Your Complete Guide to Remortgaging (UK)

Thinking about switching your mortgage? Whether you're looking to save money, release equity, or find a deal that better suits your needs, remortgaging could be a smart move. Here's everything you need to know.

‍

What is Remortgaging?

‍

Remortgaging means moving your existing mortgage to a new deal – either with your current lender or a different one. You're not moving house; you're simply changing the mortgage on your current home.

‍

Why Remortgage?

‍

People remortgage for many reasons, including:

‍

• Getting a better rate: Avoid high standard variable rates (SVRs) when your deal ends.
• Releasing equity: Borrow more against your home’s increased value.
• Consolidating debt: Roll debts into one (note: seek advice first).
• Changing your mortgage type: Switch from interest-only to repayment or adjust your mortgage term.

‍

‍

When Should I Remortgage?

‍

It’s best to start shopping around 3–6 months before your current deal ends.

You may want to wait if:

‍

• You're locked into a deal with high early repayment charges.
• Your property's value has dropped.
• Your credit score has recently been affected.

‍

‍

How Much Can I Borrow?

‍

This depends on:

‍

• Your home’s value
• Your equity
• Your income and spending
• Your credit history

A lower loan-to-value (LTV) generally means access to better interest rates.

‍

‍

‍

How Does the Remortgaging Process Work?

‍

Here’s a step-by-step breakdown:

‍

1. Review your current mortgage – including any early repayment charges.
2. Check your credit score – and fix any issues.
3. Compare deals – don’t just look at the interest rate; consider fees too.
4. Speak to a mortgage adviser – they can help you find the best options.
5. Apply for the new mortgage – your chosen lender will assess your application.
6. Property valuation and legal checks – often covered by the lender.
7. Complete the switch – your new lender repays your old mortgage and your new deal begins.

‍

‍

What Will It Cost?

‍

Be aware of potential costs such as:

‍

• Early repayment charges
• Exit fees
• Arrangement or booking fees
• Valuation and legal fees (some deals include these for free)

‍

‍

Want to Release Equity?

‍

If your property has increased in value, you may be able to borrow more – this is called equity release. It can be used for:

‍

• Home improvements
• A second property
• Large purchases or events
• Debt consolidation

What About Product Transfers?

‍

If you're happy with your current lender, ask about a product transfer. It’s often quicker than a full remortgage – but it’s still worth comparing deals elsewhere to make sure you’re getting the best rate.

‍

‍

Common Remortgaging Mistakes

‍

Avoid these common pitfalls:

‍

• Leaving it too late – don’t default to your lender’s SVR.
• Overlooking fees – a lower rate isn’t always cheaper.
• Borrowing more than necessary – always budget carefully.
• Ignoring your credit score – it matters more than you think.

‍

‍

Final Thoughts

‍

Remortgaging can offer great benefits – lower monthly payments, access to equity, or simply a more suitable deal. But it’s important to make an informed decision based on your personal circumstances.

‍

Need expert advice? Contact us today - we’ll help you explore your options and find the best remortgage deal for you.