Edinburgh · Scotland · UK-wide
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.
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.
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 |
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.
No fee for the initial conversation, and no obligation. We usually reply the same working day.
Common questions
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.
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.
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.
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.
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.
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.
A twenty-minute conversation will tell you what you can realistically borrow, what it will cost and whether it is worth doing. It is free, and we will tell you honestly if the answer is no.