Your mortgage does not have to stay the same forever. When your current deal is ending, your property value has changed, or your plans have moved on, it may be worth checking whether your mortgage still fits.
Remortgaging can help you move to a new deal, switch lender, borrow more, change your term or avoid moving onto your lender’s standard variable rate. However, the right option is not always the one with the lowest headline rate. Fees, early repayment charges, affordability, loan-to-value and long-term cost all need to be considered.
This guide explains how remortgaging works, when to start, what lenders may check and how to compare your options with more confidence.
Before you remortgage
✓ Check your current deal first
Your rate, remaining balance, deal end date and early repayment charges shape what you can do next.
✓ Compare the total cost, not just the rate
A low rate may come with fees, while a higher rate may work out better over the deal period.
✓ Look beyond your current lender
A product transfer may be quicker, but a wider remortgage search can show whether other lenders may offer a better fit.
✓ Allow time for checks and paperwork
A full remortgage can involve affordability checks, a valuation, legal work and documents, so it is worth starting early.
What is remortgaging?
Remortgaging means arranging a new mortgage deal on a property you already own. This may be with your current lender or with a different lender.
If you stay with your current lender and move onto a new product, this is usually called a product transfer. If you move your mortgage to a different lender, this is usually known as a remortgage to a new lender.
People often remortgage when their current deal is ending, but there may be other reasons too. You might want to review your rate, borrow more, change your term, adjust your repayment type or find a deal that better fits your circumstances.
Even though you already own the property, remortgaging can still involve checks. A lender may look at your income, spending, credit history, property value, loan-to-value and the reason for any changes you want to make.
Why do people remortgage?
People remortgage for different reasons. Sometimes the aim is to reduce cost, while in other cases it is about changing the mortgage so it better fits your plans, income or stage of life.
Avoiding the standard variable rate
Many mortgage deals run for a set period, such as two, three or five years. When that deal ends, you may move onto your lender’s standard variable rate unless you arrange a new deal. Reviewing your options early can help you compare fixed, tracker or discounted rates before that happens.
Borrowing more against your home
If your property has increased in value or your mortgage balance has reduced, you may have built up equity. In some cases, you may be able to remortgage and borrow more for home improvements, renovations, supporting family or other plans. However, this increases the amount secured against your home.
Changing your mortgage term
Changing your term can affect both your monthly payments and the total interest you pay. A longer term may reduce monthly payments, while a shorter term may help you repay the mortgage faster.
Consolidating debts
Some people remortgage to repay other credit commitments. This needs careful advice because it can reduce monthly payments, but may increase the total interest paid over time and turn unsecured borrowing into debt secured against your home.
Finding a lender that fits your circumstances
Your income, employment, credit profile, property type or future plans may have changed since you took out your current mortgage. A different lender may now be a better fit than the one you used before.
When should you start looking at remortgage options?
It is usually sensible to start reviewing your options around six months before your current mortgage deal ends.
This gives you time to compare your current lender’s product transfer offer with wider remortgage options, check whether early repayment charges apply and prepare any documents a lender may need.
A straightforward remortgage can often take around 4 to 8 weeks once you apply, although the exact timing depends on the lender, property, valuation, legal work and how quickly documents are supplied.
Starting early does not always mean completing straight away. In many cases, the aim is to line up your next deal so it starts when your current one ends, helping you avoid moving onto your lender’s standard variable rate.
How to remortgage step by step
Remortgaging can feel easier to follow when the process is broken into clear stages. The exact route depends on whether you stay with your current lender or switch to a new one, but the main steps usually look like this.
01 Review your current mortgage
Start by checking your current interest rate, monthly payment, remaining balance, mortgage term, deal end date and any early repayment charge.
It is also worth checking whether your lender charges an exit or administration fee if you move away.
02 Decide what you want to change
Before comparing deals, be clear on what you want the remortgage to do.
You may want to reduce monthly payments, secure a new rate, borrow more, change your term, consolidate debts or move to a lender that better fits your circumstances.
Your goal affects which lenders, products, and terms may be suitable.
03 Check your property value and loan-to-value
Your property value and mortgage balance are used to calculate your loan-to-value, often called LTV.
For example, if your property is worth £300,000 and your mortgage balance is £210,000, your LTV is 70%.
LTV can affect the rates available, but the lender’s valuation may not always match your own estimate.
04 Compare your current lender with wider options
Your current lender may offer a product transfer. This can be quicker and may involve fewer checks, but it only shows what that lender can offer.
A wider remortgage search compares other lenders too. This can be useful if you want a different rate, more flexibility, extra borrowing or a lender whose criteria better fit your circumstances.
05 Compare the full cost
Do not compare deals by interest rate alone.
You should also review product fees, valuation fees, legal costs, broker fees, early repayment charges, exit fees, incentives, monthly payments and the total cost over the deal period.
This helps you compare the real value of each option, not just the headline rate.
06 Prepare your documents
If you apply to a new lender, you may need proof of identity, proof of address, payslips, bank statements, tax documents, accounts or evidence of extra income.
The exact documents depend on how you earn your income and what you want to change. Getting them ready early can help reduce delays.
07 Submit the application
Once you have chosen a route, the lender will assess the application.
This may involve income checks, affordability checks, credit checks, a property valuation and a review of your mortgage term, repayment method and borrowing needs.
If anything is unclear, the lender may ask for more information before making a decision.
08 Complete valuation, legal work and offer checks
If you are switching lenders, there may be a valuation and legal work to transfer the mortgage from your current lender to the new one.
If the lender approves the application, you will receive a mortgage offer. Before completion, check the rate, term, fees, monthly payment, repayment method, early repayment charges and any special conditions.
Once everything is ready, your old mortgage is repaid, and your new deal begins.
Product transfer or full remortgage?
One of the biggest remortgage decisions is whether to stay with your current lender or move to a new one. The right route depends on your timing, costs, lender options, borrowing needs and how much you want to change.
Option 1: Product transfer
Stay with your current lender
A product transfer means switching to a new deal with the lender you already use. It may be quicker and involve fewer checks if your case is straightforward and you are not making major changes.
However, you are only comparing your current lender’s product range, so it is still worth checking whether wider options could offer better value, flexibility or criteria.
Option 2: Full remortgage
Switch to a new lender
A full remortgage means moving your mortgage to a different lender. This can open up more choice if you want to compare rates, borrow more, change your term or find a lender that better fits your circumstances.
However, it can involve more checks, legal work and a longer process, so the potential benefit needs to be weighed against the extra time and cost.
What a lender may check when you remortgage
Even though you already have a mortgage, a lender may still need to check whether the new deal is affordable, suitable and within its criteria.
Check
What it means
Outgoings
Loans, credit cards, childcare, maintenance, household costs and other regular commitments can affect affordability.
Credit history
Missed payments, defaults, CCJs, high credit use or recent borrowing may affect the lenders and rates available.
Loan-to-value
Your mortgage balance compared with the property value can affect which rate bands you qualify for.
Property type
Flats, leasehold homes, new builds, ex-local authority homes or unusual properties may need closer review.
Loan-to-value
How your property value and balance affect the deals you may qualify for.
Mortgage purpose
Borrowing more, consolidating debts, changing the term or restructuring the mortgage can lead to extra checks.
Mortgage term
The lender may check whether the mortgage remains affordable now and later in life.
If your case is more complex, the right lender can make a significant difference. Different lenders assess income, property types, credit history and borrowing purposes in different ways.
How much does remortgaging cost?
The cost of remortgaging depends on your current deal, the new mortgage, whether you switch lender and whether any fees or charges apply.
Charges from your current lender
Your existing lender may charge an early repayment charge if you leave your current deal before the agreed period ends.
There may also be an exit or administration fee when your current mortgage is closed or transferred.
Fees linked to the new deal
A new mortgage may include a product or arrangement fee, which can sometimes be paid upfront or added to the mortgage.
Some lenders may also charge for a property valuation, although this is sometimes included as part of the deal.
Legal work and advice
Switching to a new lender may involve legal or conveyancing work, while a product transfer with your current lender may be simpler.
It is also worth checking broker fees, cashback, legal incentives and product fees, as the deal that looks cheapest upfront may not always cost less overall.
Want to estimate your remortgage options?
Use our remortgage calculator to get a clearer idea of how a new rate, balance or mortgage term could affect your monthly repayments.
Can you remortgage early?
Yes, but you need to check whether leaving your current deal early would trigger a charge.
If you are still within a fixed, tracker or discounted period, your current lender may charge an early repayment charge if the mortgage completes before the deal ends. This can affect whether switching early is worthwhile.
Sometimes remortgaging early can still make sense. You may want to borrow more, change your mortgage structure, move away from an unsuitable deal or avoid a future payment shock. However, the cost of leaving early needs to be compared with the potential benefit of the new mortgage.
In many cases, the aim is to review and secure a new deal in advance, then complete it when your current deal ends.
Can you remortgage to borrow more?
You may be able to remortgage and borrow more if you have enough equity in your home and the new mortgage is affordable.
This is sometimes called capital raising or remortgaging to release equity.
The extra borrowing might be used for:
- home improvements or renovations
- buying another property
- supporting family
- paying for major life events
- consolidating debts
However, borrowing more increases the amount secured against your home. It may also increase your monthly repayments, extend the time it takes to repay the debt and increase the total interest you pay.
Debt consolidation needs particular care. Although it may reduce monthly payments, it can mean turning unsecured borrowing into debt secured against your home and spreading the cost over a longer period.
The key question is not only whether you can borrow more, but whether the extra borrowing remains affordable and suitable for your long-term plans.
What if your circumstances have changed?
Your circumstances may be different from when you first took out your mortgage. That can affect which lenders are suitable, how much you may be able to borrow and what deals are available.
May improve your options
A stronger remortgage position
Some changes can make your position stronger. For example, you may now have a higher income, lower debts, more equity in your home or a stronger credit profile.
These changes may improve affordability, reduce your loan-to-value or open up more lender options.
May need closer review
A more complex application
Other changes can make the application more complex. This might include self-employment, job changes, reduced hours, family leave, separation, credit issues or borrowing into retirement.
These situations do not automatically mean you cannot remortgage, but they may affect which lenders are suitable and what evidence is needed.
A broker can help identify lenders whose criteria fit your position, instead of only comparing headline rates.
Can you remortgage in later life?
There is no single age rule that applies to every remortgage. Lenders set their own criteria, and some focus on your age when the mortgage starts, while others look at your age at the end of the mortgage term.
If the mortgage continues into retirement, the lender may want to see how the payments will remain affordable. This could include pension income, investment income, rental income or other reliable retirement income.
Remortgaging later in life may still be possible, but the right route depends on your income, mortgage term, property value, equity and future plans.
If you are approaching retirement, already retired or looking to borrow later in life, it is worth checking your options before assuming a standard remortgage is the only route.
How to compare remortgage deals properly
A good remortgage comparison should look at the full deal, not just the interest rate. The right option depends on what you pay each month, what the deal costs overall, how flexible it is and whether you are likely to qualify.
Compare the monthly payment
Your monthly payment matters because it affects your household budget. However, it should not be viewed on its own.
A lower payment may come from a lower rate, a longer term or an interest-only structure. Each one can affect the long-term cost and risk in a different way.
Check the total cost over the deal period
The total cost includes the interest you pay, product fees and any incentives such as cashback, free valuation or legal support.
For example, a deal with a slightly higher rate but no product fee may work out cheaper than a lower-rate deal with a large fee, depending on your mortgage size and how long the deal lasts.
Review early repayment charges
Early repayment charges affect how flexible the deal is. They matter if you may move home, sell, overpay significantly or need to change your mortgage again before the deal ends.
Think about rate type
A fixed rate gives you payment certainty for a set period. A tracker rate can move up or down, usually in line with a benchmark rate. A variable rate can also change depending on the lender’s terms.
The right choice depends on your budget, attitude to risk and future plans.
Check whether you fit the lender’s criteria
The best rate is only useful if you can qualify for it. Lenders assess income, credit profile, property type, loan-to-value, affordability and borrowing purpose in different ways.
That is why the right remortgage is not always the cheapest advertised rate. It is the deal that gives you the best overall fit for your circumstances.
How Muttuo Mortgages can help
Remortgaging is not just about finding a new rate. The right option should fit your current deal, budget, property, timing and long-term plans.
Muttuo Mortgages can help you review your current mortgage, compare product transfer options and search across over 100 lenders to see what may be available.
Our team can help you review:
✓ when to start your remortgage review
✓ whether early repayment charges or timing issues apply
✓ how your loan-to-value affects available options
✓ whether a product transfer or full remortgage may be more suitable
✓ how fees, affordability and extra borrowing could affect the overall decision
That gives you a clearer view before you switch, stay or wait, so you can choose your next mortgage with more confidence.
Ready to review your remortgage options?
Compare remortgage options from over 100 lenders before you decide.
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Frequently asked questions about remortgaging
These FAQs cover common questions about remortgage timings, product transfers, lender checks, costs and what happens when your current mortgage deal ends.
How long does it take to remortgage?
A straightforward remortgage can often take around 4 to 8 weeks.
The exact timeline depends on the lender, valuation, legal work, documents and the complexity of your case. A product transfer may be quicker, while a full remortgage to a new lender can take longer because there are usually more checks involved.
When should I start looking at remortgage options?
It is usually sensible to start around six months before your current deal ends.
This gives you time to compare your current lender’s options with the wider market, prepare documents and avoid moving onto your lender’s standard variable rate without a plan.
Is remortgaging the same as a product transfer?
Not exactly. A product transfer means switching to a new deal with your existing lender.
A full remortgage usually means moving your mortgage to a new lender, although some people use the term more generally. A product transfer can be quicker, but a remortgage may give you access to more lenders, products and criteria.
Do I need a solicitor to remortgage?
You may need a solicitor or conveyancer if you move to a new lender.
The legal work helps transfer the mortgage from your old lender to the new one. Some lenders include free legal work with remortgage deals, but you should check what is included and whether any extra work may cost more.
Can I remortgage before my deal ends?
Yes, but you should check whether an early repayment charge applies.
You can often start reviewing and arranging options before your current deal ends. However, completing the remortgage too early may trigger a charge from your existing lender if you are still within a fixed, tracker or discounted deal period.
Can I remortgage to release equity?
Yes, if you have enough equity and the new borrowing is affordable.
Releasing equity increases the amount secured against your home. It can be used for things like renovations, home improvements or other plans, but it may increase repayments, total interest and long-term risk.
Can I remortgage if I am self-employed?
Yes, but lenders may ask for more income evidence.
This could include tax calculations, tax year overviews, accounts and business bank statements. Different lenders assess self-employed income in different ways, so the right lender can make a big difference.
Can I remortgage with bad credit?
It may be possible, depending on the type, date and severity of the credit issue.
Some lenders are more flexible than others. Your options may depend on whether the issue was a missed payment, default, CCJ, debt management plan or another credit event. The more recent or serious the issue, the more important the lender criteria becomes.
What happens if I do nothing when my mortgage deal ends?
You may move onto your lender’s standard variable rate.
This rate can be higher than your previous deal, which may increase your monthly repayments. Reviewing your options before the deal ends can help you avoid being moved automatically without checking whether a better option is available.
