Remortgage Deals Taunton 2025: Save Thousands by Switching Your Mortgage

Last Updated: January 2025 | Reading Time: 7 minutes

Is your mortgage deal coming to an end? You could save thousands of pounds by remortgaging to a better deal. This guide covers everything Taunton homeowners need to know about finding the best remortgage deals in 2025.

What is Remortgaging?

Remortgaging means switching your existing mortgage to a new deal, either with your current lender or a different one. Homeowners in Taunton remortgage to:

• Get a better interest rate and reduce monthly payments
• Switch from a variable rate to a fixed rate for certainty
• Release equity from their property
• Consolidate debts
• Remove someone from the mortgage (after divorce/separation)

Current Remortgage Rates in Taunton 2025

The latest mortgage rates in Taunton for 2025 show competitive remortgage deals available:

• 2-Year Fixed Rate Remortgages: From 4.3% (subject to criteria)
• 5-Year Fixed Rate Remortgages: From 4.0% (subject to criteria)
• Tracker Rate Remortgages: Base rate + 1.5% typical (subject to criteria)

Example savings: If you're currently on your lender's Standard Variable Rate (typically 7-8%), switching to a 4% fixed rate on a £200,000 mortgage could save you over £500 per month!

When Should You Remortgage?

Your Fixed Rate is Ending

Start looking for remortgage deals 3-6 months before your current deal ends. Once your fixed rate expires, you'll automatically move to your lender's Standard Variable Rate (SVR), which is typically much higher.

Your Property Value Has Increased

If your Taunton property has increased in value, you may qualify for better Loan-to-Value (LTV) rates. Even a small change in LTV can unlock significant savings.

You Want to Release Equity

Access money tied up in your property for home improvements, investment, or other expenses.

Your Circumstances Have Changed

Higher income, improved credit score, or paying off debts can all qualify you for better rates.

How Much Could You Save by Remortgaging?

Real Taunton Examples

Example 1: Standard Variable Rate Switch

• Mortgage amount: £180,000
• Current rate: 7.5% SVR
• New rate: 4.2% fixed
• Monthly saving: £464
• Annual saving: £5,568

Example 2: Better Fixed Rate

• Mortgage amount: £250,000
• Current rate: 5.5%
• New rate: 4.0% fixed
• Monthly saving: £222
• Annual saving: £2,664

The Remortgaging Process in Taunton

Step 1: Review Your Current Mortgage

Check your current deal, including any early repayment charges (ERCs). We can help you determine if the savings outweigh any exit fees.

Step 2: Compare Remortgage Deals

As one of the best mortgage brokers in Taunton, we compare deals from over 90 lenders to find your perfect match.

Step 3: Get a Property Valuation

Your new lender will value your property. With Taunton's growing property market, you may have more equity than you think!

Step 4: Submit Your Application

We handle all the paperwork and liaise with lenders on your behalf.

Step 5: Complete the Remortgage

Once approved, your new mortgage pays off the old one, and you start benefiting from your better rate.

Timeline: The average remortgage takes 4-8 weeks from application to completion.

Types of Remortgage Deals Available

Rate Switch with Current Lender

Sometimes called a "product transfer," this is often the quickest option with minimal paperwork. However, you may get better deals by switching lenders.

Standard Remortgage

Switch to a new lender for a better rate. This requires a full application and valuation but often offers the best savings.

Equity Release Remortgage

Borrow additional funds against your property's increased value while also getting a better rate.

Debt Consolidation Remortgage

Roll expensive credit cards, loans, or other debts into your mortgage at a lower rate. Be aware this secures previously unsecured debts against your home.

Remortgage Costs to Consider

While remortgaging usually saves money, be aware of potential costs:

• Early Repayment Charges: Typically 1-5% of outstanding mortgage if you're still in a fixed term
• Valuation Fee: £0-£500 (often free with lender)
• Arrangement Fee: £0-£2,000 (can sometimes be added to mortgage)
• Legal Fees: £500-£1,000 (sometimes free with lender)
• Broker Fee: £0 with us - we're completely fee-free!

We calculate whether the savings outweigh the costs before you commit to anything.

Remortgaging with Bad Credit in Taunton

Even if your credit score isn't perfect, we can help. We work with specialist mortgage lenders near Taunton Somerset who consider applications from people with:

• Missed payments or defaults
• CCJs (County Court Judgments)
• IVAs (Individual Voluntary Arrangements)
• Previous bankruptcy

Our expert mortgage advisors in Taunton will find lenders who match your situation.

Should You Choose Fixed or Variable Rate?

Fixed Rate Remortgages

Pros: Certainty of payments, protection if rates rise, easier budgeting

Cons: Early repayment charges if you want to leave, may miss out if rates fall

Best for: Those wanting certainty and planning to stay put

Variable Rate Remortgages

Pros: Often lower initial rates, flexibility to overpay or switch, benefit if rates fall

Cons: Payments can increase, harder to budget

Best for: Those who can handle payment fluctuations and may move soon

Releasing Equity Through Remortgaging

If your Taunton property has increased in value, you can access that equity through remortgaging. Popular uses include:

• Home improvements (extensions, loft conversions, new kitchen)
• Buying a second property or investment
• Paying for university education
• Debt consolidation
• Major life events (weddings, etc.)

You can typically borrow up to 75-80% of your property value, minus your existing mortgage.

Common Remortgage Mistakes to Avoid

1. Staying on Your SVR

Thousands of Taunton homeowners waste money by staying on expensive Standard Variable Rates. Always review your deal before it ends.

2. Only Checking Your Current Lender

Your current lender's retention deal may not be competitive. We check all available options.

3. Focusing Only on Interest Rate

Fees, flexibility, and overall cost matter too. We look at the complete picture.

4. Not Accounting for Early Repayment Charges

Sometimes it's worth waiting a few months to avoid ERCs. We'll do the math for you.

Why Use a Broker for Remortgaging?

While you can remortgage directly, using a broker offers significant advantages:

• Market Access: We search 90+ lenders vs. the 1 you'd approach alone
• Better Deals: Access to exclusive rates not available direct
• Save Time: We handle the research and paperwork
• Expert Advice: Understand complex options and make informed decisions
• Fee-Free: Our service costs you nothing - lenders pay us

Frequently Asked Questions

How much equity do I need to remortgage?

Technically, you can remortgage with any amount of equity, but having at least 10-20% equity gives you access to better rates.

Can I remortgage to release equity?

Yes! If your property value has increased or you've paid down your mortgage, you can typically borrow additional funds while remortgaging.

Will remortgaging affect my credit score?

Applications create a temporary dip, but successful remortgaging and making regular payments can improve your score over time.

How long does remortgaging take?

Typically 4-8 weeks from application to completion. Simple remortgages with your current lender can be quicker.

Ready to Save Money on Your Mortgage?

Don't let your current deal expire and leave you paying over the odds. Our Taunton remortgage specialists are ready to help you save money.

Get started today:

• Free remortgage comparison from 90+ lenders
• Calculate your potential savings
• Get a remortgage quote tailored to your Taunton property
• Expert guidance through the entire process