With rising interest rates and property values steadily increasing, many Canterbury homeowners are reviewing their mortgages. Whether you live in a period terrace in St Dunstan’s, a flat near the universities, or a family home in Wincheap, remortgaging could reduce monthly payments, release equity, or help fund improvements. This guide explains everything you need to know about remortgaging in Canterbury in 2025.
Why Remortgage?
Homeowners in Canterbury choose to remortgage for different reasons:
- Avoid higher rates: Switching before your fixed deal ends stops you moving onto your lender’s Standard Variable Rate (SVR), often 2–4% higher
- Release equity: Use funds for renovations, extensions, or helping children with deposits
- Debt consolidation: Roll higher-interest debt into your mortgage (specialist advice required)
- Change terms: Shorten or extend your mortgage term, or switch from interest-only to repayment
Step 1 – Check Your Current Deal
Most lenders let you secure a new product six months before your existing deal ends. Waiting too long could mean slipping onto SVR, increasing monthly costs significantly.
Step 2 – Choose Between a Product Transfer and a Full Remortgage
- Product transfer: Switch with your current lender. Quick and simple, but may not be the cheapest deal available.
- Full remortgage: Move to a new lender. More paperwork, but often better rates and incentives.
Explore the pros and cons in more detail on our Remortgages page.
Step 3 – Understand Loan-to-Value (LTV)
Better LTV = better mortgage rates. For example:
- 90% LTV: Fewer deals, higher costs
- 75% LTV: Wider lender choice, competitive pricing
- 60% LTV: Best rates, often reserved for low-risk borrowers
With Canterbury house prices rising, your current LTV may be lower than when you first bought — unlocking cheaper options.
Step 4 – Plan for Equity Release
Remortgaging allows you to raise capital for:
- Home upgrades (kitchens, bathrooms, loft conversions)
- Energy efficiency improvements (insulation, solar, double glazing)
- Education fees or helping children onto the ladder
If you’re over 55, consider whether a Lifetime & Equity Release Mortgage may be more suitable.
Step 5 – Consider the Fees
Don’t be tempted by rates alone. Look at:
- Arrangement fees: Often £999–£1,499 or a % of the loan
- Valuation/legal fees: Many lenders cover basic costs
- Early repayment charges (ERCs): Check if leaving your current deal early is worth it
Step 6 – Canterbury Market Factors
Local property quirks can affect lender decisions:
- Historic homes: Period terraces may need roof, damp or energy upgrades
- Flats near the universities: Short leases or high service charges can be flagged
- New-builds in Thanington: Developers’ warranties and service charges are scrutinised
Step 7 – EPC Ratings
Lenders increasingly value EPC ratings. Many Canterbury properties may need upgrades to meet future rules. Better ratings mean wider lender choice and stronger valuations.
Step 8 – Time It Right
Apply 4–6 months before your deal ends. If rates fall before completion, many lenders let you “switch down” to a cheaper product without restarting the process.
Step 9 – Avoid Common Mistakes
- Waiting too long and falling onto SVR
- Over-borrowing without a repayment plan
- Ignoring fees and incentives when comparing products
- Not checking your credit file for mistakes
- Assuming your current lender offers the best deal
Step 10 – Specialist Cases
If you’re self-employed, a contractor, or have adverse credit, mainstream lenders may decline. Specialist lenders can still help, though products may have higher rates. See our Adverse Credit Mortgages page for more information.
Canterbury Remortgage FAQs
How long does remortgaging take?
Product transfers can complete in days. Full remortgages usually take 6–12 weeks.
Do I need a solicitor?
Yes for a full remortgage, though many lenders include free legals. Product transfers usually don’t require one.
Can I remortgage early?
Yes, but you may pay ERCs. Sometimes switching early is still cheaper if rates are rising quickly.
Can I release equity for home improvements?
Yes — many Canterbury homeowners remortgage to fund renovations and upgrades.
What if my credit isn’t perfect?
Specialist lenders may still help, though higher deposits or rates may apply.
Next Steps
Remortgaging in Canterbury can protect your finances, reduce payments, and free up equity for your future plans. Don’t wait until your deal ends — start exploring options today. Visit our Remortgages page or request a callback. We’ll connect you with an FCA-regulated adviser to compare lenders and secure the right deal for your situation.