Remortgage Advice from Mortgage & More

What Does Remortgaging Mean?

In simple terms, remortgaging means switching from your current mortgage deal to another, either with your existing lender (a product transfer) or a new one. Most people consider remortgaging when their existing fixed, tracker or other initial deal is ending. The alternative, staying with the lender's Standard Variable Rate, can often cost much more over time.

Remortgage advice is also vital if you're considering other reasons to switch: tackling financial hardship, planning major home improvements, or supporting family. The process can help you reduce monthly payments, secure better interest rates, or even release equity for important goals. At Mortgage & More, we make sure you understand the impact before making any commitments, explaining each step, so you're always confident in your choice.

There are many remortgage products for different situations, & our guide helps eliminate confusion by breaking them down clearly & simply. With the right support, you can move forward certain that you're making the right decision.

What Does a 2nd Charge Mean?

You might have heard of a “second charge mortgage,” especially when exploring all your financial options. But what does it actually mean?

A second charge (or secured loan) allows you to borrow a lump sum using the equity in your property, while keeping your original mortgage in place. Instead of remortgaging completely, you simply add a new loan on top, repaid alongside your main mortgage, but often with a different lender or product.

These are sometimes called “secured loans” because both the first mortgage (your main loan) & the second charge are secured against your home. If you can't keep up repayments, the lender can reclaim the property to recover their funds.

Second charge loans can provide flexibility when you don't want to switch your main mortgage, especially if high early repayment charges or attractive existing deals make moving less appealing. At Mortgage & More, our remortgage advice includes honest guidance on when this specialist route is right for you.

What Can I Use a Second Charge Mortgage For?

A second charge mortgage can unlock a host of opportunities without disturbing your existing deal. This specialist product can be used for:

• Home improvements, such as extensions or refurbishments, adding real value to your property.
• Raising a deposit for your child's first home or assisting family financially.
• Acquiring a second property, like a buy-to-let investment.
• Managing unforeseen expenses or consolidating other debts, all without losing competitive rates on your primary mortgage.

Interest rates on second charges are usually higher than your first mortgage, yet still lower than unsecured loans. At Mortgage & More, we give thorough, transparent remortgage advice to help you weigh the benefits & make the best choice.