Remortgaging means replacing the mortgage on a property you already own with a new mortgage deal. This may involve switching lender or arranging a new product with your existing lender.
Reviewing your current mortgage
How remortgaging works
A remortgage usually involves moving your existing mortgage to a new deal, either with another lender or by arranging a different product. People remortgage for many reasons, including an existing fixed rate ending, reducing monthly payments, changing the mortgage term or raising additional funds.
The cheapest-looking rate is not always the cheapest overall route. Product fees, legal costs, valuation arrangements, early repayment charges and the remaining mortgage balance can all affect whether switching makes financial sense.
A useful starting point is to understand your current deal, when it ends, what you owe, what your property may be worth and whether you want to borrow the same amount or more. Those details shape the lender options worth comparing.
Timing matters
Reviewing before your current deal ends can give you time to compare options without automatically drifting onto a lender’s standard variable rate.
Compare the total cost
Rate, fees, early repayment charges and incentives can all affect the real cost of switching.
Your circumstances are reassessed
A new lender will normally consider affordability, credit history, property value and the mortgage balance rather than simply accepting your existing arrangement.
It can be sensible to review your options before an existing fixed or introductory deal ends. Starting early gives you time to compare costs, check lender criteria and understand any early repayment charge that still applies.
It can, depending on the new interest rate, mortgage balance, remaining term, fees and other costs. A lower monthly payment does not automatically mean the new mortgage is cheaper overall, especially if the term is extended.
Potentially. A lender may consider additional borrowing for purposes such as home improvements or debt consolidation, but the whole loan remains subject to affordability, loan-to-value and lender criteria.
If you do nothing, you will usually move onto the follow-on rate set out by your lender, often its standard variable rate. You may instead be able to switch product or remortgage, depending on your circumstances.
No. Staying with the same lender and switching to another product can sometimes be an option. Whether that is preferable to a full remortgage depends on the rates, fees, criteria and flexibility available.
Possibly. Changes to income, employment, credit history, property value or household commitments can affect the lenders and amounts available. The application needs to be assessed on your current position.
Some mortgages charge a fee if you repay or switch during an introductory deal period. The charge can materially affect whether remortgaging early is worthwhile, so check your existing mortgage terms first.
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Your next step
See what remortgage routes may fit
A mortgage specialist can compare your current deal, balance, property value and borrowing needs against available lender criteria and products.