Remortgaging From Earl Shilton Building Society

Why Do People Remortgage From Earl Shilton Building Society?

Borrowers with Earl Shilton Building Society typically consider remortgaging when their initial fixed or tracker rate comes to an end. Moving onto the society's standard variable rate can mean a noticeable jump in monthly payments, and many borrowers find better value by looking at the wider market.

Common reasons for switching include:

• Reducing monthly payments by securing a more competitive rate from a larger lender
• Releasing equity to fund home improvements or other spending
• Gaining access to a broader product range, as smaller societies tend to offer fewer deal options
• Switching to a fixed rate for payment certainty if you are currently on a variable deal

Earl Shilton's small size means their product range is naturally limited, so comparing across the whole market can open up options that simply are not available through the society directly.

Earl Shilton's SVR and Current Rates

Earl Shilton Building Society's standard variable rate sits at around 7.74%. As one of the UK's smaller societies, their SVR tends to be higher than those offered by larger, more competitive lenders.

On a typical mortgage of £150,000, the difference between Earl Shilton's SVR and a competitive fixed rate from the wider market could amount to several hundred pounds each month. Over the course of a year, that is a significant sum that could be put to better use.

Earl Shilton may offer product transfers to existing borrowers, but their range of retention deals is likely to be narrower than what a larger lender or the open market can provide. It is always worth checking what else is available before committing to a new deal with the same society.

How to Remortgage From Earl Shilton Building Society

The process of remortgaging away from Earl Shilton follows the same steps as switching from any other lender:

• Review your current deal — check when your existing rate ends and whether any early repayment charges apply
• Establish your property's value — an up-to-date valuation helps determine your loan-to-value ratio, which directly affects the rates available to you
• Compare deals across the market — look beyond Earl Shilton's own product transfer options to see what larger lenders are offering
• Submit your application — the new lender will arrange for your existing Earl Shilton mortgage to be repaid as part of the switch
• Complete the legal transfer — a solicitor handles the paperwork, and your new mortgage replaces the old one

You can usually start the process around six months before your deal ends, allowing you to lock in a rate without triggering early repayment charges.

Things to Check Before Switching From Earl Shilton

Before going ahead with a remortgage, take time to consider the following:

• Early repayment charges — if you are still within your initial deal period, leaving early could result in a penalty charge
• Exit fees — Earl Shilton may charge an administration fee when you close your mortgage account with them
• Valuation requirements — your new lender will need a valuation of your property, though many offer this free of charge as part of the remortgage package
• Credit profile — ensure your credit record is in good order before applying, as this will affect the rates you are offered
• Smaller society benefits — consider whether the personal service you receive from Earl Shilton holds enough value to outweigh potentially cheaper rates elsewhere

Why Using a Broker Helps When Leaving Earl Shilton

Working with a mortgage broker is particularly valuable when you are leaving a smaller building society like Earl Shilton. A broker can search the entire market, including deals from major high street lenders, challenger banks, and other building societies, to find the most competitive option for your circumstances.

Because Earl Shilton's product range is relatively limited, a broker can quickly demonstrate whether staying or switching offers better value. They will also handle the paperwork and liaise with solicitors, taking much of the stress out of the process.

If your financial circumstances have changed since you first took out your mortgage — perhaps you have changed jobs, become self-employed, or your income has shifted — a broker can identify lenders whose affordability criteria are best suited to your current situation.