If your current fixed-rate mortgage is ending soon, or you’re simply looking to raise funds for home improvements, a remortgage in Guildford could save you thousands. With property values high across Guildford, Burpham, Merrow, Shalford and surrounding villages, now is the time to review your options and avoid drifting onto a costly Standard Variable Rate (SVR).
Why Remortgage in 2025?
Remortgaging is simply switching your existing mortgage to a new deal. Reasons include:
- Securing a better rate: Protect yourself from SVR hikes when your fixed term ends
- Raising capital: Fund renovations, extensions or even deposit support for children
- Debt consolidation: Combine high-interest debts into one manageable payment (specialist advice required)
- Changing terms: Switch between repayment and interest-only, or adjust the mortgage term
With average Guildford property prices exceeding £500,000, even a small rate difference can mean significant monthly savings.
Step 1 – Know When Your Current Deal Ends
Most lenders allow you to lock in a new product up to six months before your current deal expires. Waiting too long risks moving onto your lender’s SVR, which is often 2–4% higher than your existing rate.
Step 2 – Understand Your Options
There are two main routes:
- Product transfer: Staying with your current lender on a new deal. Quick, minimal paperwork, but may not be the cheapest.
- Remortgage to a new lender: Involves a full application, valuation and legal checks, but can unlock lower rates and broader features.
Explore the pros and cons on our Remortgages page.
Step 3 – Check Your Loan-to-Value (LTV)
The lower your LTV, the better the rates you’ll typically access. For example:
- At 90% LTV, options are limited and rates higher
- At 75% LTV, far more lenders compete for your business
- At 60% LTV, premium rates often apply
If your property has risen in value since purchase — common in Guildford — you may now qualify for a lower LTV bracket.
Step 4 – Decide If You Need to Raise Capital
Many homeowners remortgage to release equity for:
- Extensions, loft conversions or new kitchens
- School fees or university costs
- Helping children with a house deposit
Raising capital means a higher balance and monthly cost, so lenders will assess affordability carefully. If you’re over 55, consider whether Lifetime & Equity Release options may suit your long-term plans instead.
Step 5 – Factor in Fees and Incentives
Look beyond the headline rate. Consider:
- Arrangement fees: Flat (£999–£1,499) or % of loan (e.g. 1%)
- Valuation/legal costs: Many lenders offer free basics, but compare quality and speed
- Early repayment charges (ERCs): Check if leaving your current deal early will cost you
A slightly higher rate with lower fees can be cheaper overall — especially on smaller mortgages.
Step 6 – Local Property Factors in Guildford
- Leaseholds: Town centre flats need leases over 80 years, manageable ground rents, and clear service charges. Lenders scrutinise these closely.
- Period houses: Victorian terraces in Shalford and Merrow may require surveys to check roofs, damp and insulation.
- New builds: Recent developments in Burpham often hold value well, but service charges can affect affordability.
- EPC ratings: With upcoming rules, lenders increasingly consider energy efficiency. Upgrades can boost both value and remortgage choice.
Step 7 – Timing the Application
Start 4–6 months before your deal ends. This allows time for valuation, underwriting and legals without dropping onto SVR. If rates fall, many lenders allow you to switch products before completion.
Step 8 – Common Mistakes to Avoid
- Leaving it too late and falling onto SVR
- Ignoring total cost (rate + fees + incentives)
- Over-borrowing without a clear plan for repayments
- Not checking credit files — missed payments or errors can derail applications
- Assuming your current lender’s offer is automatically best
Step 9 – Could You Benefit From a Specialist Lender?
If you’re self-employed, a contractor, or have credit blips, high street lenders may decline. Specialist lenders can often help, though rates may be higher. Our Adverse Credit Mortgages page explains this in more detail.
Guildford Remortgage FAQs
How long does remortgaging take?
Typically 6–12 weeks depending on lender, valuation and legals. Product transfers can be completed in days.
Will a remortgage affect my credit score?
A new application involves a credit check, but making timely payments can improve your profile over time.
Can I switch early?
Yes, but ERCs may apply. Sometimes paying an ERC is still cheaper if rates rise significantly.
Do I need a solicitor?
Yes for full remortgages, though many lenders include basic legals. Product transfers usually don’t need one.
Can I raise money for debt consolidation?
Possible, but lenders scrutinise affordability and purpose closely. Specialist advice is important here.
Next Steps
Whether you’re in Guildford town, Burpham, Merrow or Shalford, a proactive remortgage could protect your finances and free up funds for future plans. Start by checking your current deal end date and exploring our Remortgages page. From there, we can connect you with an FCA-regulated adviser to review your options and secure the right deal.