Remortgage Advice in Leicester
Remortgage Advice in Leicester
Start six months before your deal ends
This is the single most useful thing on this page.
Most lenders now let you reserve a new rate up to six months in advance. If rates fall between reserving and completing, you can usually move to the better deal. If they rise, you keep the rate you locked in.
There is no cost to starting early and no obligation. The only thing that costs money is leaving it too late.
If your deal has already expired and you are sitting on the standard variable rate, that is not a disaster — but it is worth dealing with this month rather than next.
Product transfer or full remortgage?
There are two routes, and Leicester homeowners are often steered towards the wrong one because their existing lender only tells them about the option that keeps them.
A product transfer stays with your current lender. New rate, same mortgage. No valuation, no solicitor, no affordability reassessment in most cases. It can complete in days. It is the sensible choice if your circumstances have worsened since you took the mortgage out, or if you want it done quickly.
A full remortgage moves you to a new lender. It opens the entire market, frequently finds a better rate, and lets you borrow more or change the term. It takes four to eight weeks and involves a valuation and legal work — though many deals cover both at no cost.
The right answer depends on the numbers and your circumstances. A product transfer at a slightly worse rate can still beat a remortgage once you account for fees, and a remortgage is not always available to someone whose income has changed.
We check both. Your bank will only ever offer you one.
On remortgages we will always set out the full cost of switching, including any early repayment charge, product fee and exit fee, against the saving. If switching does not pay, we will tell you.
Releasing equity from a Leicester property
Many of the remortgages we arrange in Leicester are not just about the rate. Homeowners in areas like Evington, Wigston, Oadby, Birstall and Glenfield have often built up meaningful equity, particularly if they bought before the last decade's growth.
Common reasons for borrowing more:
Lenders will ask what the money is for, and some restrict certain purposes. Tell us the reason at the start and we will approach lenders who accept it.
Debt consolidation warning: consolidating unsecured debt into your mortgage means securing it against your home and typically paying more interest over a longer period. Think carefully before securing other debts against your home.
- Home improvements extensions and loft conversions are common in Leicester's large stock of 1930s semis, where side and rear extensions are frequently achievable
- Debt consolidation can reduce monthly outgoings, but it turns short-term debt into debt secured on your home and usually costs more over the full term. We will say so plainly if it is a bad idea
- Funding a deposit for a buy to let or a family member's purchase
- Divorce or separation removing one party from the mortgage and buying out their share
What has changed since you last borrowed
A remortgage is a fresh application, and lenders will look at your situation as it is now — not as it was when you bought.
The changes that most often catch Leicester homeowners out:
Going self employed
Most lenders want two years of accounts. Some accept one. If you have gone self employed since your last mortgage, this is the single biggest factor and it needs planning.
Shift and overtime income
Widespread locally given the NHS, logistics and manufacturing employers across Leicestershire. How much of it counts varies enormously between lenders.
Age and term
If your mortgage would run past your intended retirement, lenders will want to see how it will be repaid.
Credit changes
A missed payment, a default or heavier credit card use since you bought will narrow the options — though rarely to zero.
Property changes
If you have converted the loft, extended, added an annexe or now let a room, the valuation and the lender's view may both change.
Leicestershire's regional lenders
Alongside the high street, our panel includes Hinckley & Rugby, Loughborough, Nottingham and Coventry Building Society. These lenders underwrite a good proportion of cases manually, which can be decisive on a remortgage where something in your file does not fit a computer's expectations — irregular income, an unusual property, a recent change of employment.
Speak to a Leicester remortgage adviser
If your fixed rate ends within the next six months, or has already ended, it is worth a conversation now.
Call 0116 277 7536 or book a free consultation.
Cedar House, 3 Broad Street, Enderby, Leicester, LE19 4AA.
Common questions
When should I start looking at remortgaging in Leicester?
Six months before your current deal ends. Most lenders will let you reserve a new rate up to six months ahead, and you can usually switch to a better one if rates fall before completion. Starting early costs nothing and protects you from ending up on the standard variable rate by accident.
What happens if I do nothing when my fixed rate ends?
You move automatically onto your lender's standard variable rate, which is almost always considerably more expensive than a new fixed deal. It is the single most common and most avoidable cost we see among Leicester homeowners.
Is a product transfer better than remortgaging to a new lender?
Sometimes. A product transfer stays with your existing lender, needs no valuation or legal work and completes quickly. A full remortgage opens the whole market and often finds a better rate, but takes longer. We compare both and tell you which wins in your case, including fees.
Can I remortgage to release equity from my Leicester home?
Usually yes, if you have enough equity and the borrowing is affordable. Common reasons are home improvements, consolidating debt or funding a deposit for a buy to let. Lenders ask what the money is for and some restrict certain purposes, so tell us the reason up front.
Will remortgaging cost me anything?
Many remortgage deals include free valuation and free basic legal work. You may face an early repayment charge if you leave your current deal before it ends, plus possible product and exit fees. We calculate the total cost of switching, not just the headline rate.
Can I remortgage if my circumstances have changed since I bought?
Often yes, but it needs care. If you have become self employed, taken a pay cut, had a child or picked up credit problems, your new lender will reassess affordability from scratch. This is exactly where a product transfer with your existing lender can be the safer route.
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No cost, no obligation
Talk to a Leicester adviser this week
One conversation is usually enough to tell you where you stand. Send the form and an adviser calls you back, normally the same working day.
Book your free consultation
No cost, no obligation. Tell us where you are up to and an adviser will call you back, usually the same working day.