Remortgages in Southwark

Whether your fixed rate is ending, you’re planning renovations, or you want to reduce monthly payments, we help Southwark homeowners review and remortgage their properties with confidence. From apartments near London Bridge and Borough to homes around Elephant & Castle, Bermondsey and Rotherhithe, we’ll guide you through your remortgage options in SE1 and beyond.

Why Remortgage?

• Secure a new fixed rate: Avoid moving onto your lender’s standard variable rate (SVR).
• Lower repayments: Find a sharper deal or adjust the term to reduce monthly cost.
• Release equity: Raise funds for home improvements, investments or other projects.
• Switch product type: Move between fixed, tracker or offset products.
• Change names on the mortgage: Add or remove borrowers (subject to affordability and legal work).

When to Start

Most lenders allow you to lock in a new deal up to 6 months before your current rate ends. Starting early helps avoid any gap where you fall onto a higher SVR.

Your Options in Southwark

• Product Transfer: Stay with your existing lender and select a new product, usually with minimal paperwork.
• Remortgage to a New Lender: Move your mortgage to another lender offering more competitive rates or features.
• Additional Borrowing: Raise extra funds via a further advance or remortgage for projects such as refurbishments or new kitchens.
• Later Life & Equity Release: For suitable homeowners, specialist plans may allow tax-free cash. (Requires regulated advice from an FCA-authorised adviser.)

How Lenders Assess a Remortgage

• Property Value & LTV: Current value of your Southwark property and balance outstanding.
• Income & Commitments: Salary, self-employment, additional income and outgoings.
• Credit History: How you manage credit cards, loans and other borrowing.
• Property Type: New-build apartments, ex-local authority, shared ownership or converted warehouses can all attract different lender attitudes.

Costs to Factor In

• ERCs: Early repayment charges if you leave your current deal before the end date.
• Valuation & Legal: Many remortgages include free valuation and basic legal work; others may not.
• Product Fees: Some of the lowest rates come with arrangement fees; we’ll show fee-free and fee-paying options.

Step-by-Step: The Remortgage Process

1. Review: We confirm your current rate, term, balance and goals (rate reduction, more flexibility, raising funds).
2. Compare: We outline product transfer vs remortgage options for your Southwark property.
3. DIP: If switching lender, we obtain a Decision in Principle.
4. Application: Submit documents; lender instructs a valuation on your flat or house.
5. Offer: Once approved, solicitors complete the legal work and set a completion date.
6. Completion: Your old mortgage is repaid and your new product begins.

Raising Funds: Common Uses in SE1

• Refurbishments: New bathrooms, kitchens or layout changes in warehouse conversions and apartments.
• Debt consolidation: Tidying up credit into one monthly payment (subject to careful affordability checks).
• Other goals: Education costs or major purchases (subject to lender policy).

Self-Employed, Contractors & City Professionals

We help present your income clearly whether you’re self-employed, on a day rate, or receive significant bonuses. Lenders popular with London professionals can be more flexible with complex income, if packaged correctly.

Tips to Strengthen Your Case

• Clean credit file: Check for errors and ensure all addresses are correct.
• Stable conduct: Avoid missed payments and heavy overdraft use in the months before you apply.
• Documentation ready: ID, proof of address, bank statements and payslips/accounts.

How We Work

We provide clear information and introductions. When regulated mortgage advice is needed, we introduce you to an FCA-authorised adviser who can recommend a suitable remortgage product.

Useful Links

Mortgage Calculator ·
First-Time Buyers ·
Buy-to-Let ·
Contact Us

Remortgage FAQs — Southwark

Can I remortgage a flat above commercial premises?

Many lenders will, but some are cautious. It depends on the lease, location and type of commercial unit. We’ll highlight lenders more comfortable with your specific property.

Is remortgaging in Southwark more complex for new-build apartments?

Some lenders apply stricter criteria or maximum LTVs on new-builds. We’ll show which lenders are best placed for your building.

Can I fix my rate again when my current deal ends?

Yes. You can often move straight to a new fixed rate, either with your current lender or a new one, subject to checks.

What if my income includes bonuses or overtime?

Many lenders will consider regular bonuses or overtime as part of affordability, especially if evidenced over time.

Ready to Review Your Rate?

Talk to our Southwark team about your upcoming rate end, product transfers and remortgage options. Send an enquiry and we’ll get back to you.