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Remortgaging your property and agreeing new terms with a lender could lower your monthly repayments and allow you to release a lump sum.

Your mortgage is probably your biggest monthly expense. By moving to a new lender with lower rates, we could help you save money on repayments. Let us take the hassle out of switching – call today for a free quote.
  • We search a wider loan market to give you more choice of suitable products

  • Remortgaging could lower your monthly payment, depending on circumstances

  • Save on the interest paid over the term of your current mortgage deal

  • Get help with finding the right product for your needs from our friendly, experienced customer service team

  • Eligibility checks with Norton Finance use a soft search, which won’t affect your credit score

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Remortgages, from 1.1%

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What is remortgaging?

Remortgaging is when you replace your existing mortgage plan with new terms. It could help you find a better deal and reduce your monthly mortgage payments, while also freeing up funds for home improvements or to help with life’s important moments – like a wedding.

Guide to remortgaging

Remortgaging may work best for homeowners who’ve seen an increase in market value since they bought their house and want to make new financial plans.

In this situation, your property is – in theory – worth more than when you bought it, considering your mortgage repayments to date and the estimated increase in value.

The equity you hold in your property is its current value minus your outstanding mortgage.

For example: Your home is currently worth £250,000. You still have an outstanding mortgage of £180,000, which means the equity in your home as it stands is £70,000.

You can use this equity value to calculate your loan-to-value rate (LTV), which is given as a percentage. A lower LTV rate can be a great way to secure lower interest rates on your remortgage deal. This may mean:

The alternative is to borrow more money than you currently owe against the value of your home. You’ll receive the difference as a lump sum in your bank account to use for your chosen purpose.

For more information, read our guide to remortgaging to release equity in your home.

Before you apply…

Remortgaging is about turning your current financial situation into a way to save money on mortgage repayments or raise some much-needed cash as a lump sum.

You’ll benefit from applying for a remortgage if your financial situation is improving. However, if your home has decreased in value or your credit report has been negatively impacted, you could end up paying more per month than you set out to.

Before you apply, check out our guide on what you need to know before remortgaging.

Am I eligible for a remortgage?

Your eligibility depends on several factors, including how much equity you currently have in your home, its current value and your own financial situation. Every lender has their own criteria when it comes to deciding whether to offer you remortgage terms, so we work with you to find a loan that suits your circumstances.

Be sure you can afford any new repayment plans and cover any fees before deciding whether to switch to the new terms or not. For more advice, check out our guide to remortgaging with bad credit.

Costs of remortgaging

There may be fees involved when it comes to remortgaging. The process often requires contractual changes, so it’s important to consider these before deciding whether to remortgage.

Switching lenders could incur an early repayment charge if you’re still fixed into a deal, meaning you must pay your old lender for moving your mortgage. For example, a fixed rate mortgage will normally have an early repayment charge if you repay or change your mortgage during the initial fixed-rate period.

Some mortgages may have administration charges to consider, including booking, valuation and conveyancing costs. Not all lenders will charge these, but you may want to look into it before making any commitments. When you apply for a remortgage with us, we’ll make clear all the possible fees you could face at each stage of the remortgage process.

Pros and cons of remortgaging

Like any important decision in life, you should weigh up the pros and cons of remortgaging before making the big commitment.

Pros of remortgaging

Cons of remortgaging

Types of remortgages

There are different types of remortgage loans to suit your individual circumstances.

Buy to let remortgages

Remortgaging your buy to let property can help you secure better terms and free up cash.

Find out more

Business remortgages

Secure a better deal on monthly repayments and reinvest the savings elsewhere in your business.

Find out more

Consolidation remortgages

Raise money to help cover the cost of other debts by remortgaging your property.

Find out more

Bad credit remortgages

A bad credit remortgage could give you more flexible loan terms, provided you can meet the repayments. We have several remortgage options for those with poor credit.

Find out more

Home improvements remortgages

Release some of the equity in your property as a lump sum to spend on home improvements through remortgaging.

Find out more

How much can I borrow as a remortgage?

With Norton Finance you can borrow between £5,000 and £500,000, depending on your financial situation.

Commonly asked questions about remortgaging

Still unsure whether remortgaging is the right move? We’ve compiled answers to the more common questions we get asked at Norton Finance.

How long are the repayment terms?

Our flexible repayment terms range from 3 to 30 years.

What are the interest rates?

Interest rates will depend on your individual circumstances, starting from 1.1%.

Are there any loan fees?

We get our commission from the lender, not the customer. We may charge a broker fee of 7.5% of the loan amount requested, but that’s capped at £2,495.

Do I need a solicitor?

If you’re remortgaging with the same lender, they’ll handle the legal work. However, if you’re switching for a better rate elsewhere or want to release a cash lump sum, a conveyancing solicitor can assist with all the legal paperwork. This is sometimes provided from the lender’s own panel of solicitors.

Do I need a valuation?

You’ll need to get a valuation on your property or know what it is currently worth. This will give you an idea of how much you may be able to borrow and if you could find a better deal elsewhere.

Can I pay off a remortgage early?

You can pay off a remortgage in full at any time during the agreement - but most lenders will charge an Early Repayment Fee if stated in your original mortgage contract. It’s worth considering if these fees will make early repayment worth it.

Applying for a remortgage

There’s a lot to consider when it comes to getting a remortgage quote. That’s why we’ve tried to make the process as easy as possible for all homeowners.

Once you know how much you want to borrow, use our handy tool at the top of the page to help decide whether remortgaging is for you. Once we’ve gathered all the details, we’ll guide you through the next steps of the remortgaging process.

What can I use a remortgage for?

People may choose a remortgage product for a variety of reasons, including:


Home improvements

You could release funds for refreshing the kitchen, converting a downstairs bathroom, or another project.
Lump Sum

Cash lump sum

Whether it’s planning a dream wedding or helping family through university, a cash lump sum can sometimes come in handy during life’s big moments.

Extension or loft conversion

You could increase your profits when it’s time to sell by remortgaging now to finance big home improvement projects.

Buying another property

Purchasing a second property for rental can be a good source of income.

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