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- How to remortgage: your guide to the remortgage process
How does remortgaging work?
Remortgaging means you’ll replace your current mortgage with a new deal from a different lender. You also have the option to stick with your current lender (though this is known as a product transfer). We go into more detail about what the remortgage process looks like and how it works.
What you need to know about remortgaging at a glance
You’ll usually remortgage at the end of your mortgage deal, when moving home or if you want to switch lenders for better rates or features
Most remortgage at the end of their deal, though it’s possible to do so sooner. Just be aware of early repayment charges
Switching lenders can be a lengthier process compared to a product transfer - it’s similar to the original application, with checks and a property valuation
A mortgage broker can make remortgaging more straightforward by comparing deals and assisting with the application
When do I need to remortgage?
Most homeowners consider remortgaging when their tracker or fixed-rate mortgage comes to an end. This avoids you automatically transitioning to your lender’s standard variable rate, which is usually much more expensive than the rates available on other products.
You might also choose to remortgage if you want to move home or switch deals before your current one ends. It’s likely you’ll face early repayment charges for doing this, though. Find out more about when to remortgage.
About the remortgage process
You typically have two options when it comes to choosing a new mortgage. You can switch to a new mortgage provider (known as remortgaging). Or you can get a new deal with your current lender (known as a product transfer).
Remortgaging could give you greater flexibility. You can choose from a wider range of mortgage deals available from different lenders, and you’ll also have the option to borrow more by increasing the overall size of your mortgage. Plus, as your property will be valued, you may also be able to move into a lower loan-to-value bracket, which could help you to access more competitive rates.
That said, it can be a simpler process to stick with your current lender. You’re less likely to need to instruct a solicitor, and a property valuation or affordability assessment is not usually required. You’ll also dodge some of the usual costs associated with remortgaging. There are some downsides, though. For example, you will only be able to choose from your current lender’s mortgage deals so you could miss out on better deals available from a different mortgage provider.
"Comparing mortgages isn’t just a matter of finding the lowest interest rate available. You should also take into account any additional fees the lender might charge, such as product fees or exit fees, and whether the lender offers more flexible terms that could better suit your financial goals in the long-term. Speaking to a mortgage broker can help you to work out what’s most important to you, so you can find a mortgage that suits you best." - Jason McDonald, Mortgage Expert
How to remortgage if you switch mortgage providers
The remortgaging process typically takes between four and eight weeks to complete. Here’s a step-by-step guide to the remortgage process:
Crunch the numbers. Before you get started, it’s a good idea to find out roughly how much your property is worth and your current mortgage balance (if you’re not sure, ask your lender for a redemption statement). This helps you work out how much you need to borrow, and also what your loan-to-value ratio might be.
Get an agreement in principle. You may find it helpful to get a mortgage in principle to understand how much a new lender might be willing to offer you, especially if you’re considering borrowing more or remortgaging to move home.
Compare mortgage deals. Shop around to find a mortgage deal that suits you, considering different mortgage types, interest rates, lender terms and any additional fees. Top tip: if you work with a mortgage broker, they’ll do the hard work for you.
Apply for your remortgage. Many lenders will allow you to apply for and lock in a rate around three to six months before your current deal expires, so it’s a good idea to apply for a new mortgage in plenty of time to ensure a smooth transition. Your new lender will want to know information about your credit history, income and outgoings so it’s likely you’ll need to gather the same documentation you needed when you first applied for a mortgage. This will include things like proof of ID and address, payslips and your latest P60 (or accounts and end of year tax calculations if you’re self-employed) and bank statements.
Get a property valuation. As well as conducting affordability and credit checks, your new lender will usually arrange a property valuation to make sure it’s worth the amount you want to borrow for it. This could be a physical inspection or a desktop valuation.
Receive your mortgage offer. If the lender is happy with your application and the valuation, they’ll issue a formal mortgage offer. This will outline the terms and conditions of your new mortgage, so make sure you read it thoroughly before proceeding.
Conduct legal checks. Your conveyancer will handle the legal aspects of the remortgage, including reviewing the terms of the new mortgage offer, handling the transfer of funds and updating Land Registry.
Complete. On your completion date (ideally the day after your current deal ends to avoid ERCs), the new lender will release the funds to your current lender to pay off your existing mortgage. Your new mortgage will then commence and you’ll begin making mortgage payments to your new lender.
How to get a product transfer
A mortgage product transfer is usually very quick to complete - in some cases, it can take less than 24 hours. Here’s a step-by-step explainer on getting a product transfer:
Define your mortgage goals. Do you want to opt for a variable or fixed-rate mortgage? What deal length and mortgage term are you looking for? Knowing what kind of mortgage you want will help you to evaluate your options.
Review your mortgage options. Your current lender or mortgage broker will present you with different mortgage products you can switch to, so you can compare deals and select the one that best suits your needs.
Choose a new mortgage product. You’ll need to agree to the terms of your new mortgage, usually by signing a new agreement or accepting the terms online.
Your new product begins.Your mortgage will switch to the new product on the agreed date and your monthly payments will likely change according to the terms of your new mortgage.
As product transfers are typically more straightforward than a remortgage, you’ll most likely be able to complete the process yourself without the help of a solicitor.
In the news: the Financial Conduct Authority is consulting on ways to make it easier for borrowers to remortgage with a different lender. While definitive changes have not been announced, it’s possible that it may become simpler and quicker for homeowners to remortgage in the future (such as not having to go through full affordability assessments during the remortgaging process).
A mortgage broker can help you to remortgage
Working with a mortgage broker like our partner Mojo Mortgages can make the remortgage process much smoother and simpler. They will:
Compare hundreds of mortgage deals for you, including broker-exclusive deals
Offer expert advice and recommendations, tailored to you
Help prepare and submit your remortgage application
Provide support throughout the remortgage process, including liaising with your solicitor and lenders
6 ways to get ready to remortgage
Evaluate your options. You’ll need to decide whether to remortgage or opt for a product transfer. This will largely come down to your personal and financial circumstances, and whether you prioritise convenience over accessing potentially more competitive rates.
Explore deals early. Start researching new mortgage deals up to six months before your current one ends. Be mindful not to switch too early, though, as your existing lender may enforce early repayment charges for leaving your deal too soon.
Know your terms. Understand the terms of your current mortgage to effectively compare it with new options. Don’t be swept away by low interest rates - you should always consider any associated fees and terms of potential new mortgages when deciding whether it’s the right option for you.
Improve your credit score. A new lender will likely run new credit and affordability checks, so it’s a good idea to check your credit report in advance to make sure it’s up to date and free from any errors.
Get your paperwork ready. Prepare necessary documentation in advance to speed up the remortgage process. You’ll need proof of identity and address, proof of income, bank statements and your mortgage redemption statement.
Assess your affordability. Plan ahead to make sure you can comfortably afford the payments on your new mortgage, taking into account how any potential rate increases might impact your monthly payments once you remortgage.
Even if you lock in a new deal early, remember that you’re not tied to it until your current deal ends. So, if you see a better deal in the interim, you can still take advantage of it. Your mortgage broker should monitor the market for you and advise if they spot a more favourable rate. ”Jason McDonald, Mortgage Expert
FAQs
How much will remortgaging cost?
The remortgaging process and the costs involved are very similar to when you applied for your original mortgage. You’ll likely need to instruct a conveyancer, go through a property valuation and pay product fees for your new mortgage deal.
On top of that, your existing mortgage lender might also charge you an exit fee (also known as an admin fee or deeds release fee) for transferring your property ownership deeds to your solicitor. It’s worth checking the terms of your existing mortgage to understand the full cost of remortgaging.
On the plus side, though, many lenders include free legal services and property valuations as an incentive for remortgaging with them. Fee-free mortgages are also available (though these mortgage products may carry higher interest rates, so compare your options carefully).
It’s also worth remembering that, if you’re leaving an existing mortgage deal before its end date, you’ll also probably have to pay early repayment charges (ERCs). This could add up to thousands of pounds, which could negate any savings you’d make from switching to a different mortgage on a lower interest rate.
Is the process different if I’m remortgaging a buy-to-let property?
The process is generally the same as it is for a residential property if you remortgage a buy-to-let property. You may wish to remortgage if your current buy-to-let deal is due to end, you wish to release equity from your investment properties, you want to change mortgage types or switch to a lender with more flexible terms, or you can secure a lower rate than you’re currently on (taking ERCs into consideration).
Do I need a mortgage in principle to remortgage?
You don’t strictly need a mortgage in principle (MIP) to remortgage. However, it can be helpful if you’re keen to find out what a new lender might be willing to offer you - particularly if you are looking to borrow more.
Most lenders and brokers use a soft credit check at the mortgage in principle stage, which won’t harm your credit score. This means there’s nothing stopping you from getting a MIP if you need a little extra peace of mind before embarking on the remortgage process.
How long does it take to remortgage?
It usually takes between four and eight weeks to remortgage, depending on the complexity of your application. Various factors can impact these timescales, including how long it takes to:
Compare your options and decide on the right mortgage for you
Gather supporting documents and submit your full mortgage application
Go through the lender assessment and property valuation
Complete the necessary legal work
To speed up the process, make sure you have all your financial documents ready to go and always try to respond quickly to lender, broker or solicitor requests.
When should I start the remortgage process?
It’s a good idea to start looking at your options around three to six months before your current mortgage deal ends. Most lenders will allow you to secure a new mortgage rate this far in advance.
This should give you plenty of time to compare different mortgage options and complete the remortgage process. By beginning the remortgage process sooner, you should have your new mortgage in place by the time your current deal expires - which can prevent you from moving onto your lender’s potentially more expensive standard variable rate (SVR).
It’s worth noting that you can technically start the remortgage process at any time but, if you’re on a fixed-rate or tracker mortgage, you will likely need to pay early repayment charges if you leave your current mortgage deal before it ends.
YOUR HOME/PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP WITH YOUR MORTGAGE REPAYMENTS.
The FCA does not regulate mortgages on commercial or investment buy-to-let properties.
Uswitch makes introductions to Mojo Mortgages to provide mortgage solutions. Uswitch and Mojo Mortgages are part of the same group of companies. Uswitch Limited is authorised and regulated by the Financial Conduct Authority (FCA) under firm reference number 312850. You can check this on the Financial Services Register by visiting the FCA website. Uswitch Limited is registered in England and Wales (Company No 03612689) The Cooperage, 5 Copper Row, London SE1 2LH. Mojo Mortgages is a trading style of Life's Great Limited which is registered in England and Wales (06246376). Mojo are authorised and regulated by the Financial Conduct Authority and are on the Financial Services Register (478215) Mojo’s registered office is The Cooperage, 5 Copper Row, London, SE1 2LH. To contact Mojo by phone, please call 0333 123 0012.
*Average savings are based on Mojo Mortgages residential remortgage sales data, compared to the average SVR in February 2025. Actual savings will depend on individual circumstances.