Remortgaging in March

The March Property Market

March sits within Fenland District Council, one of the more affordable local authority areas in Cambridgeshire. The district encompasses several Fenland towns — March, Wisbech, Chatteris, and Whittlesey — and is characterised by a lower cost of living relative to much of the county. For buyers priced out of Cambridge or the south Cambridgeshire corridor, Fenland towns like March offer the opportunity to own a family home at a fraction of the cost, while still benefiting from reasonable access to the county's employment base.

The housing stock in March is a mix of traditional terraced and semi-detached properties in the town centre, post-war estate housing on residential streets, and a growing number of new-build developments on the town's edges. New-build properties have been a feature of March in recent years as the town benefits from growth allocations within the Fenland local plan, and some remortgage applicants on recently purchased new builds will need to consider whether any Help to Buy equity loans need to be repaid or factored into their remortgage application.

House price growth in March has been steady if unspectacular compared to the soaring values seen in South Cambridgeshire and Cambridge city. However, the stability of the Fenland market means that homeowners who purchased five or more years ago will typically have built up meaningful equity, particularly as they have made capital repayments. This equity provides the basis for a competitive remortgage.

Why March Homeowners Remortgage

The most common reason to remortgage in March, as everywhere in the UK, is to avoid paying the lender's standard variable rate after a fixed-rate deal expires. SVRs are almost invariably much higher than the competitive deals available on the open market — often by 3 percentage points or more. On a £175,000 outstanding balance, the monthly saving from switching to a market rate can exceed £350 per month, representing a significant improvement in household finances.

Equity release is increasingly relevant for March homeowners who have lived in the town for a decade or more. Even in a market as affordable as the Fens, sustained house price growth means that long-standing owners may have equity of £60,000–£100,000 or more available, depending on their original purchase price and outstanding balance. This equity can fund home improvements — extensions, renovations, double glazing, heating upgrades — that make the property more comfortable, more energy-efficient, and more attractive to future buyers.

The rural and agricultural economy of the Fens means that self-employed incomes are common in March, whether from farming enterprises, agricultural contracting, or the many small and medium-sized businesses that serve the local economy. Self-employed remortgage applications require lenders who are experienced in assessing variable income structures, and a broker familiar with the specialist lender market will be valuable in these cases.

Debt consolidation is another motivation for some March homeowners — using the equity in a property to clear credit card or personal loan balances and reduce the total monthly debt repayment burden. Careful financial advice is important before taking this step, as it extends the repayment period and secures previously unsecured debt against the home.

Remortgage Options for March Homeowners

March homeowners can access the full range of standard UK mortgage products — two-year and five-year fixed rates are the most popular, followed by tracker mortgages for those comfortable with variable payments. The choice between product types is largely a question of financial planning preference: fixed rates offer certainty, while trackers provide flexibility and can save money if the Bank of England base rate falls during the deal period.

For properties on new-build developments in March where a Help to Buy equity loan was used to purchase, the remortgage picture is more nuanced. Help to Buy equity loans must be repaid at the market value at the time of repayment, which can be more than the original loan amount if the property has appreciated. Borrowers in this position need to decide whether to repay the equity loan at the time of remortgaging (increasing borrowing to cover it) or leave it in place. A broker experienced in Help to Buy remortgages will model both options clearly.

For those with less-than-perfect credit history, specialist lenders offer remortgage products designed for borrowers with past financial difficulties. These carry higher rates but provide access to a remortgage where mainstream lenders may decline. Working with a specialist broker will help identify the best available option and build a pathway back towards mainstream lending at the next remortgage.

How to Get the Best Remortgage Deal in March

Using a whole-of-market broker is the most reliable route to the best remortgage deal in March. A broker searches across the full UK lender market, including intermediary-only products that are not available on comparison websites or by approaching lenders directly. They can assess your specific circumstances — property type, income structure, credit history, outstanding balance — and quickly identify the most suitable and competitive options.

Start the process three to six months before your current deal expires. This timeline provides enough room to complete all the necessary steps — offer, valuation, legal work — before your deal ends, avoiding any period on the SVR. Many lenders hold reserved rates for up to six months, so you can lock in today's pricing and still have time to complete. If rates improve before completion, your broker can advise on switching to a better deal.

For Fenland properties that have any unusual construction — older farm cottages, properties adjacent to agricultural land, or those with flood risk considerations near the River Nene — it is important to discuss these characteristics with your broker at the outset. Some lenders are cautious about flood zone properties or those in areas with agricultural drainage considerations, and directing your application to the right lender from the start avoids delays and unnecessary credit checks.

Remortgage Costs and Considerations in March

Remortgage costs in March follow the same pattern as elsewhere in England. Product fees range from zero on fee-free deals to £1,499 or more on some lower-rate products. The total cost of a deal — rate plus fees over the deal period — is more informative than the headline rate alone, and your broker should provide a full cost illustration for each option you are considering.

Valuation and legal costs are often included free as part of competitive remortgage packages. This is particularly helpful in reducing the cash requirement to switch, as otherwise you would typically pay £250–£500 for a valuation and a similar amount for basic legal work. Your broker will highlight which deals include these incentives and factor them into the cost comparison.

Flood risk is a property-specific consideration worth noting in the March area. Properties in or near flood zones may be subject to restrictions on buildings insurance availability or cost, and some lenders apply specific lending criteria in flood risk areas. A broker familiar with the Fenland market will be aware of which lenders are comfortable with properties in the area and can navigate any flood risk complications that arise during the application process.