Find the answers to your mortgage questions

There are plenty of good reasons to change your mortgage, whether you are about to come to the end of a fixed rate period on your current deal or think you can reduce your monthly payments. Whatever the reason for considering a remortgage, you’re likely to have some questions about how it works or the best time to do it.

Getting a remortgage on your home may not be as complex as moving house, but it does involve you doing many of the things you did for your current mortgage, such as getting a valuation on your property. Take a look at the FAQs below to get the answers to the most common questions our customers ask us when they are remortgaging.

Can’t find what you are looking for? Try our general list of FAQs or feel free to give us a call on 0345 111 8010*.

Before you do anything else, you need to know how much your property is worth. The best way to find out is to get your house valued by a qualified surveyor. They'll visit your home and give you an accurate value.

You can also get an estate agent to estimate the value of your property - or do your own research by keeping an eye on what similar properties near you are going for.

Remember, this is only a guide to get you started. When you apply to remortgage with Sainsbury's Bank, we'll always do our own valuation to confirm what your property is worth and what we may be able to lend you.

The most common time for people to remortgage is to get a better interest rate at the end of their promotional rate. But the timing is up to you.

When your promotional rate ends, you might want to remortgage to avoid switching on to the standard variable rate and potentially paying more each month. If that's what you want to do, it's a good idea to start sorting out your new mortgage about three months before your promotional rate ends. That will give you enough time to switch before the higher interest rate kicks in.

You can remortgage before your promotional rate ends if you want to. It’s a good idea to check whether you'll have to pay an early repayment charge or other exit fees before you do. Remortgaging could work out better even with the extra fees so it's worth the research.

Remember to do the sums and factor in all the costs of remortgaging before you go ahead.

Here are a few handy steps to follow to help remortgaging your home go as smoothly as possible:

1. Work out how much you can afford

Check out our mortgage calculator to give you a good idea of what you might pay each month. We also have more information on this in step one of our steps to remortgaging guide.

2. Check what other costs are involved

As well as your new monthly payments, it is important to check if there are any exit fees or early repayment charges to leave your current mortgage deal. There may also be fees to sign up for your new mortgage. You can add some of these fees to your mortgage and some you pay upfront.

Check out our fees and charges (PDF, 122KB) to help you budget.

If you remortgage with us, you might be able to get one of our fee-assisted mortgages to lighten the load a little.

3. Find a new mortgage deal

There can be many mortgage deals to choose from when you come to remortgage your property and knowing which one is best for you can be difficult.

It’s important that you pick the right one for your circumstances; our qualified mortgage advisers are happy to help and can go through all the Sainsbury’s Bank options with you to advise which mortgage deal is best suited to you. Speak to us on 0345 111 8010*.

4. Apply for a new mortgage

When you call us, we'll go over what you need and what you can afford. Then we'll recommend a mortgage and send you a mortgage illustration.

Read this carefully to check all the details to make sure you understand things like your interest rate, your monthly payments and any fees.

If you're happy, you can start gathering everything you need to apply and we'll take you through the process. Read our Guide to Confirming Income and Identity (PDF, 172KB) to make sure you have everything you need.

To make sure you can remortgage and get the mortgage you're after, you need to get a decision in principle first.

As part of the decision in principle, we need to know things like how much money you earn and how you spend your money. From that information, we can decide how much we could lend you. It’s important that the figures you give us are accurate as they will affect how much you can borrow.

Once we have this information we will do a soft credit check to see if your credit rating is suitable for borrowing the money.

A decision in principle is not a guarantee of a mortgage and the amount we’ll lend in principle may differ to the amount you can borrow when you make a full mortgage application.

You might have to pay your current mortgage company an exit fee or an early repayment charge. So it's best to check with them about those so you know what to expect.

Depending on the mortgage you go for, we may also charge some fees to set it up for you. Have a look at our fees and charges (PDF, 122KB) to help you budget.

If you do remortgage with us, you might be able to get one of our fee-assisted mortgages to lighten the load a little.

This is a decision that depends on your circumstances and is one that needs careful consideration. It may seem like a good way to tidy up your finances, but you will need to consider how much debt you have and how long is left on it to decide if it’s the best thing for you.

Adding debts to your mortgage can affect the amount of interest you will pay and you may end up paying more interest by adding existing debts to your mortgage.

Depending on your circumstances it may be better to look at other options, such as further borrowing from your current lender, taking out a second charge mortgage or getting an unsecured loan. The best thing to do is to get expert advice about consolidating your debts to see what option might suit you.

If you would like advice about your mortgage, speak to one of our qualified mortgage advisers, who will be able to give you advice on the most suitable Sainsbury’s Bank mortgage based on your needs. Call us on 0345 111 8010* to go through your options.

Think carefully before securing other debts against your home.

You can check your credit history and score through a credit reference agency, such as Experian, TransUnion or Equifax - there may be a charge to access your credit report.

If you always make your payments on time then chances are your credit score will be good. But there are things that can affect your credit score that may not even be your fault, such as a payment mix up or your partner’s or flatmate’s credit history.

It’s always best to check your credit score before you apply for a mortgage, so you know how it looks and also it gives you the chance to fix any errors if there are any.

Check out our guide to credit scores for more details.

The right mortgage for you will depend on your personal circumstances and your needs. Whether you want to get a better mortgage rate, change the type of mortgage you have, borrow more money for home improvements or consolidate your debts, it’s always best to get expert advice.

Our team would be happy to go through the mortgages we have that suit your needs, speak to us on 0345 111 8010*.

Think carefully before securing other debts against your home.

Any difference between the value of your house and the balance outstanding on your mortgage is known as equity. So if your property is worth £200,000 and you have a £150,000 mortgage, your equity is £50,000 or 25%.

Having 25% equity means that you'll need to get a mortgage with 75% loan to value or less. Generally the lower your loan to value, the lower the mortgage rate you'll be charged.

Our qualified mortgage advisers would be happy to help you understand your options or ask any questions you may have about remortgaging your home. Speak to us on 0345 111 8010*.

An acceptable New Build or Self Build warranty must be in place for any property which has been built or converted in the last 10 years or is to be occupied for the first time. Acceptable warranty schemes include:

  • NHBC Buildmark
  • NHBC Solo (discontinued for New Builds from 2016)
  • Zurich Municipal
  • Castle 10 New Home Warranty – provided by Checkmate
  • LABC New Home Warranty
  • Premier Guarantee for New HomesBuilding Life Plan Ltd
  • Buildzone
  • CRL Management Ltd
  • Certification by certain professional consultants may be accepted subject to it being in standard Council of Mortgage Lenders (CML) format, where the property has been built/converted within the last 6 years.

Professional Consultant's Certificates may also be accepted, where they are signed by:

  • A qualified Architect, who is a corporate member of the Royal Institute of British Architects, or
  • A qualified Chartered Building Surveyor, who is a corporate member of the Royal Institution of Chartered Surveyors.

Evidence of appropriate valid personal indemnity insurance will be required and the certificate must be for the benefit of the borrower(s). The Architect/Building Surveyor must confirm that they have supervised the whole project.

Is there anything else we can help with?

Try our mortgage calculators

Find out how much you could borrow, how long you could have the mortgage loan and what deposit you would need

Use our mortgage calculators
Our rates and fees

Learn how our rates and fees work and what they mean to you when you have a mortgage with Sainsbury's Bank

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Nectar mortgage reward

Earn 5 bonus Nectar points per £1 of qualifying spend at Sainsbury’s until the end of your mortgage deal^

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The mortgage is secured on your home. Your home may be repossessed if you do not keep up repayments on your mortgage. Lending subject to status.

For questions and to apply

  • Call 0345 111 8010**
  • Helpful phone numbers
  • Our lines are open: Mon-Fri 8am-8pm, Sat 9am-4pm and Sun 10am-1pm
    **Telephone calls will be recorded for security purposes under our quality control procedures. Calls are charged at local rates from landlines and mobiles.

^Nectar Terms and Conditions
1. This offer is only available to new and existing Sainsbury's Bank mortgage customers taking out a fixed rate residential mortgage. 2. You'll earn 5 bonus Nectar points per £1 of qualifying spend at Sainsbury's during your fixed rate offer period, up to a maximum of 20,000 points per month. 3. At the end of each calendar month, we'll total your qualifying spend, round it down to your nearest £1, calculate your bonus points and pay them into your Nectar account by the end of the following month. 4. A limited range of Sainsbury's goods and services do not qualify for points - see for more details. Purchases from Argos, Habitat, Sainsbury's Bank (including travel money purchases), Sainsbury's Energy and any other Sainsbury's services are also excluded from this offer. 5. You need to tell us your Nectar card number when you apply, and use this card with each Sainsbury's purchase. If you tell us your card number after the start of your fixed rate offer period, you'll earn bonus points from the date you tell us. 6. We'll stop paying bonus points if you fail to meet the terms and conditions of your mortgage, or repay your mortgage, or move ("port") your mortgage to another property. 7. Each nectar account can only earn points from one mortgage. 8. Sainsbury's Supermarkets Ltd award the points from this offer. No cash alternative is available. 9. Sainsbury's Bank reserves the right to alter, cancel or withdrew this offer without notice. 10. These terms and conditions shall be governed by and construed in accordance with English law.