as an opportunity to carry out home improvements, consolidate debt or to help your child get onto the property ladder with a deposit. A lot of people venture into Buy to Let properties or release equity to buy out a partner. It’s always best to run your scenario past us, and we’ll tell you if that’s something that’s feasible.

Why remortgage at the end of a Fixed-rate deal, and what happens if you don’t?

Ideally, you should start planning about three months before your fixed rate ends, so you avoid extra payments. When most Fixed-term mortgages end, the lower fixed rate reverts to the lender’s Standard Variable Rate. If you do not remortgage or do a product transfer, you will automatically transfer to the Standard Variable Rate.

A lender’s SVR is subject to change at any time and can often be quite high. You may also want to remortgage to maintain the repayment stability that you’re used to having.

How do I improve my chances of getting a good remortgage?

To get a good remortgage, visit us at The Mortgage Broker Scotland first of all. You can also make sure you’re keeping up with your payments and register with a reference agency to make sure that you’re fully aware of your credit score. Being registered on the electoral roll is also quite important for lenders.

Saving up some extra money to help bring your mortgage balance down when you come to remortgage can be really helpful if you have a particularly high mortgage or Loan to Value.

What fees are associated with a remortgage?

It differs depending on which process you choose. Remortgaging costs will vary, as some lenders may charge arrangement fees for setting up the remortgage and others won’t. You will need to pay valuation fees, you might have solicitors fees or broker fees, although many lenders have remortgage deals with free valuations and legal fees and also maybe no arrangement fees. Quite often, the only fee is your broker fee, and cash-back deals can potentially cover any other ad hoc costs.

Most product transfers won’t have valuation or solicitor fees, which keeps the costs down as well. We’ve got access to so many lenders and can search to find you the most suitable remortgage to suit your needs.

Your home may be repossessed if you do not keep up repayments on a mortgage or other debt secured on it.There may be a fee for mortgage advice. The actual amount you pay will depend upon your circumstances. The fee is up to 2%, but a typical fee of £495 is payable on offer.