For many homeowners across Yorkshire, the end of a fixed-rate mortgage deal brings a moment of decision: stick with your current lender or twist and find a better deal elsewhere.
If you do nothing, you risk rolling onto your lender's Standard Variable Rate (SVR). This is almost always significantly higher than the market average, potentially adding hundreds of pounds to your monthly outgoings.
Whether you are looking to cut your monthly costs, release cash for home improvements, or simply secure peace of mind for the next few years, the Yorkshire property market offers unique opportunities that a generic online search might miss.
Here is how to navigate your remortgage options and why local expertise makes all the difference.
The "Loyalty Penalty" is Real
Many high street banks rely on apathy. They hope that when your deal ends, you will simply accept the new product they offer you (a "product transfer") without checking if their competitors are cheaper.
While sticking with your current lender is easy, it isn't always the smartest financial move. By searching the "whole of market," you might find a challenger bank or a specialist lender offering lower rates or better terms that your current bank simply won't match.
Using Yorkshire’s Property Growth to Your Advantage
One of the biggest factors in the interest rate you are offered is your Loan-to-Value (LTV) ratio - the size of your loan compared to the value of your home. The lower the LTV, the better the interest rate.
Here is where living in Yorkshire helps.
Many areas of our region - from the suburbs of North Leeds and Harrogate to the regeneration zones in Sheffield and Rotherham - have seen consistent property value growth over recent years.
What this means for you: If you bought your home a few years ago with a 10% deposit (90% LTV), the increase in your home's value might mean you now own 20% or even 25% of the equity. This pushes you into a lower "risk bracket" for lenders, unlocking significantly cheaper interest rates than when you first bought.
A local adviser can help you estimate your current LTV accurately before you apply, ensuring you target the lowest possible rate band.
Improve, Don't Move: Releasing Equity
With the cost of moving home rising (estate agent fees, Stamp Duty, and removal vans), many Yorkshire homeowners are choosing to stay put and extend.
We are seeing a surge in clients remortgaging to release tax-free cash for:
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Loft Conversions: Particularly popular in stone terraces in West Yorkshire where garden space is at a premium.
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Eco-Upgrades: Installing heat pumps or solar panels in rural North Yorkshire properties to cut long-term energy bills.
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Extensions: Adding open-plan kitchen diners to 1930s semi-detached homes.
By remortgaging, you can borrow the extra money needed for these works, often at a much lower interest rate than a personal loan.
Why a Local Adviser Matters for Remortgaging
You might think remortgaging is simple enough to do on a price comparison website. However, local nuances can trip up automated systems.
1. Fighting "Down-Valuations"
When you apply for a remortgage, the lender will value your house. Often, they use an automated "desktop" valuation based on average sales data in your postcode.
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The Problem: If you have renovated your home to a high standard, but your neighbours haven't, the computer might undervalue your house, trapping you on a higher interest rate.
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The Solution: Our local advisers know the true value of property in your street. If a lender down-values your home, we have the evidence and local knowledge to challenge it and push for a physical inspection.
2. Complex Income Streams
If you have become self-employed, changed jobs, or started earning a bonus since you took out your original mortgage, your current lender might refuse to lend to you again. We know which lenders are flexible with changing circumstances.
3. Debt Consolidation
If you have built up credit card or car finance debt, it might make sense to consolidate this into your mortgage to lower your monthly outgoings. This requires careful advice to ensure you don't end up paying more interest over the long term - something our advisers specialise in.
Secure Your Rate Early
Did you know you can lock in a remortgage deal up to six months before your current deal ends?
If you are worried about rates rising, we can secure a new product for you now. If rates go down before your switch date, we can simply tear up that application and get you the cheaper one. You get the best of both worlds: security today, with the flexibility to switch if things improve.
Contact us to review your mortgage options. Our Yorkshire-based team can compare your current lender’s offer against the whole market to ensure you aren't paying a penny more than you need to.