pro's & cons

Why would you consider remortgaging? is it a good idea? what are the downsides? lET'S FIND OUT...

Lets talk about Remortgaging

What is remortgaging?

Remortgaging, also known as refinancing, is the process of switching to a new mortgage loan with a different lender. It is a popular option for homeowners in the UK who are looking to save money on their monthly mortgage payments, access equity in their home, or change the terms of their mortgage. However, it is important to carefully consider the potential advantages and disadvantages of remortgaging before making a decision.

Advantages of Remortgaging

Lower monthly mortgage payments

One of the main benefits of remortgaging is the potential to save money on monthly mortgage payments. By switching to a mortgage with a lower interest rate, homeowners can potentially reduce their monthly payments by hundreds of pounds. For example, if you have a mortgage with an interest rate of 4% and you are able to switch to a mortgage with an interest rate of 3%, you could save around £110 per month on a £150,000 mortgage over a 25-year term.

Access equity in your home

If the value of your home has increased since you took out your original mortgage, you may have built up equity that can be accessed through remortgaging. Equity is the difference between the value of your home and the amount you still owe on your mortgage. Some homeowners choose to remortgage to access this equity and use it for home improvements, debt consolidation, or other major expenses.

Change the terms of your mortgage

Remortgaging allows homeowners to tailor their mortgage to their current needs and goals. This may include changing the length of the mortgage term, switching from a fixed to a variable interest rate, or adding or removing features such as mortgage insurance.

Disadvantages of Remortgaging


Remortgaging can involve various fees, such as an application fee, valuation fee, and legal fees. It is important to carefully review all of the fees associated with remortgaging and compare them to the potential savings to determine if it is a worthwhile investment.

Penalties for breaking your current mortgage

Some mortgages come with early repayment charges, which means you may have to pay a fee if you switch to a new lender before the end of your current mortgage term. This can be a significant disadvantage if you have a large remaining balance on your mortgage and the early repayment charge is a significant percentage of the balance.

Credit score impact

Applying for a new mortgage involves a credit check, which can temporarily lower your credit score. If your credit score is already low, it may be difficult to qualify for a new mortgage with a better interest rate.

Should you consider remortgaging?

The decision to remortgage should be carefully considered and based on your individual financial situation and goals. It is important to shop around and compare offers from multiple lenders to find the best deal. It may also be a good idea to consult with a financial advisor or mortgage broker to help you determine if remortgaging is the right choice for you.


Dedicated Professional Advice

You will have a named adviser who will get to know you. They are experienced and qualified to provide you with all the help and advice you need throughout the process.  

We deal with the banks

No one likes having to deal with the banks. They will almost always ask you questions during your application and we are ideally placed to answer them. Over 15+ Years of experience and 1000's of Mortgage Applications has helped us do this very effectively. 

Named Contact

You will never become a number, not like dealing with a bank directly. Having to explain yourself over and over again to whoever picks up the phone. You will deal with us directly, we do all of the heavy lifting.

No waiting on Hold

Our Average hold time is less than 10 seconds. We spend hours on hold to the banks so you don't have to. This could have you hours of time.

Customer Success Stories
In Their Own Words


Greg and his team provided us with a first class service. It was good to have a professional service provided by a local business with a personal touch.

Alun Morgan

I'm so grateful for all your help the last few months, absolutely outstanding service, Greg always had time to answer any questions I had. I would highly recommend to anyone!

Laura Griffiths

I cannot thank bryony and Leanne enough for all there help dealing with my loan process .
Very quick responding to any questions or problems along the way.
Will definitely be using right loan wales again
Craig rutherford

Craig Rutherford

Bryony was so amazing, she kept us informed every step of the way. She was always so positive and helpful. She worked efficiently and effectively and was always able to be contacted. If she was busy she would ensure contact at her earliest convenience which was always the same day. From the start she spent the time to get to know our situation as individuals and not just another application. We Would 100% recommend. Thanks Bryony and team.

Jenna Newman

Bryony and the team at Right Loan Wales were very efficient, responsive and a joy to deal with throughout my dealings with them. I will be recommending them to any friends who need to raise finances.

Graham Brown

Bryony Davies of Right Loan Wales provided a most helpful and professional service throughout the application process. The whole team's advice and assistance made the experience very east to navigate form initial application to final offer. I would have no reservations in recommending this business to anyone seeking a loan of this nature.

Stephen Ball

Buying a house had always seemed unachievable for me, I had built it up to be something so out of reach in my mind I thought that it was something that would take years, if it happened at all! That all changed thanks to the amazing support of the guys at the Money Geeks - I approached them, expecting to be told that it wasn’t possible, and within a couple of weeks I had found my perfect house and had a mortgage offer! The whole process couldn’t have been easier for me (although I was as far away from an easy client as possible), and I can’t thank them enough for what they have done for me and my family! Thank you Greg and Ben! You are true experts - if anyone can make it happen for you, it’s these guys!

Cara Williams

From my first meeting with The Money Geeks, I was impressed with the level of professionalism and attention to detail. Their impartial expertise was second to none, and nothing was too much trouble. I will definitely use their services again! Thank you so much for supporting me from the initial advice all the way to completion and my insurances! Highly recommended!

Florence Walkey

Greg and his team at The Money Geeks were fantastic from start to finish. Greg dealt with our application personally and made what we felt was impossible, possible. We had seen mortgage advisors prior to seeing Greg and we felt we weren’t getting the right advise and guidance. As soon as I approached him he made an appointment with us and offered to call to the house making the whole experience feel slightly less formal and more comforting. He was instantly able to tell us what we needed to do and got us a mortgage offer within days. He has put up with endless nagging and nothing has ever been too much to ask. He was always at the other end of the phone if I needed him and very efficient. And as first time buyers I felt he spoke to us is in real terms helping us understand everything fully. We would highly recommend using The Money Geeks - the best service we could have asked for and money well spent.

Amy Cann


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