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Switch mortgage provider: How it works and what it costs
Switching mortgages to a new lender is also known as remortgaging. You can also switch mortgage deals but stay with your existing lender - this is known as a product transfer. Most homeowners make the move to secure a better rate and save money, especially when their initial deal is about to expire.
Need help switching mortgage providers? Our broker partner Mojo can help you.
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Can I change mortgage providers?
Yes, you can switch mortgage provider at any time, though switching before your current deal ends usually means paying early repayment charges (ERCs). Most homeowners switch when their fixed-rate deal ends, typically after 2 or 5 years.
If you plan to switch lenders, new mortgage affordability checks will be carried out when you apply. However, this won't always be the case with a product transfer, so you may still be able to lock in a new deal with your current lender even if you can't move to a new provider straight away.
If you're struggling to meet the affordability requirements to move mortgages with your existing lender too, it's best to seek the advice of an experienced mortgage broker.
Is a deposit required?
Sort of, although not necessarily a cash deposit. When you remortgage, the equity in your home acts as the deposit. Equity is the percentage of the value of your home that you currently own. If you don't have much equity, the remortgage rates offered won’t be as competitive.
You’re also unlikely to be able to increase your borrowing if you only have a small amount of equity. But it's sometimes possible to offer a cash deposit on top of your existing equity to get the best mortgage rates available to you.
Why should I switch mortgage providers?
You might choose to change mortgage provider for lots of different reasons, including to:
Get a better mortgage rate - When you come to the end of your current mortgage term, you're transferred to the lender's standard variable rate (SVR) which is usually higher than any mortgage deals they have
Borrow more money - You may wish to remortgage to release equity when moving home to a more expensive property or as an alternative to a personal loan
Enjoy more flexible terms - You may want to take advantage of options offered by a different lender such as overpaying your mortgage, taking a payment holiday or offsetting your interest with an offset mortgage
Change deal type - You may want to switch from a variable rate mortgage to a fixed rate mortgage to be sure that your payments will remain the same for a set period. Or vice versa, if you feel that a variable rate offers you more flexibility
Benefit from a lower loan-to-value deal - If the equity you hold in your property has increased, either due to increased property value or repaying some of your loan, you may be able to take advantage of a lower loan-to-value (LTV) deal – which will likely come with better mortgage rates
When to switch mortgage providers
It's often worth looking at options around six months before the end of your existing deal. Most mortgage offers are valid for six months so you can secure a new deal and switch when your current mortgage deal ends, avoiding both the SVR and any early repayment charges (ERCs). However, if you're already on your lender's SVR, you won't face ERCs if you want to switch.
If you’re keen to switch sooner, before your existing deal ends, make sure you're aware of what fees will apply to remortgage early and check that the savings you'll make justify the cost. It can be worth consulting a fee free mortgage broker in this situation so you understand all your options.
When is it not a good idea to switch mortgage providers?
In certain circumstances, it may not be the right time to switch mortgage deals.
The ERCs are high – Unless you’re on an SVR, the chances are you'd have to pay to leave your mortgage deal. Early repayment charges can be high, so in many cases it may be better to wait until the fixed-rate deal comes to an end
Your financial circumstances have changed - If your financial circumstances or credit score have declined, it may not be possible to meet new lender requirements - especially if rates have also risen since you took out your original mortgage. In this case, you might find a product transfer (changing mortgage deals with your existing lender) more suitable
Your property has fallen in value – If your property's value has reduced since you bought it, the LTV (loan to value) of your borrowing may have risen
You have a small mortgage balance – If you owe less than £50,000 on your mortgage, switching to a new lender won’t necessarily be beneficial. The costs of a remortgage deal will likely cancel out any savings
You would prefer a cheaper and more straightforward option - A product transfer is typically easier and cheaper to arrange, so you may wish to explore changing mortgage deals with your current lender before settling on switching mortgage providers
Your existing lender offers better deals - Some lenders offer exclusive rates to existing mortgage holders, so it’s a good idea to check what mortgage deals are available from your current lender before looking elsewhere
Switching mortgage provider fees
Below are some potential fees you may see when asking yourself how much does it cost to change mortgage providers.
| Fee type | Typical range | Notes |
|---|---|---|
| Early repayment charge (ERC) | 1-5% of outstanding balance | Only if switching mid-deal. 0% on SVR |
| Exit/deeds release fee | £0-£300 | Charged by some lenders to close your account |
| Mortgage arrangement/product fee | £0-£2,000 | Some fee-free deals are available, or you could add to loan or pay upfront |
| Valuation fee | £0-£500 | Many lenders offer a free valuation as a switching incentive |
| Legal/conveyancing fees | £300-£1,500 | Some lenders offer free legals |
| Mortgage broker fee | £0-£650 | Mojo Mortgage is fee-free |
Estimated costs are subject to change.
Many lenders offer fee free remortgages as an incentive to switch to them, meaning that valuation and legal fees won't always apply. Remember to compare mortgage deals across the market to make sure you get the best terms for your circumstances.
Compare mortgage deals side-by-side
Wondering how different mortgage options stack up? With our side-by-side mortgage comparison tool, you can compare two mortgage deals across any of the big six lenders to see which option might work best for you when thinking about remortgaging. Switching mortgages means comparing mortgage deals. Here, you can spot the differences between mortgage deals at-a-glance, including monthly payment, total cost, arrangement fees or cashback deals. This helps you to more accurately compare the overall cost of two different mortgage rates. And when you're ready to talk to a mortgage broker, they'll be able to narrow down deals.
Mortgage Deal 1
Choose the first deal that you'd like to compare
- 2 years
- Fixed rate
- Monthly repayment£ 956.84
- Loan to value60 %
- Initial interest rate4.75 %
- Variable rate5.74 %
- APRC5.8%
- Product fees£ 1,004
Repayment mortgage of £168,000.00 over 25 years, representative APRC 5.8%. Repayments: 27 months of £956.84 at 4.75% (fixed), then 273 months of £1,047.79 at 5.74% (variable). Total amount payable £311,881.35. Early repayment charges apply until 31-Dec-2028. Arrangement, mortgage discharge, valuation and CHAPS fees total £1004. Legal fees £126.
Mortgage Deal 2
Compare your deal against another deal
- 2 years
- Fixed rate
- Monthly repayment£ 964.58
- Loan to value60 %
- Initial interest rate4.83 %
- Variable rate5.74 %
- APRC5.7%
- Product fees£ 105
Repayment mortgage of £168,000.00 over 25 years, representative APRC 5.7%. Repayments: 27 months of £964.58 at 4.83% (fixed), then 273 months of £1,048.39 at 5.74% (variable). Total amount payable £312,254.13. Early repayment charges apply until 31-Dec-2028. Arrangement, mortgage discharge, valuation and CHAPS fees total £105. Legal fees £126.
Timing is everything when it comes to remortgaging. Because your current financial position dictates which rates you qualify for, the right move at the right moment is what truly drives your total savings.”Laura Hamilton, Mortgage Expert
Use our remortgage calculator
Our remortgage calculator will work out how much you can save by remortgaging, or whether you should stick to your current deal.
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Switching mortgage provider FAQs
Is it worth switching mortgage providers?
It really depends on your exact circumstances. There are a lot of factors that contribute to whether or not a remortgage is right for you, and timing is key to this.
Switching to a new deal can save you money on interest, afford you more flexible terms, or even allow you to borrow more, but this won’t be true for everyone so it’s important to fully understand your choices.
Many people who took out mortgage before the Bank of England began raising the base rate back in 2022 may now find that the rates available to them are much less favourable, purely due to changes in the market, rather than their circumstances. That said, if you took out a two-year fixed-rate mortgage deal in mid-2023, you may find rates are becoming slightly more favourable now.
You may also find it more challenging to switch providers if your financial circumstances or credit score has declined, as the interest rates available to you may rise as a result or a new lender may even not be willing to accept your application.
If you plan to switch lenders, new mortgage affordability checks are likely to be carried out when you apply. However, this won't always be the case with a product transfer so you may be able to stick with your current mortgage lender even if you can't switch providers straight away.
If you're struggling to meet the affordability requirements to move mortgages with your existing lender too, it's best to seek the advice of an experienced mortgage broker.
How long does it take to switch mortgage providers?
A typical remortgage takes around four to eight weeks to complete. Depending on the complexity of the case, it can take a shorter or longer amount of time.
If you’re simply transferring your mortgage to a different deal with the same lender (a product transfer) it is usually much quicker.
How often can I switch mortgages?
As often as you like, but it could cost you. You can't switch in the first 6 months of a mortgage, and switching mid-deal usually means paying early repayment charges (ERCs) of 1-5% of your outstanding balance.
Switching multiple times and paying ERCs each time will typically cost more than you'd save on interest. The sweet spot is switching at the end of each deal term, starting to look 3-6 months before expiry. You may wish to seek advice from a mortgage broker to make sure switching your mortgage is the best option for you.
You won’t usually be able to remortgage or do a product transfer within the first six months of taking out your mortgage, but you have the choice to switch mortgages at any point after that.
Remember that if you are currently in a fixed-rate mortgage deal or within the introductory rate period on a tracker or discount deal, you will likely have to pay ERCs (early repayment charges) to leave the deal before the term has ended. So if you keep leaving deals early and paying ERCs in order to get the best mortgage interest rate, the fees paid over the lifetime of the mortgage will likely outweigh the benefits you get from changing mortgage deals in the first place.
What should I do before switching mortgage providers?
Being prepared makes the process smoother. Before you change lenders, you can expect the next steps:
Review your current deal - See if you have any early repayment charges (ERC) or exit fees.
Know your credit score - Lenders will review your credit score to ensure it’s in good shape.
Determine your budget - See how much you afford each month.
Compare deals - Work with a mortgage adviser to shop around and review deals. A broker can explain how switching a mortgage works, and guide you to lenders most suited to your needs.
What is the difference between switching and a product transfer?
Switching mortgage provider (remortgaging) means moving to a new lender, involving affordability checks, a valuation, and legal work (4-8 weeks). A product transfer means staying with your existing lender on a new deal. faster (often done online in minutes), no new affordability checks, lower fees. Product transfer is better for speed or if your circumstances have changed; switching lenders is better if another lender offers a significantly better rate.
Can I switch if my circumstances have changed?
A reduction in income or credit score may limit your options with new lenders , but you may still be able to do a product transfer with your existing lender, as many don't require full affordability checks for product transfers. If you're in negative equity (your mortgage is larger than your home's value), switching to a new lender will be very difficult, though a product transfer may still be possible. A fee-free broker can assess what's available.
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