What is a remortgage?

A remortgage is switching your current mortgage to a new deal, either with your existing lender or a new one. People usually remortgage to lower the interest rate, change the deal type (fixed, tracker, offset), or release equity.

Quick tip: start with LTV, then compare fees vs savings.

On this page

At a glance

  • Most common reason: your fixed deal ends and you want to avoid a higher follow-on rate.
  • Biggest money mistake: comparing rates but ignoring fees and ERCs.
  • Best starting point: calculate LTV, then compare total cost over your planned deal period.
Payment calculator LTV calculator Break-even (fees vs savings)

Two ways to remortgage

Option Usually best for Typical checks Typical speed
Product transfer (same lender) Simple renewal, quick switch, fewer moving parts Often lighter checks, sometimes no legal work Often 1 to 4 weeks
Switch lender (full remortgage) Better features/rates, more choice, bigger changes Affordability, valuation, legal work usually needed Often 4 to 8 weeks

You can start by comparing both. If switching lender looks better, give yourself enough time so you’re not forced into a last-minute choice.

Why do people remortgage?

  • Your fixed deal is ending and you want to avoid moving onto a higher rate.
  • Rates have shifted and you want a lower payment or more certainty.
  • Your LTV improved (balance down or value up), so you qualify for better rate bands.
  • You want stability (for example, switching from variable to fixed).
  • You want to borrow more (home improvements, life events, sometimes debt consolidation).

The key concept: compare total cost, not headline rate

A lower rate with a big product fee can cost more overall than a slightly higher rate with minimal fees. A sensible comparison is:

  • Monthly payment over your planned period
  • Plus fees (product fee, valuation, legal, broker)
  • Plus any ERC if you complete before your current deal ends

Use the break-even calculator to estimate how long it takes for savings to outweigh costs. For fee definitions, see remortgage fees explained.

When is the best time to remortgage?

Most people start looking 3 to 6 months before their current deal ends. Many lenders let you secure an offer in advance and complete later, which can help you lock a deal while avoiding ERCs.

  • Step 1: check your current end date and whether ERC applies.
  • Step 2: compare deals early enough to allow underwriting and legal work.
  • Step 3: time completion to avoid unnecessary charges.
Understand ERCs See the remortgage timeline

Risks and common mistakes

  • Completing too early and paying ERC unnecessarily.
  • Choosing a deal length that doesn’t fit (for example, a 5-year fix when you plan to move sooner).
  • Ignoring fees and focusing only on the interest rate.
  • Borrowing more without a plan, especially for debt consolidation.
  • Overestimating property value and ending up in the wrong LTV band.

Quick decision checklist

  1. Do you have an ERC if you switch now? How ERC works.
  2. What is your LTV today? Calculate it.
  3. How long will you keep the deal (2 years, 5 years, longer)?
  4. Compare total cost (payments + fees) over that period.
  5. Gather documents early so you can move quickly when a good deal appears.

Remortgage FAQs

A product transfer is switching to a new deal with your current lender. A remortgage often means switching lender, which can involve a valuation, affordability checks, and legal work. Transfers are often quicker, but switching lender can sometimes unlock better rates or features.

If you switch lender, there is usually legal work (conveyancing) to change the lender’s charge on the property. Some deals include “free legals”. If you do a product transfer with the same lender, legal work is often not required.

Many people start comparing 3 to 6 months before the end of a fixed deal. Lenders often allow an offer to be secured in advance, with completion timed to avoid early repayment charges. Always check your current ERC terms first.

Not always. A lower rate with a large product fee can cost more overall than a slightly higher rate with minimal fees. Compare total cost over the period you expect to keep the deal: payments plus fees, and include any ERC if it applies.

Yes. Some people remortgage to borrow more for home improvements or other goals. Your lender will assess affordability and LTV. If you consolidate debt, consider the risks of turning short-term debt into long-term secured borrowing.

A straightforward remortgage often completes in 4 to 8 weeks. It can be quicker or slower depending on valuation, underwriting, legal work, and how complex your income or property is.

Next steps

If you understand the basics, move to the timeline and then run the numbers.

Remortgage process (timeline) Remortgage fees explained Break-even tool