Remortgaging can save you thousands over the life of your mortgage, and understanding the process puts you in control of one of your biggest financial decisions. Whether your current mortgage deal is ending soon or you’re exploring remortgage options to release equity or reduce monthly payments, this guide explains how remortgaging works in the UK.
Related: Can you secure a mortgage with a low credit score?
Why UK homeowners explore remortgage deals
The most common reason homeowners’ remortgage is straightforward: their current deal is ending. When your initial mortgage term expires, you’ll automatically move onto your lender’s Standard Variable Rate (SVR), typically higher than competitive fixed rates.
Beyond securing better rates, homeowners remortgage to release equity built up in their property for home improvements or other major purchases. Changes in circumstances like improved credit scores or increased property values, can also open doors to better remortgage deals than were previously available.
Understanding your remortgage options
When considering remortgaging, you have two main paths: staying with your current lender or switching to a new one.
Product transfers Product transfers let you switch to a new deal with your current lender. Because your lender already knows your property and circumstances, you won’t need a new valuation or solicitor – saving time, paperwork, and the fees that come with switching lenders.
Switching lenders opens access to the entire mortgage market, potentially securing better rates and terms. The process is more involved, similar to your original mortgage application requiring full affordability checks, property valuation, and solicitor involvement.
You’ll also encounter different mortgage types. Fixed-rate remortgage deals lock your interest rate for a set period, protecting you from rate rises. Tracker mortgages follow the Bank of England base rate, meaning payments fluctuate with interest rate changes. Discount mortgages offer a percentage discount on the lender’s SVR for a specific period.
Related: Tracker mortgages: How they compare with fixed rates
Comparing the latest remortgage deals effectively
Successfully comparing remortgage options requires looking beyond headline interest rates. The complete picture includes fees, terms, and flexibility.
Start by checking when your current deal ends. You can typically arrange remortgages up to six months beforehand, locking in rates whilst avoiding early repayment charges. Request a redemption statement from your current lender showing exactly what you’d need to pay to clear your mortgage on a specific date.
When comparing deals, calculate the total cost over the full term, not just monthly payments. A mortgage with a slightly higher rate but lower fees might prove more economical overall. Consider whether you want fixed certainty or are comfortable with variable rates.
Using a whole-of-market mortgage broker can be valuable. They access deals unavailable directly to consumers and can quickly identify which products suit your circumstances.
Our mortgage partners can review your situation, explore available market options and provide consultations to help you understand your options.
Related: Fixed or variable rate mortgages: Which one is right for you?
The remortgaging process: what to expect
The remortgage process UK homeowners follow typically takes four to eight weeks from application to completion.
Getting started begins with gathering information. You’ll require recent payslips or accounts if self-employed, bank statements, details of any debts, and information about your current mortgage.
Agreement in Principle gives you a written indication of how much lenders are willing to lend based on basic information about your circumstances.
Formal application requires submitting detailed financial information. The lender conducts affordability checks, performs a credit check, and arranges a property valuation.
Legal work happens simultaneously. If switching lenders, you’ll need a solicitor or conveyancer to handle the legal transfer. They review your property title, deal with redeeming your old mortgage, and register the new mortgage with the Land Registry. Many lenders offer free legal services for remortgages.
Completion is when your new mortgage begins and your old one is repaid, coordinated to happen on the same day.
Related: How the Base Rate Cut Could Affect Property in 2026
Understanding remortgaging costs
Early repayment charges from your current lender apply if you remortgage before your deal ends. Calculate whether potential savings outweigh these charges.
Arrangement fees from your new lender vary considerably. Some lenders let you add these to the mortgage rather than paying upfront.
Valuation and legal fees are often included free by lenders for remortgages but always confirm what’s covered.
Broker fees apply if you use a mortgage advisor who charges for their service. Many work on commission from lenders only.
Improving your chances of securing competitive deals
Several strategies strengthen your remortgage application. Improve your credit score by checking for errors and ensuring you’re on the electoral register. Reduce your loan-to-value ratio where possible through overpayments or property value increases. Organise your finances before applying, ensuring regular income patterns.
Be realistic about borrowing, applying for what you need. Shop around properly or use a broker who can assess your eligibility with various lenders efficiently.
Making your remortgaging decision
Remortgaging represents an opportunity to reassess your mortgage and ensure it still serves your needs. For most homeowners approaching the end of a fixed-rate deal, exploring remortgage options is financially sensible.
Contact your local Martin & Co branch today for personalised guidance.
