Remortgages
You could receive your loan in as little as 3 days!
- Borrow from £10,000 to £250,000
- Flexible terms from 3-30 years
- We consider all credit histories
- Employed, self employed, pension and benefit income
- Direct lender so no broker fees
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.
What is remortgaging?
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:
- Get a better interest rate
- Reduce monthly repayments
- Borrow more money (for home improvements, debt consolidation, etc.)
- Switch to a more flexible mortgage deal
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.
How does remortgaging work?
Here's how remortgaging typically works:
- Choose a new deal: You pick a mortgage offer that suits your needs, for example, a lower interest rate or longer mortgage term.
- Apply and get accepted: The lender checks your income, credit, and property value.
- Your new lender pays the old loan: They settle the balance so your previous mortgage is cleared.
- Start your new repayments: You begin paying a fresh monthly payment—possibly lower and tailored to you.
You can remortgage over a shorter or longer period depending on your plan and lender.
Can I remortgage with bad credit?
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.
Remortgaging vs secured loan - which is better?
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.
Why choose Central Trust?
Fast and Simple Process
You could access funds within days by calling our team directly or enquiring online.
Over 35 Years’ Experience
We are one of the UK's longest established specialist lenders, so you can relax knowing you're dealing with an experienced team.
Authorised and regulated by the FCA
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.
How it works
Organising your finances can sometimes feel stressful, but we want to make it as easy as possible for you.
In just 3 simple steps you could have the money in your bank account. All you need to do is:
Enquire
Complete our quick and easy online enquiry form. Alternatively, you can speak to an advisor instantly by calling us or starting a live chat.
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One of our qualified advisors will call you to discuss your enquiry and work out a monthly payment that meets your needs and circumstances.
Complete
We'll help you complete the paperwork and any other supporting documentation required. Everything can be completed electronically, or on paper if you prefer.
Ready to enquire?
Call an advisor free on:
0800 980 6273
- Friendly UK based advisors
- Enquiring won't affect your credit rating
- Fast turnaround time 7-10 days is possible
- Immediate contact from our advisors
- We are a direct lender
When is remortgaging a good idea?
It can be a good idea if you're moving to a lower rate, reducing monthly payments, repaying debts, or funding your plans. But there are costs involved, so it’s worth checking everything fits your budget before deciding.
How easy is it to remortgage?
If your finances are organised, it’s straightforward. At Central Trust, our online mortgage application and support team make it smooth, even if your credit isn’t perfect.
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:
- If you want to lower your interest rates or monthly payment
- If you have a good credit score and stable income
- If you don’t face large ERCs (early repayment charges)
- If you want a consolidated mortgage with no additional loans
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 switch anytime, but often people do at the end of a fixed-rate deal or to get better terms. The best time is generally 3 to 6 months before your current fixed-rate deal ends to lock in a new rate.
The process typically takes 4 to 8 weeks, depending on how fast your paperwork is processed and surveyors report.
Can I remortgage early?
Yes, you can remortgage early, but check your current deal. Some mortgages charge an early repayment fee if you leave before the 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 usually vary depending on valuation fees, legal fees, early repayment fees (if applicable) and arrangement fees (if your new deal charges one).
What happens when I remortgage?
After you repay your old mortgage, you start repayments on the new loan over your chosen term.
How much can I remortgage?
You can borrow up to a certain percentage of your home's worth. Lenders call this loan-to-value (LTV). It varies depending on each lender’s criteria and the worth of your property.
Can I remortgage if I have credit card debt?
Yes, you can. Central Trust considers your existing debts, like credit cards. If your overall income and affordability look good, we may still lend—even if you have credit card balances.