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A remortgage means taking out a new mortgage deal with a different lender.
You might be thinking about remortgaging because your existing mortgage deal is about to end, you're hoping to find a better rate, or you want to borrow more. Whatever it is, we can help.
Some of our remortgage deals offer cashback and free standard legal fees. We also offer free standard valuations on homes less than £1 million. This is all to help with the cost of moving from your current lender to us.
If you want to know more about remortgaging, our remortgage guide explains everything you need to know including how it works, what to expect and the costs involved.
Our remortgage deals could help you reduce your monthly payments. But we offer more than just competitive rates.
Here’s what make us stand out from the crowd:
Your home may be repossessed if you do not keep up repayments on your mortgage.
End Date
Reversion Rate
Benefits
Early Repayment Charges
2.5% of amount repaid until 31/07/2027, followed by 1.5% of amount repaid until 31/07/2028 plus interest to the date of redemption. Following the above period, interest will be charged to the date of redemption. You can make overpayments below £1,000 each calendar month without incurring early repayment charges.
End Date
Reversion Rate
Benefits
Early Repayment Charges
2.5% of amount repaid until 31/07/2027, followed by 1.5% of amount repaid until 31/07/2028 plus interest to the date of redemption. Following the above period, interest will be charged to the date of redemption. You can make overpayments below £1,000 each calendar month without incurring early repayment charges.
End Date
Reversion Rate
Benefits
Early Repayment Charges
2.5% of amount repaid until 31/07/2027, followed by 1.5% of amount repaid until 31/07/2028 plus interest to the date of redemption. Following the above period, interest will be charged to the date of redemption. You can make overpayments below £1,000 each calendar month without incurring early repayment charges.
End Date
Reversion Rate
Benefits
Early Repayment Charges
2.5% of amount repaid until 31/07/2027, followed by 1.5% of amount repaid until 31/07/2028 plus interest to the date of redemption. Following the above period, interest will be charged to the date of redemption. You can make overpayments below £1,000 each calendar month without incurring early repayment charges.
End Date
Reversion Rate
Benefits
Early Repayment Charges
5.5% of amount repaid until 31/07/2027, followed by 4.5% of amount repaid until 31/07/2028, followed by 3.5% of amount repaid until 31/07/2029, followed by 2.5% of amount repaid until 31/07/2030, followed by 1.5% of amount repaid until 31/07/2031 plus interest to the date of redemption. Following the above period, interest will be charged to the date of redemption. You can make overpayments below £1,000 each calendar month without incurring early repayment charges.
End Date
Reversion Rate
Benefits
Early Repayment Charges
5.5% of amount repaid until 31/07/2027, followed by 4.5% of amount repaid until 31/07/2028, followed by 3.5% of amount repaid until 31/07/2029, followed by 2.5% of amount repaid until 31/07/2030, followed by 1.5% of amount repaid until 31/07/2031 plus interest to the date of redemption. Following the above period, interest will be charged to the date of redemption. You can make overpayments below £1,000 each calendar month without incurring early repayment charges.
End Date
Reversion Rate
Benefits
Early Repayment Charges
3.5% of amount repaid until 31/07/2027, followed by 2.5% of amount repaid until 31/07/2028, followed by 1.5% of amount repaid until 31/07/2029 plus interest to the date of redemption. Following the above period, interest will be charged to the date of redemption. You can make overpayments below £1,000 each calendar month without incurring early repayment charges.
End Date
Reversion Rate
Benefits
Early Repayment Charges
2.5% of amount repaid until 31/07/2027, followed by 1.5% of amount repaid until 31/07/2028 plus interest to the date of redemption. Following the above period, interest will be charged to the date of redemption. You can make overpayments below £1,000 each calendar month without incurring early repayment charges.
*Initial estimated monthly payments are calculated based on the figures entered above on a capital and interest repayment basis.
**For owner occupier mortgages, the actual variable rate applied will be based on the value of your property relative to the outstanding mortgage balance (this is known as the Loan to Value (LTV)). However, this rate will never be higher than the Society’s Standard Variable Rate at that time. For further details about what happens to your interest rate when your mortgage offer period ends, click here.
We’ll instruct a mortgage valuation. This is for our own use only. The cost of the valuation is set out in the product features. Where you feel you need more information about the property including its condition, there are three additional types of survey available to you: Home Survey Level 1 (Previously known as a Condition Report), Level 2 (Previously known as a Home Buyers’ Survey) and Level 3 (Previously known as a Building Survey). You’ll need to decide which level is best for you. For further details please visit rics.org
Representative example
A mortgage of £227,000 payable over 35 years initially on a fixed rate for two years at 5.41% and then on our current standard variable rate of 6.24% (variable) for the remaining 33 years would require an initial payment of £2,248.69, 25 monthly payments of £1,205.67 and 394 monthly payments of £1,326.31.
The total amount payable would be £556,020.17 made up of the loan amount plus interest (£327,896.17), a completion fee (£999) and an account management fee (£125 - paid upon redemption).
The overall cost for comparison is 6.4% APRC representative.
This representative example assumes mortgage payments are made on the 1st day of a calendar month.
The above representative example is for illustration purposes only and may vary depending on your personal circumstances.
Remortgaging means taking out a new mortgage deal on the home you currently own but with a different lender.
You might be thinking about remortgaging because:
You can remortgage at any time but before you go ahead with anything, it’s a good idea to check your current mortgage. If you’re in a fixed term deal and it’s not yet ended, you might have to pay an Early Repayment Charge (ERC). But that’s not the case with all mortgages and the amount you might save by remortgaging could outweigh the costs you’ll need to pay.
It's worth talking to a mortgage advisor to understand when's the best time for you to remortgage.
A remortgage is when you move from one mortgage lender to another. But if you want to, you can stay with your current lender and do a product switch instead.
If you're an existing West Brom mortgage customer, you can compare our rates for switching online.
When you remortgage, there are a number of costs that might pop up along the way. These can include:
It is possible to remortgage with bad credit. When remortgaging, your new lender will assess your application but they won't just look at your credit score. There are a number of different things they consider when deciding whether they can lend to you.
If you're worried about bad credit, it's worthwhile talking to a mortgage advisor to understand your options.
Here are some useful mortgage guides you might want to read:
What do lenders look at when approving a mortgage?
What do mortgage lenders look for on bank statements?
Defaults and CCJs: What they mean for your mortgage application
Whether you have a question or are ready to take the first step, we're happy to help.
0345 241 3785schedule 8:30am to 6:00pm Monday to Friday
schedule 8:30am to 12:30pm on Saturday
You can also request a call back or visit us in branch.
