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Remortgaging with Royal Bank

Guide on how to
remortgage

Why consider remortgaging?

If you've recently moved to the standard variable rate of your mortgage, it's likely to be more expensive than the starting rate of the mortgage. In that situation, a remortgage could reduce your monthly payments.

You may also want to borrow more on your mortgage. You may want to use that extra money to invest in home improvements, to release equity for another investment or to help children with further education.

How can a remortgage help?

If you've come to the end of the introductory rate of your mortgage, it's likely that you'll be moved automatically to your provider's standard variable rate.

That will often be more expensive, and a remortgage could reduce your monthly repayments.

If you're facing big changes in your life, it could be that your current mortgage is no longer suitable. For example, if your income is about to change, you could use a remortgage to find a deal that's better suited to your new circumstances.

How much does a remortgage cost?

You'll need to take a close look at the conditions of your current mortgage. They might include exit fees or early repayment charges. There may also be valuation and solicitors costs when you move lenders, although most lenders will also offer fee-free remortgages.

The sums can be become complicated, so if you're unsure we recommend that you talk to your current mortgage provider and get the advice of an independent financial advisor.

Check your credit details

When you apply for a mortgage, the lender will check your credit score. If you have access to your credit report, it may be best to check and make sure that there are no errors or issues with past credit repayments or people who are linked to you financially. 

Four steps to remortgaging

Before you start the remortgage process, there's a few steps to follow to make sure you remortgaging is right for you.

  1. 1

    Find out what your property is worth
     

    Your new mortgage provider will need to know how much your current property is worth. They'll carry out a valuation, which might involve a surveyor but could be as simple as a drive-by valuation or using the internet to find out typical prices.

     

  2. 2

    Check out how much is left to pay

    Look at your last mortgage statement to see how much is left to pay on your current mortgage. And if you move a mortgage to us from another provider, we'll pay your valuation and legal costs. (Exclusions apply.)

  3. 3

    Check for exit or repayment fees

    You might have to pay fees if you leave or pay off your current mortgage. Check your paperwork and, if you're unsure, contact your mortgage provider to get the details.

  4. 4

    Compare our mortgage rates

    Just enter a few details into our mortgage rate calculator to find out how much your monthly repayments might be. It only takes a few minutes and it could help you decide how much you would like to borrow.

How much could you borrow?

Get an accurate answer in minutes with our mortgage calculator. You only need to enter a few details and we'll show you what we think we may be able to lend you.

Need some help?

Call us

Arrange a callback

Complete our quick form to arrange a callback at a time that suits you, including evenings and weekends.

This will allow you to arrange a phone or branch appointment with a qualified mortgage adviser.

Something else we can help you with?