How a Simple Remortgage Helped a Hampshire Couple Stay on Track with No Extra Costs

Customer Overview

A married couple in their early 50s, both working professionals based in Hampshire, were nearing the end of their fixed mortgage term.

With no desire to change lenders or extend their mortgage term, they were focused on finding a seamless and cost-effective remortgage option that aligned with their financial plan.

The Challenge

As their fixed rate mortgage with Virgin Money approached its expiration in January, the couple wanted to secure a new deal that:

• Maintained their existing lender relationship
• Did not extend their mortgage term
• Offered short-term flexibility without hefty early repayment charges
• Incurred no additional fees

They were also conscious of possible future market rate changes. One partner was particularly hopeful that interest rates would decrease in the near term and didn’t want to be locked into a lengthy fixed-term deal.

The Solution: A Smart, Straightforward Remortgage

Our mortgage advisor recommended a 2-year fixed remortgage with Virgin Money — the couple’s current lender — set at an attractive 4.2% rate, effective until December 2027. This product included:

• No arrangement or valuation fees
• Up to 10% annual overpayment allowance without penalty
• Capital & Interest repayment structure to ensure mortgage repayment by term end
• No changes to the original mortgage parts or term lengths

By staying with Virgin Money, the process was quicker and easier, with zero legal or admin hassle. The couple secured an affordable monthly payment of £908.34 and retained the flexibility to explore future remortgaging options should market rates become more favourable.

Why This Option Was Ideal

• Short-term flexibility: A 2-year fix gave the homeowners a window to reassess mortgage rates soon without long-term tie-ins.
• Cost-efficient choice: With no upfront costs or fees, the financial impact was minimal.
• Customer convenience: Choosing their current lender avoided unnecessary paperwork or switching admin.

The Results

By implementing this remortgage deal, the couple achieved:

• Zero additional costs: All standard fees associated with surveys, arrangement, and legal work were waived.
• Continued affordability: Even in a rising rate environment, their monthly repayment of £908.34 remained manageable within their monthly budget.
• Total clarity and future flexibility: The couple retained the right to overpay up to 10% annually and can reassess market conditions at the end of the fixed period without long penalties.

“We wanted a smooth remortgage without any unnecessary changes or costs—and our advisor delivered exactly that. Everything was handled efficiently, and it couldn’t have been easier to transition into our new rate.” – Hampshire couple

Frequently Asked Questions (FAQs)

How much can I save each month with a standard remortgage?

In this case, the couple’s new monthly repayment was £908.34 during the fixed term. Depending on your current rate and loan amount, switching to a lower fixed rate can potentially save you hundreds of pounds monthly.

Can I remortgage with my current lender?

Yes. Staying with your current mortgage provider often simplifies the process and may grant faster approvals or exclusive rates for loyal customers.

Are there fees involved in a remortgage?

It depends on the lender and product. In this scenario, the couple paid zero fees—no valuation, admin, or legal costs.

Will remortgaging affect my credit score?

When applying for a remortgage, soft or hard credit checks may be performed. However, responsible credit activity and successful loan repayments can sustain or improve your score over time.

Can I make overpayments on a fixed-rate mortgage?

Yes. Most lenders allow annual overpayments (commonly up to 10% of your balance) without charges. This couple benefited from that feature, enabling them to reduce interest over time.

Conclusion

This Hampshire couple’s experience shows how a well-advised remortgage strategy can preserve financial stability while remaining flexible for future opportunities—all without additional costs or complications.

If your mortgage deal is coming to an end, or if you’re wondering how to better structure your repayments, now is the perfect time to explore your options with an experienced mortgage advisor.

Contact our expert team today for a free, no-obligation consultation and let us help you find the best remortgage solution for your goals.