Remortgage to Secure a New Fixed Rate: How One Couple Saved with a Hassle-Free Switch

Customer Overview

A married couple in their early 60s, residing in the South of England, approached us as they neared the end of their existing fixed rate mortgage. Both nearing retirement and working in professional roles, their priority was to secure a stable new mortgage deal without extending their remaining term of just over seven years. They specifically considered a Coventry Building Society remortgage option set for 2025.

Primary Challenge: Avoiding Rate Hikes with Minimal Disruption

The couple’s primary concern was securing a new fixed-rate mortgage before their existing deal with Coventry Building Society expired, especially considering the remortgage options available in 2025. They wanted to:

• Maintain their current mortgage term (7 years and 3 months)
• Avoid additional fees and complex paperwork
• Ensure flexibility for potential lump sum repayment
• Prepare financially ahead of retirement

They were also worried about the potential impact of increasing interest rates and early repayment penalties, and hoped to avoid switching lenders unnecessarily. Their plan was closely tied to considering Coventry Building Society remortgage opportunities by 2025.

Tailored Remortgage Solution

After a thorough assessment of their financial goals, we recommended a fixed-rate remortgage with Coventry Building Society—their current lender. The agreed product offered a:

• Fixed rate of 4.29% until March 2028
• No arrangement, legal, or valuation fees
• 10% annual overpayment allowance to reduce interest over time
• Portability if needed within the fixed period

Because they were existing customers, this remortgage required less paperwork, no broker fees, and no legal costs, resulting in a smooth transition. It also preserved their ideal mortgage term and ensured they wouldn’t miss a beat in repaying their mortgage on time. This was part of their strategy for a remortgage with Coventry Building Society aimed at 2025.

Why Fixed Rate?

The couple opted for a shorter fixed period (around 4 years), giving them flexibility to possibly repay a lump sum without significant penalties. Staying shorter-term allowed them to re-evaluate rates in the future, especially in anticipation of potential rate decreases.

Affordability and Planning Ahead

The new mortgage plan included monthly payments of:

• £1,418.88 during the fixed period
• Increasing to £1,498.83 after

These payments fell within their budget—both now and into retirement. Since their expected retirement age was 71, this 7-year term suited them perfectly, ensuring the mortgage wouldn’t extend beyond their earning years. Their plans were placed with Coventry Building Society remortgage prospects, which were aligned for 2025.

Results Achieved

• Secured better rate without switching lenders
• £0 in broker or lender fees paid
• Maintained 7-year term aligned with retirement planning
• Avoided unnecessary early repayment charges

In their words: “We wanted the simplest path to a better rate, and you helped us avoid fees, hassle, and stress. It was exactly what we needed.” – An anonymous customer quote from recent feedback.

Frequently Asked Questions

How much can I save monthly by switching to a new fixed-rate mortgage?

Depending on your lender and current mortgage rate, a remortgage can save you hundreds per month. In this case, the customer ensured their payments remained under control without spikes caused by expiring rates.

Does remortgaging affect my credit score?

Remortgaging itself doesn’t damage your credit score. Lenders may perform a soft or hard search during the application process, but staying with your current lender (as in this case) often avoids additional checks.

Can I repay a fixed-rate mortgage early without penalties?

Fixed-rate mortgages typically come with early repayment charges (ERCs). This customer’s deal allowed them to overpay up to 10% annually without penalties. To pay more, they would need to wait until the fixed term ends or pay an ERC. Always check the ERC terms before committing.

What documents are needed to remortgage?

Commonly required documents include proof of identity, income (payslips or pension projections), bank statements, and details of your current mortgage. Staying with your current lender often reduces the paperwork needed.

Can I remortgage if I’m near retirement?

Yes, provided the mortgage term aligns with your expected retirement age and income. This couple’s mortgage ends just before retirement, and their pension planning confirmed it would remain affordable.

Take the Next Step Toward Mortgage Security

If you’re nearing the end of your fixed-rate period or want to explore remortgage to pay off debt, secure better rates, or build financial flexibility before retirement, our advisors can help. We offer a no-obligation, fee-free consultation so you can make the best choice for your future.

Speak to a remortgage specialist today – let us help you lock in peace of mind while saving money over the long term.