Remortgage Advice | Edinburgh & UK-Wide

Remortgaging in Edinburgh and across the UK

Remortgaging means moving your existing mortgage to a new deal, either with a new lender or with your current one. The single most expensive mistake homeowners make is doing nothing: when a fixed rate ends you revert to the lender's standard variable rate, which is almost always the most costly rate that lender offers. Prime Mortgages reviews your current deal against the whole market, compares it honestly against what your existing lender will offer you as a product transfer, and tells you which is genuinely better — including when the answer is to stay put.

Start six months before your current deal ends

We compare the whole market against your lender's own offer

No fee until your formal mortgage offer is produced

When should you start looking?

Six months before your current deal ends. Most lenders will let you reserve a new rate up to six months ahead and will let you switch to a better one if rates fall before completion, so booking early is a free option rather than a commitment.

If you have already reverted to the standard variable rate, there is usually no early repayment charge and you can move immediately.

Remortgage or product transfer — which is better?

A product transfer is a new rate with your existing lender. It is quick, needs little paperwork, and usually involves no new valuation or legal work. A remortgage moves you to a different lender and opens up the whole market.

Neither is automatically better. We run both and show you the comparison.

	Product transfer	Full remortgage
Speed	Days	Four to eight weeks
Affordability re-checked	Usually not	Yes
Legal work	None	Usually free with the new lender
Can you borrow more?	Sometimes, limited	Yes
Rate available	One lender only	Whole market
Best when	Income has dropped, credit has changed, or you need speed	Your circumstances are stable and better rates exist elsewhere

Releasing equity when you remortgage

Edinburgh property values mean many homeowners have more equity than they realise, and a remortgage can release some of it as cash. Common and generally acceptable reasons include home improvements, a deposit for a buy-to-let, paying off a more expensive debt or funding a family member's deposit.

Consolidating unsecured debt into a mortgage lowers the monthly payment but usually costs more overall, because you spread it over a much longer term — and it converts unsecured borrowing into borrowing secured on your home. We will always show you the total cost both ways before you decide.

Think carefully before securing other debts against your home.

Things that catch people out

Early repayment charges — typically 1%–5% of the balance during a fixed period. Sometimes it is still worth paying one; usually it is not
Your fixed rate ending mid-purchase — if you are also moving, porting may be better than remortgaging
Credit changes since you last applied — a missed payment or a new car finance agreement can change which lenders will take you
Interest-only maturities — if you are on interest-only and approaching the end of term, start the conversation early; options narrow quickly
Property in a tenement — some lenders are cautious about flats above commercial premises or with short leases on shared parts

Request a free consultation

No fee for the initial conversation, and no obligation. We usually reply the same working day.

Frequently asked questions

When should I start my remortgage?

Six months before your current deal ends. Most lenders let you reserve a rate that far ahead and will let you move to a cheaper one if rates fall before you complete, so there is no downside to starting early — and it avoids ever landing on the standard variable rate.

Is a product transfer with my existing lender cheaper than remortgaging?

Sometimes, but not reliably. A product transfer is faster and involves no legal work or affordability check, which matters if your income has dropped. A full remortgage opens the whole market and often beats it on rate. We quote both and show you the total cost over the deal period, not just the headline rate.

Can I remortgage to release equity from my Edinburgh home?

Yes, subject to affordability and the lender's view of what the money is for. Home improvements, a buy-to-let deposit and gifting a deposit to family are all commonly accepted. Lenders are more restrictive about business use or investments, and some purposes require additional evidence.

Will remortgaging hurt my credit score?

A full remortgage involves a hard credit search, which leaves a footprint and can dip your score slightly for a few months. A product transfer with your existing lender usually does not. Neither has any lasting effect if you keep up your payments.

Can I remortgage if my fixed rate has not ended?

You can, but you will normally pay an early repayment charge of between 1% and 5% of the outstanding balance. It is occasionally worth it if the saving is large enough or you need to borrow more, and we will do that calculation for you before you commit.

Do I need a solicitor to remortgage?

Yes, but most remortgage deals include free legal work through the lender's appointed conveyancer. If you want to use your own Scottish solicitor, some lenders offer a cash contribution instead.