The fairy lights are twinkling, the mince pies are calling, and if you're like most of us, you're probably feeling that familiar December squeeze on the purse strings. Between the presents, the turkey, and keeping the heating on through these chilly nights, Christmas can feel like an expensive time of year.
But what if we told you that one simple conversation could mean this time next year, you're sitting pretty with extra money in your pocket? That's right – whilst everyone's thinking about Christmas 2025, the savviest homeowners are already planning for a brighter, more financially comfortable 2026.
Let's have a chat about remortgaging. We know it might not sound as exciting as unwrapping presents on Christmas morning, but trust us, finding out you could save hundreds (or even thousands) of pounds a year might just be the gift that keeps on giving.
There's something about December that makes us all take stock, isn't there? As one year winds down and we start thinking about the next, it's the perfect time to look at our finances with fresh eyes. And for many homeowners, that mortgage payment – often the biggest monthly expense – deserves a proper look.
If your fixed-rate deal ended recently, or you've been sitting on your lender's standard variable rate (SVR) for a while, you might be paying far more than you need to. We're talking about the difference between a tight budget and having breathing room for life's little luxuries – or even the big ones, like that family holiday you've been dreaming about.
Think of it this way: if you wouldn't pay £5 for a coffee when you could get the same quality for £3, why would you pay more for your mortgage than you have to?
You know that brilliant feeling when you snag a fantastic deal in the Boxing Day sales? Remortgaging can give you that same satisfaction – except instead of a one-off discount on a telly, you're securing savings that add up month after month, year after year.
When you remortgage, you're essentially switching your existing mortgage to a new deal, either with your current lender or a different one entirely. The goal? To find a better interest rate that reduces your monthly payments or helps you pay off your mortgage faster.
Right now, with mortgage rates having been on quite the journey over recent years, there's a real opportunity for many homeowners to secure better deals than they're currently on. Those who fixed their rates a few years ago when rates were higher, or those who've slipped onto their lender's SVR, could be in for a pleasant surprise.
Let's get down to brass tacks. How do you know if you're paying over the odds?
You're on a Standard Variable Rate (SVR). If your fixed-rate period ended and you didn't remortgage, you've likely been moved onto your lender's SVR. These rates are typically much higher than the competitive fixed rates available on the market. It's a bit like still paying full price for your Christmas decorations in December, when you could've grabbed them for half price if you'd looked around.
Your fixed rate is ending soon. Most fixed-rate mortgages last between two and five years. If yours is coming to an end in the next few months, now's the time to start exploring your options. Don't wait until you've automatically rolled onto that pricier SVR – be proactive and secure your next deal ahead of time.
Rates have dropped since you last fixed. The mortgage market moves, and if you locked in a rate when things were particularly expensive, there might be significantly better deals available now. Even a difference of 1% on your interest rate can mean substantial savings over the course of a year.
Your circumstances have changed. Perhaps you've increased your income, built up more equity in your home, or improved your credit score since you took out your current mortgage. These changes could open doors to more favourable rates that simply weren't available to you before.
Let's paint a picture. Imagine you've got a £200,000 mortgage with 20 years remaining, and you're currently on a rate of 5.5%. Your monthly payments would be around £1,377. Now, if you could remortgage to a rate of 4.5%, those monthly payments would drop to about £1,265 – that's a saving of £112 per month, or £1,344 a year.
What could you do with an extra £1,344 a year? That's a lovely family holiday, several months of your weekly food shop, or a substantial chunk towards your savings goals for next Christmas. It could mean the difference between watching every penny and actually enjoying life a bit more.
And here's the thing – those numbers we've just mentioned? They're not pie in the sky. For many homeowners, savings like this (and sometimes much more) are entirely achievable through remortgaging. It's simply a matter of exploring what's out there and finding the right deal for your situation.
We hear you. The thought of paperwork and phone calls and comparing countless deals might feel about as appealing as assembling flat-pack furniture on Christmas Eve. But here's where working with an expert mortgage adviser makes all the difference.
Think of a mortgage adviser as your personal Christmas shopping assistant, except instead of finding the perfect gift for Aunt Jean, they're finding the perfect mortgage deal for you. They know the market inside out, have access to deals you won't find on comparison websites, and can handle all the heavy lifting whilst you get on with your life.
At Friends Capital, we've spent over 30 years helping people just like you navigate the mortgage market. We've seen it all, and we know exactly how to match your unique circumstances with the right lender and the right deal. No jargon, no pressure – just honest, straightforward advice tailored to what you need.
So what actually happens when you remortgage? Let's break it down into manageable steps:
Initial conversation. This is where we get to know you – your current mortgage, your financial situation, and what you're hoping to achieve. It's completely no-pressure and helps us understand how we can best help you.
Market research. Once we know what you're looking for, we search the market on your behalf. We have access to thousands of mortgage products, including exclusive deals you won't find elsewhere.
Recommendation. We'll present you with the options that suit your needs, explaining the pros and cons in plain English. No confusing financial speak, just clear information to help you make the right decision.
Application. Once you've chosen your new deal, we handle the application process for you, liaising with lenders and keeping you updated every step of the way.
Completion. Your new mortgage is set up, usually to start seamlessly when your old deal ends. You start enjoying those lower monthly payments, and we're still here if you need us.
The whole process typically takes a few weeks, and the best part? You can start it right now, even if your current deal doesn't end for a few months yet. In fact, you can usually secure a new rate up to six months before your current deal expires, giving you peace of mind and something sorted well in advance.
Whilst saving money on your monthly mortgage payment is usually the main draw of remortgaging, it's not the only benefit worth considering.
Pay off your mortgage faster. If your monthly budget allows, you could use remortgaging as an opportunity to shorten your mortgage term. This means you'd be mortgage-free sooner, saving you potentially tens of thousands in interest over the life of the loan.
Release equity. If your home has increased in value since you bought it, remortgaging could allow you to release some of that equity for home improvements, debt consolidation, or other financial goals. It's your money, tied up in your property, and sometimes it makes sense to use it.
Switch to a more flexible deal. Perhaps you want a mortgage that allows overpayments without penalties, or maybe you'd value the security of a longer fixed-rate period. Remortgaging gives you the chance to find a deal that better fits how you want to manage your finances.
Consolidate your debts. If you're juggling various debts with high interest rates, remortgaging might allow you to consolidate them into your mortgage at a lower rate. This isn't right for everyone, but for some people, it can simplify finances and reduce overall monthly outgoings.
Here's the truth: most of us will spend December buying gifts for everyone else, spreading cheer and joy, and probably overdoing it a little on the mince pies. But what about a gift for yourself? Not something wrapped in shiny paper, but something that genuinely makes your life easier and more comfortable in the year ahead?
Taking the time to review your mortgage and potentially remortgage could be exactly that gift. It's practical, it's sensible, and it could make a real difference to your financial wellbeing in 2025 and beyond.
And here's the wonderful thing – getting started is incredibly simple. One phone call to one of our expert mortgage advisers is all it takes to find out where you stand and what options might be available to you. There's no obligation, no charge for the initial conversation, and no pressure to proceed if it's not right for you. We're just here to help you understand your options so you can make an informed decision.
As we wrap up (pun intended), let's imagine this scenario: It's Christmas 2026, exactly one year from now. You're sitting comfortably, knowing that this year you've had a bit more financial breathing room. That holiday you took in the summer? Easier to afford. The heating bill? Less of a worry. The Christmas presents? You didn't have to stress quite as much about the budget.
All because you took one small action at Christmas 2024 – you picked up the phone and had a conversation about your mortgage.
The start of a new year is full of possibilities, and ensuring you're on the best possible mortgage deal is one of the most practical ways to make those possibilities a reality. Whether you dream of holidays, home improvements, building up your savings, or simply having less financial stress, your mortgage could be the key to making it happen.
So here's our Christmas wish for you: don't let this opportunity pass you by. If you've been meaning to look into remortgaging but haven't got around to it, or if you've been wondering whether you could be getting a better deal, now's the perfect time to find out.
Give one of our expert mortgage advisers a call on 0800 862 0811. We're open Monday to Thursday from 9:00am to 5:30pm, and Fridays from 9:00am to 3:00pm. We're based in Sheffield but help clients right across the UK, and with over 30 years of experience, we've helped thousands of people find their perfect mortgage solution.
Think of it as a gift to your future self – one that comes with genuine, long-lasting value. No batteries required, no assembly needed, just potential savings and greater financial peace of mind.
Here's to a wonderful Christmas, and an even brighter New Year. Let's make 2026 the year you take control of your mortgage and put those savings where they belong – in your pocket, ready for whatever life brings your way.
Ready to see how much you could save? Call our friendly team on 0800 862 0811 or just fill out this form and we will call you back.