Remortgaging?

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.

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.

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.

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.

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.

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.

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.

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.

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.