Remortgages and Second Charges in London
Remortgage and second charge advice for homeowners across London.
Deal review
We look at your current mortgage and when it ends
Costs and risks explained
Early repayment charges, fees and the risks to your home
Routes compared
Remortgage, second charge or staying put, set out side by side
London homeowners often have large mortgages, so reviewing your rate when a deal ends can matter. A remortgage can also let you borrow more for improvements or other plans, though it increases the debt secured on your home.
We compare staying with your lender, switching and other routes, and explain the full cost of each.
Remortgaging in London
If you own a leasehold flat, your lender will look at the remaining lease length at a remortgage, and a short lease can limit your choices. Lease extension has its own cost and legal process, so it is worth finding out where you stand early. We can explain how lenders treat different lease lengths and what to ask your solicitor.
Because London mortgages are large, fees and early repayment charges can be significant in cash terms. We look at the total cost over the deal period, and not only the rate. If you want to release equity, for example to help with a family member’s deposit or for building work, think carefully about how much you borrow and for how long, and ask us about the risks.
How it works
Initial conversation
We look at your current mortgage, what you want to achieve and how much you want to borrow.
Costs and options compared
We set out the costs of staying, of remortgaging and of a second charge, and the alternatives.
Recommendation
We explain what we would recommend, and why.
Application
We help you complete the application and provide the documents the lender needs.
Valuation and legal work
The lender values your home, and legal work is completed where needed.
Completion
Your new mortgage or loan starts and, for a remortgage, your old mortgage is repaid.
For the full guide, see our Remortgages & Second Charges page.
Frequently asked questions
Does a short lease affect my London remortgage?
It can. Lenders have minimum remaining lease lengths, and a short lease may limit your options or call for a lease extension first. We can explain what applies.
Can I release equity from my London home?
Often, subject to affordability and the property. Borrowing more increases the debt on your home, so think carefully about the amount and the term.
Is a second charge the same as a remortgage?
No. A remortgage replaces your existing mortgage. A second charge is an additional loan secured on your home, and your existing mortgage stays in place.
When should I start looking at a new deal?
It is sensible to start a few months before your current deal ends. Many lenders allow you to arrange a new deal in advance. We will check the timing for your mortgage.
Important information
- Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it.
- You may have to pay an early repayment charge to your existing lender if you repay your mortgage early, and a fee may be payable to a new lender.
- Think carefully before securing other debts against your home. Making debts longer term may increase the total amount you repay.
The information on this page is general and is not advice. Advice depends on your personal circumstances.
Remortgages & Second Charges in other areas
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