Remortgage Deals Taunton 2025: Save Thousands by Switching Your Mortgage
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
- 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. Our comprehensive remortgage guide explains the complete process from start to finish.
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. See our guide on current mortgage rates in Taunton to understand how these factors affect the deals available to you.
How Much Could You Save by Remortgaging?
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
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.
Compare Remortgage Deals
We compare deals from over 90 lenders to find your perfect match.
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!
Submit Your Application
We handle all the paperwork and liaise with lenders on your behalf.
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.
Should You Choose Fixed or Variable Rate?
Fixed Rate Remortgages
Pros:
- • Certainty of payments
- • Protection if rates rise
- • Easier budgeting
Cons:
- • Early repayment charges
- • May miss out if rates fall
Variable Rate Remortgages
Pros:
- • Often lower initial rates
- • Flexibility to overpay or switch
- • Benefit if rates fall
Cons:
- • Payments can increase
- • Harder to budget