Do I Need a Broker to Remortgage?

Your deal is ending and you need a new one. You could call your bank, or you could use a broker. So which is best?

This guide explains what a remortgage broker does, what it costs and when it makes the most sense. It takes about four minutes to read.

What does a remortgage broker do?

A broker looks at deals from many lenders, not just one. We check your current deal, your home value and your plans. Then we find the lenders most likely to say yes on good terms.

We also deal with the paperwork. We send your case to the lender, chase the valuation and keep the solicitor on track. You get one person to call from start to finish.

Read more about how we work on our remortgage broker page.

Why not just go to my bank?

Your bank can only offer its own deals. It may offer you a product transfer, which is a new rate with the same lender. That can be a good choice, but it is not always the cheapest.

A broker can compare that offer with the rest of the market. If your bank has the best deal, we will tell you. If it does not, we can show you what else is out there.

When does a broker help most?

A broker is most useful when your case is not simple. For example:

• You are self-employed or have more than one income
• You want to borrow more for home improvements
• You have had missed payments or other credit problems
• You want to move from interest only to repayment
• You are near retirement or want a longer term

In these cases, lenders take very different views. Knowing which one to approach can save you time and money.

What does it cost?

Some brokers charge a fee and some do not. Our fee varies by case. We will always tell you about any fee before you commit to anything.

Lenders often pay us a fee as well. This does not change the rate you pay.

When should I start?

Start about six months before your deal ends. Many lenders let you secure a new rate that far ahead. If rates fall before you complete, we can often switch you to a lower one.

Our Remortgage Rate Checker gives you a quick idea of current rates. Our guide on what to do when your fixed rate ends explains the next steps.

Frequently asked questions

Is it worth using a broker to remortgage?

For many people, yes. A broker compares deals from many lenders and handles the paperwork for you. If your bank has the best deal, a good broker will tell you.

Will a broker get me a better rate than my bank?

Not always. Sometimes your bank has the best deal. A broker can check that for you, so you know you are not missing out.

Does using a broker affect my credit score?

We start with soft checks where we can. A full credit search only happens when you apply to a lender.

Do I need to live in Derby to use you?

No. Our office is in Derby, but we help clients across the UK by phone, video call and email.

Your home may be repossessed if you do not keep up repayments on your mortgage.

There may be a fee for mortgage advice. We will always tell you about any fee before you commit to anything.