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Representative Example: A secured loan of £31,000 payable over 7 years on a fixed rate of 9.83% for the first 5 years, followed by a variable rate, currently 9.69%, would require 60 monthly payments of £553.17 followed by 24 monthly payments of £552.39. The total amount repayable would be £46,447.56. This includes interest, an arrangement fee of £1,999 and a processing fee of £499. The overall cost for comparison is 13.1% APRC representative.
Remortgaging means replacing your existing mortgage with a new mortgage, either with your current lender or a new one. You're not relocating; you're simply modifying the existing mortgage on your present residence. People usually remortgage to:
When you remortgage, your new mortgage pays off your old one. Then you begin making mortgage payments on the new deal. This could save you money or give you extra funds, based on your goals.
This product is available as a first charge mortgage, subject to eligibility and our lending criteria.
Here's how remortgaging typically works:
You can remortgage over a shorter or longer period depending on your plan and lender.
Yes, you can. At Central Trust, we work with people who have less-than-perfect credit. Your new mortgage is secured against your home—just like your current mortgage. This gives mortgage lenders more confidence because if you don’t repay, they have the legal right to take action against your property.
We’ll look at your full situation—not just your credit score—to see what’s possible. Even with past problems, if the loan is affordable and your equity is strong, we may still be able to help.
Choosing to remortgage over getting a secured loan may be considered a better decision under these circumstances:
If you want to lower your interest rates or monthly payment
If mortgage rates have dropped since you took out your first mortgage, remortgaging could allow you to secure a lower interest rate. As a result, monthly payments may be lower which can save you money over time.
If you have a good credit score and stable income
If your credit score or income has improved, remortgaging may benefit you by qualifying for better mortgage terms. This is because you may be able to get a favourable interest rate.
If you don’t face large ERCs (early repayment charges)
If you choose to remortgage and have no / little ERCs, it may be the better option rather than getting a secured loan.
If you want a consolidated mortgage with no additional loans
A consolidated mortgage combines your existing debts, such as credit card balances, personal loans, and overdrafts, into a single monthly payment under your mortgage. If you choose to remortgage to consolidate your debts, you’ll only need to manage one payment each month rather than juggling multiple payments with different due dates, interest rates, and terms without additional loans.
Important: By consolidating unsecured debts into your mortgage, those debts become secured against your home. While your monthly payments may be lower, you could pay more interest overall because the borrowing is likely to be repaid over a longer period. Your home may be repossessed if you do not keep up repayments on your mortgage.
Fast and Simple Process
You could access funds within days by calling our team directly or enquiring online.
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We are committed to responsible lending, clear communications and good customer outcomes throughout the borrowing journey.
Your Loan,
Tailored for You.
Consolidating debt? Paying for a large expense like home improvement or a wedding? We have you covered.
Unlike many other lenders, there is no strict automation to our lending decisions. Your application is assessed by our team, not by a computer.
Stephen Stone
2 years ago
Incredible company. Empathetic and supportive staff that know how to offer customers a package that suits them. I was fed up with automated systems from the standard banks. This company talk to you and help you find something to suit your circumstances. I cant thank them enough for how they helped me
Greg Erasmus
3 years ago
When I contacted Central Trust I had a very strict deadline to make a payment. Jenny was extremely helpful and informative and got the process started straight away. The whole way through I was kept informed at every stage of my application and any hiccups was swiftly dealt with. I can't thank Jenny, Tara and Stephanie enough for their help and professional service. Highly recommend.
Edward Mawby
3 years ago
I originally left a review that said I was not satisfied with the service provided, however after being in touch with Tara I felt she tried her best to get the answer we wanted. Unfortunately it didn't work out, but she left us feeling optimistic that we can go back in a couple of months time to try again. Thank you for doing your best to help!
Anglela Ferrante
3 years ago
What an absolute delight of a company. Following setback created by the mini budget, I was left in a predicament, central trust came to the rescue and provided an excellent swiftly process. I would highly recommend using them. I dealt with Jenny who couldn’t of been more proactive and helpful.
Gwenda Squire
6 years ago
Really friendly, professional service. Completed within a matter of days. Would highly recommend
David Cutler
6 years ago
Mostly good, gave me the wrong return address for a form that needed a signature witness which meant the form was lost and I had to go through the hassle of finding a witness again. Asked me to send a settlement figure which they had already received from me and had acknowledged receipt. But on the whole much more efficient, faster and more communicative than the bank who I applied to borrow the money from.
S RC
6 years ago
John Holden
6 years ago
Organising your finances can sometimes feel stressful, but we want to make it as easy as possible for you.
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When is remortgaging a good idea?
It can be a good idea if you want to secure a lower interest rate, reduce your monthly payments, consolidate other debts, or release funds for something like home improvements. There are costs involved in remortgaging though, so it's worth checking these fit your budget before deciding.
How easy is it to remortgage?
Remortgaging is generally straightforward if your finances are well-organised, as most delays come from paperwork or valuation timelines rather than the process itself. Our team can talk you through your options and support you through the application, including if you have credit issues that might make things trickier elsewhere.
Should I get my house revalued before remortgaging?
This is a good idea if you think your property has increased in value. A fresh valuation helps your lender know your home’s current worth. You can ask your solicitor or mortgage advisor for a professional valuation.
Secured loan vs remortgage - which is better?
If you are choosing to remortgage, you are replacing your existing mortgage with a new one. However, with a secured loan, you are borrowing another loan on top of your existing mortgage.
When would it be a good decision to choose remortgaging over a secured loan?
Choosing to remortgage over getting a secured loan may be considered a better decision under these circumstances:
You can find more information on this topic in our 'What is the difference between secured loans and remortgaging?' blogpost article.
When can I remortgage?
You can remortgage at any time, but most people do so at the end of a fixed-rate deal, or when a better rate becomes available. The best time is generally 3 to 6 months before your current deal ends, so you can lock in a new rate in advance.
The process typically takes 4 to 8 weeks, depending on how quickly your paperwork is processed and the surveyor's report is completed.
Can I remortgage early?
Yes, you can remortgage early — but check your current deal for early repayment charges (ERCs), as many mortgages charge a fee if you switch before the fixed term ends.
Do I need a solicitor to remortgage?
Yes. You’ll need a solicitor or conveyancer to handle legal checks, contracts, and registering the switch.
How much does it cost to remortgage?
Costs can vary, but typically include valuation fees, legal fees, arrangement fees (if applicable), and early repayment charges from your existing lender (if applicable). It's worth asking for a full breakdown of fees before committing, so you know the total cost of switching upfront.
What happens when I remortgage?
When you remortgage, you take out a new mortgage (usually with better terms or a lower rate) and use it to pay off your existing mortgage in full. Your new lender settles the old mortgage directly, and from then on you make repayments on the new loan, over whatever term you've agreed with them.
This is often done to get a better interest rate, release equity from your home, or consolidate other debts, and it typically involves a new property valuation and affordability check as part of the application.
How much can I remortgage?
Lenders express how much you can borrow as a percentage of your property's value, known as loan-to-value (LTV). We lend up to 80% of your home's value, up to a maximum of £250,000, including any amount still owed on your existing mortgage — so the actual amount you can remortgage depends on your property's value and how much equity you have in it.
Can I remortgage if I have credit card debt?
Yes. We take your existing debts, including credit card balances, into account as part of our overall assessment. As long as your income and affordability meet our lending criteria, having credit card debt won't automatically rule you out.