Remortgaging

We’ve been helping our members for over 150 years and we will continue to offer help through the uncertain times ahead.  If you’re thinking of remortgaging your existing property, we have a range of remortgage products that could be suitable for you.

Why remortgage with us?

If you have a standard variable rate mortgage, or a mortgage deal that is about to revert onto a standard variable rate, you may be able to make valuable savings by remortgaging with Newcastle Building Society.

Benefits of moving your mortgage to us include:

Flexible and Comprehensive Product Range

  • Choice of free standard legal fees on selected products arranged by our nominated solicitor or
  • Cashback up to £750 giving you choice and flexibility.
  • Free standard valuation fee on properties up to £500k on selected products;
  • 10% overpayments per annum, along with an additional £499 monthly overpayment allowance on all products;
  • The option to borrow up to 80% of your home's value, including any additional borrowing you may take at the same time;
  • Free no obligation advice from our team of qualified mortgage advisers

Personal Service

Throughout your mortgage journey with us, from helping with affordability through to issuing the application, you will have one dedicated point of contact. All of our team are friendly and personable and you will have access to them directly.

Flexibility and Individuality

Your application isn’t reviewed by a computer; we have a team of underwriters who work closely with your mortgage advisor to review your personal situation & circumstances. This allows us to be flexible and efficient when making a decision.

Home Insurance in Just 5 Questions

As part of our purpose, ‘connecting our communities with a better financial future’, we aren’t just here to help with your mortgage needs. We also have a partnership with Fairmead Insurance Limited* to make sure your new home and contents are covered.

Your mortgage will be secured on your home. Your home may be repossessed if you do not keep up repayments on your mortgage.

Thinking about remortgaging?

You can speak to one of our friendly mortgage advisers by calling

443456064488

9am - 5pm Monday to Friday (Calls to 03 numbers, cost the same as a call to a standard ‘01’ or ‘02’ landline number, even when calling from a mobile.)

Guide to Remortgaging

What is a Remortgage?

A remortgage is the process of switching your existing mortgage on your home to a new lender. In simple terms, the new mortgage is used to pay off the existing mortgage, using the same property as security against the loan.

When should I remortgage?

The need to remortgage most often occurs when you are coming to the end of your current mortgage deal and your rate is increasing. Or perhaps your deal has already expired and you have been moved on to a higher rate. Either way, a remortgage will help you change to a mortgage that is more suitable for your current circumstances. But, how do you know when it’s the right time to remortgage your home? Read our when to remortgage guide to find out more.

How much can I remortgage my house for?

You can get a rough idea of how much you can borrow using our mortgage affordability calculator. However, this should only be regarded as an estimate.

Do I need a deposit to remortgage?

No, you do not need a deposit to remortgage however you must have sufficient equity in your home. 

Equity is the percentage of your home you already own.

How much does it cost to remortgage?

There are a number of fees and charges you may need to budget for depending on the type of mortgage you take and your personal situation. The types of fees include; 

  • Valuation fee

  • Reservation fee

  • Arrangement / completion fee

  • Legal fees

You should also check the terms and conditions of your current mortgage to find out whether there is an early repayment charge or / as well as an exit fee.

Before making a final decision, obtain a full mortgage redemption cost from your current lender and carefully check your new mortgage illustration, which will include the details of any costs involved.

Do you need a solicitor when remortgaging?

If you are switching lenders, you will require a solicitor or conveyancer to help with the legal side of things. Moving to a new rate or deal with your current lender is known as a product transfer and doesn’t require additional legal work.

If you choose to remortgage with Newcastle Building Society, you can benefit from our solicitor services. With us, you can enjoy no standard legal costs. Read our conveyancing services page to find out more.

What documents do I need to remortgage?

If you are remortgaging with a new lender, the documents you need to provide will be similar to when you applied for your first mortgage.

You will usually need to provide the following supporting documents/information with your application:

  • Details of the property

  • Details of your bank account

  • Proof of identity, such as a passport or driving licence

  • Proof of address, such as a council tax or utility bill

  • Proof of employment

  • Proof of your financial situation

  • Proof of your income, such as pay slips, P60, or your accounts if you are self-employed

  • Proof of your outgoings, such as bank statements, and including debts and loans

  • Proof of your assets, such as investments, other properties, or accounts

*Buildings and contents insurance is arranged by Newcastle Building Society and underwritten by Fairmead Insurance Limited (renamed from Legal & General Insurance Limited), part of the Liverpool Victoria General Insurance Group.  To get a quote and apply online you will be transferred to their website.  Their terms and conditions and cookie policy may differ from Newcastle Building Society’s so please read them carefully.