Remortgage
Remortgage Advice in Scotland
Fixed rate ending? Let’s make sure you understand your options before your next mortgage deal starts.
If your mortgage deal is coming to an end, now is a good time to review your options. You don’t necessarily need to change lenders, and the mortgage with the lowest interest rate isn’t always the most cost-effective choice.
I’m Scott, a mortgage and protection adviser based in Edinburgh, helping homeowners across Scotland.
Whether you’re looking to secure your next fixed rate, explore a new lender or review your mortgage following a change in circumstances, I’ll help you understand your options and decide what makes sense for you.
When Should You Start Looking at Your Next Mortgage Deal?
You don't have to wait until your fixed rate ends to explore your options.
1
Six Months Before
Review your existing mortgage and understand the available options.
2
Before your Deal Ends
Mortgage rates can change between arranging your next deal and the date it starts. I’ll help you review the available options and check whether a more suitable deal has become available.
3
Your New Deal Begins
Have a suitable arrangement ready and avoid unnecessary time on your lender’s SVR.
Remortgage vs Product Transfer
There are two main ways to arrange your next mortgage deal.
Product Transfer
Stay with your existing lender
- Often a simpler process
- Usually no new legal work
- May avoid new affordability checks
- Limited to your lender's deals
Remortgage
Switch to another lender
- Compare alternative lenders
- Potentially more suitable deals
- Usually involves affordability checks
- Legal work may be required
Neither option is automatically better. I'll compare the available deals and help you understand which is most suitable for your circumstances.
The Lowest Mortgage Rate Isn't Always the Cheapest
A mortgage with a lower interest rate might come with a substantial product fee. Depending on your mortgage balance, the deal with the slightly higher rate could work out cheaper.
That’s why I look at the overall cost of the mortgage, rather than focusing on the interest rate alone.
What we will consider
- Interest Rate
- Product and arrangement fees
- Legal and valuation costs
- Early repayment charges
- Mortgage term
- Flexibility and features
How Does Remortgaging Work?
Review
We discuss your current mortgage, finances and plans.
Compare
I research suitable options and explain the costs.
Apply
I'll help with the application and keep you updated.
Nothing but 5 stars
Frequently Asked Mortgage Questions
How early can I arrange a remortgage?
I’d recommend reviewing your mortgage around six months before your existing deal ends.
Many lenders allow you to arrange a new mortgage several months in advance, although the exact timescales vary. This means you can potentially secure a deal ahead of time rather than waiting until your current rate expires.
Starting early also gives us time to compare your options and review the available rates before your new deal begins.
Is it better to remortgage or get a product transfer?
Your initial conversation with Aitken Financial Services is free. A mortgage advice or arrangement fee may apply, depending on the service provided. Any applicable fee will be explained before you proceed.
What happens if my fixed-rate mortgage ends and I do nothing?
If your fixed-rate deal expires and you haven’t arranged a new one, you’ll generally move onto your lender’s Standard Variable Rate (SVR).
This is often higher than the rate you’ve been paying, meaning your monthly mortgage repayments could increase significantly.
That’s why it’s worth reviewing your options before your existing deal ends. We can look at staying with your current lender or switching to another one, with the aim of having a suitable new arrangement ready in time.
Can I remortgage if my circumstances have changed?
Yes, potentially. However, your options will depend on what’s changed.
For example, becoming self-employed, reducing your working hours, taking on additional debt or experiencing a change in household income could affect how much a new lender is prepared to offer.
Different lenders assess affordability differently, so a change in circumstances doesn’t automatically mean you can’t remortgage.
In some situations, staying with your existing lender through a product transfer may be a more suitable option.
Can I remortgage to release equity for home improvements?
Potentially, yes. If your property has sufficient equity and you meet the lender’s affordability criteria, you may be able to borrow additional funds against your home.
This could be used for renovations, an extension or other eligible home improvements.
However, increasing your mortgage means borrowing more money secured against your property. It could increase your monthly repayments and the total interest you pay.
I’ll help you understand the costs and whether additional mortgage borrowing is appropriate for your circumstances.
Do I need a solicitor to remortgage in Scotland?
If you’re switching your mortgage to a different lender in Scotland, you’ll normally need a solicitor to complete the legal work.
This typically involves dealing with your existing lender’s standard security and arranging the new lender’s security over your property.
Some mortgage deals include assistance with legal costs, while others don’t, so it’s important to factor these into the comparison.
If you’re simply switching to a new mortgage deal with your existing lender, a solicitor usually isn’t required.