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Remortgaging?

How to get your new mortgage deal sorted.

If you’re looking to remortgage, Saga Mortgages are here to help. We partner with Tembo, who are an award-winning digital mortgage broker. They provide expert advice and access to a wide range of mortgage deals.

We can help you apply for a new mortgage up to six months before your current deal ends. If interest rates fall before you switch, we'll let you apply again at no extra cost. And if rates go up, your lower interest rate will be safely locked in.

As with any mortgage, the loan will be secured against your home. If you don't keep up with your monthly payments, you may lose your home.

Explore your mortgage options

It’s quick and easy to see what mortgage deals are available to you. Register your details here and complete our online fact find. You'll then see examples of relevant products, costs and interest rates.

If you’re eligible, we’ll also invite you to book an advice session with a mortgage advisor. They will explain your options in more detail and answer any questions you have. The session is relaxed, and you won’t feel any pressure to proceed.

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Find out your remortgage options

Get a sense of what's possible with our short online survey.

By filling in a few details, you'll quickly see what options are available to you.

Apply now
 

What are the benefits of remortgaging?

Find a lower rate - Market interest rates might have fallen since you took out your current mortgage. This means you might be able to switch to a lower rate. You could reduce your monthly payments and overall interest costs.

Free up some money - You could access some of the equity from your home in the form of a cash lump sum. This might be possible if:

  • The value of your property has risen since you bought it.
  • You’ve paid down a large portion of your loan.

With the money you release, you could cover the cost of a special project. Some people choose to upgrade their home, manage debt, or help a loved one buy a property.

Things to consider

Affordability checks - If you’re switching to a new mortgage provider, they will conduct a full affordability check before they approve you. This includes a credit check.

If you’re staying with the same lender, full checks aren’t likely. This could be helpful if your income or circumstances have changed, as both can affect your affordability.

Fees and charges - Depending on the lender and your situation, you might need to pay arrangement fees, legal fees, and valuation fees. If you leave your current mortgage deal before it ends, you may have to pay an Early Repayment Charge (ERC). It can be costly, so you will need to factor this into your budget.

Other ways to release capital - There are other ways to access funds from the value of your home. One option is equity release. You unlock money from your home, normally through a lifetime mortgage. This loan (secured against your home) is paid back when you die or enter long-term care.

If you want to help a loved one buy a home of their own, you could opt for a Deposit Boost. This involves taking out a small mortgage to release capital from your property. The funds can boost the value of your loved one’s deposit or cover their full down payment.

Ready when you are

Want to talk to us about remortgaging? You can speak to an expert seven days a week.

0330 018 3071

Mon-Thu 9am-8pm
Fri 9am-5:30pm
Sat-Sun 10am-3pm

Apply now

Frequently asked questions

Here are some of our most common FAQs about remortgaging.
When can you remortgage
Saga Mortgages can help you apply for a new mortgage up to six months before your current fixed rate deal ends. If interest rates then fall before your current deal ends, we'll let you apply again at no extra charge. And if rates go up, your lower interest rate will be safely locked in.
Can you remortgage early?

Yes, you can remortgage before the end of your current fixed rate deal. You might need to pay an Early Repayment Charge (ERC), which can be expensive. But if you switch to a lower rate, your monthly interest savings could balance out the ERC cost.

How long does it take to remortgage?

A remortgage process can take weeks or months. It depends how soon your current deal ends and if your loan value is changing. The quickest option is to stay with your current provider through a product transfer.

It takes longer to remortgage with a new lender because they need to do a full affordability check. The experts at Saga Mortgages can speed up the process by doing lots of the admin for you.

How much can you remortgage?

People tend to borrow the same amount that remains on their current mortgage loan. But you could borrow more to release money from your home. Most mortgage lenders will lend up to 90% Loan to Value (LTV).

If you want a bigger mortgage, the lender will assess your income, living costs, credit score and the value of your home.

What does it cost to remortgage?

There are some potential costs involved with remortgaging. To register the new lender on your deeds, you may need the help of a solicitor. But most lenders offer free legal services. You may also need to pay:

Booking fee - charged by some lenders to ‘book’ your deal.

Arrangement fee - to secure the best interest rate possible for you.

Valuation fee - to cover the work done to value your home.

What are the alternatives to remortgaging?

If you want to release money from your property to give to a loved one, for example your child who wants to buy a home of their own, it’s worth considering a Deposit Boost instead. This involves taking out a small mortgage to release capital from your property, which you can then give to your child as part of their deposit, or as their entire down payment.

Another alternative is equity release, which is a way of unlocking money from your home, normally through a lifetime mortgage. You’ll take out a loan secured against your home, which is then paid back once the home is sold after you’ve passed away or moved into long-term care.

Why choose Saga Mortgages?

Saga Mortgages is a service provided by Tembo, available exclusively to Saga. You’ll benefit from their award-winning advice from a friendly, experienced team of mortgage professionals, who are available 7 days a week.

They’ll search all the available options to find the best option and mortgage rate for you, including specialist products bespoke to Saga Mortgages.

Can you talk to an advisor?

Through the Saga Mortgage service, you can book a session with Tembo's award-winning mortgage advisors. Simply complete our online fact find and, if you’re eligible, you’ll be invited to book a session.

The team is available seven days a week, ready to answer any questions you may have.

What lenders can you access?

With Saga Mortgages, you could access deals from high-street lenders like Nationwide, Halifax, Lloyds, Barclays and HSBC. We also offer access to specialist lenders like Livemore and Generation Home.

Is Saga Mortgages regulated by the FCA?

All mortgage advice through Saga Mortgages is provided by Tembo Money Limited. They are regulated by the Financial Conduct Authority (FCA) under the registration number 952652. Their team of mortgage advisors can provide guidance on remortgaging, family mortgages and later life lending.

Important

Your home may be repossessed if you fail to repay your mortgage. Saga Money may receive payment from Tembo if you get a mortgage offer via the Saga Mortgages service. This will not affect the amount you pay for the service.

Saga is a registered trading name of Saga Personal Finance Limited, which is registered in England and Wales (company number 3023493). Registered office 3 Pancras Square, London, N1C 4AG. Saga Personal Finance Limited is authorised and regulated by the Financial Conduct Authority under the registration number 178922.

Tembo Money Limited (12631312) is a company registered in England and Wales with its registered office at 18 Crucifix Lane, London, SE1 3JW. Tembo is authorised and regulated by the Financial Conduct Authority under the registration number 952652. Tembo Money was awarded Best Mortgage Broker at the British Banking Awards in 2022 and 2023.