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Remortgaging is undoubtedly a workable method to solve several purposes. It can get you a lower rate, can facilitate debt consolidation and can also provide additional funds for short-term financial goals. However, like any other financial product, it has its myths that misguide borrowers and derail their concept about the remortgage.

Take a peep into the popular and common remortgaging myths to take literate decisions on your mortgage. Knowledge is always the most influential tool to polish financial mistakes.

A Credit score is not important in remortgage

Oh, please, are you serious?? It is not true. A remortgage is an entirely separate mortgage product, and you go through the same process as the first time mortgage. All the financial factors such as - credit score, payment history, current income status, credit mix, are essential for a remortgage.

Your credit score is the reflection of your financial behaviour, and every smallest to most significant decision drives attention to the credit score. It is better to play safely in your money management and keep the credit score good.

You cannot remortgage with a poor credit score

After the above doubt or myth, it is also necessary to clear this one. Yes, credit score indeed plays an important role even in remortgaging. Also, it is always better to have a good credit rating. However, that does not mean that you cannot exploit a refinance deal if you have a poor or bad credit situation.

Some specific arrangements and preparations can help you get the deal despite bad credit -

  • Improved recent financial behaviour. The lender can avoid if there are flaws in the payment history but at least show some determination in the current financial management.


  • Stable current income status to prove a reliable repaying capacity for the lender. It is one of the essential aspects which attract the attention of the remortgage provider. After all, every lending company wants the surety of timely instalments. Those who can provide that can always win a smooth approval on any mortgage product.


  • Do not max out your credit card. It is never a good idea to act spendthrift on this part because credit cards come under high-interest debts. Accumulation of interest rates always leaves a wrong impression on the lender. The money world knows that those who act irresponsibly on the part of high-interest financial products never act reliably as a borrower.



  • Pay the bills and debts on time because timely payment is the best tonic for a poor credit score performance. It pours new life in the spoiled financial life. Also, it helps show the lender that the applicant is determined and desperate to improve his credit scores.


  • Go for debt consolidation if you have multiple debts. You will get one instalment on a fixed rate, and the lender can see more space in your bucket of creditworthiness.

Every small action leaves impression on remortgage chances in bad credit situation. You should choose the right action ALWAYS.

You should not remortgage until my fixed rate tenure gets over

It is among the most common myths on remortgages. To get a lower rate, people opt for a fixed-rate mortgage, and they think nothing can be more inexpensive than this. They believe that remortgage is not useful here and it is better to wait for the fixed-rate tenure to end.

You are wrong if you also think so. Through a remortgage, you can get a rate lower than the current one. There is a list of options that qualify for the best remortgage deals with no fees in the market. However, your financial conditions and repaying capacity should be strong to get a rate lower than your current mortgage rate.

Remortgaging does not bring much change/benefit in the condition

Again a misconception that only dislocates your focus from a lucrative chance to get something better on your mortgage deal. Remortgaging is always a better chance to explore future possibilities if you are not happy with the current property loan /lender.

The lower interest rates, flexible repayments, consolidation of debts, whatever is your purpose; a remortgage is always a good option. Through the remortgaging deals, it is still easier to bargain for a better option that is more affordable and lighter on your pockets.

Remortgage repeatedly whenever you find a lower rate of interest

Nowise!! Remortgaging is not a tool to nullify higher prices, maybe it is but for how many times?? Besides, several other factors play an essential role in a mortgage deal. You cannot refinance every time just for the sake of a lower interest rate.

Have you ever studied about the impact of mortgage size on the total cost? If no, then you should know that bigger size mortgages have lower arrangement fee in remortgage and the small size mortgages attract a higher fee. It means this makes no sense to keep chasing new deals for just one factor.


The above myths can spoil your chances of getting a good remortgage deal. Wrong or incomplete information always creates a maze of confusion and misconception. Especially when it comes to financial decisions, it becomes necessary to be on your toes. Reject the myths right away and prevent the wrong turn that may make you take foolish decisions and unworthy judgments.