Remortgaging means taking out a new mortgage on your property to replace your existing one. It’s a common step for many homeowners, whether your current deal is ending, you want a better rate, or your circumstances have changed.

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This guide explains the key things you need to know about remortgaging. It is for information purposes only and does not constitute advice. We recommend speaking with a qualified mortgage adviser before making any decisions.

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🔹 What is Remortgaging?

Remortgaging is when you:

• Switch to a new deal with your current lender (sometimes called a product transfer), or

• Move your mortgage to a different lender offering a product that suits your needs.

It does not usually involve moving home — you are simply reviewing and replacing the loan secured against your existing property.

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🔹 Why Do People Remortgage?

Homeowners choose to remortgage for different reasons, including:

• A deal ending – Most mortgage offers last for a fixed period (e.g. 2–5 years). When it ends, you may move onto your lender’s Standard Variable Rate (SVR), which is often higher.

• Securing a new rate – If interest rates or your personal circumstances have changed, you may want to find a more suitable product.

• Raising additional funds – For purposes such as home improvements or consolidating existing debts (always consider the risks carefully).

• Changing mortgage type or term – To adjust monthly payments or pay off your mortgage sooner.

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🔹 When Should You Consider Remortgaging?

It’s generally a good idea to review your mortgage a few months before your current deal ends. This gives you time to:

• Explore options with your current lender and across the market

• Avoid automatically moving onto the lender’s SVR

• Factor in any fees or charges

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🔹 Things to Think About Before Remortgaging

• Early repayment charges (ERCs): Some mortgages charge fees if you switch before the end of your deal.

• Other costs: Arrangement fees, legal fees and valuation fees may apply.

• Loan-to-Value (LTV): The amount of equity in your home can affect which products are available.

• Affordability checks: Lenders will reassess your income, spending and credit record.

• Long-term cost: A lower monthly payment may mean paying more interest overall, depending on the product.

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🔹 Risks to Be Aware Of

• Your home is at risk if you do not keep up with mortgage repayments.

• Borrowing more increases the total amount you owe and could extend the time it takes to repay your mortgage.

• Debt consolidation through a remortgage can reduce your monthly outgoings but may cost more in the long run.

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🔹 The Role of a Mortgage Adviser

Because the mortgage market is complex, many people choose to work with an adviser. They can:

• Review your circumstances and needs

• Search across lenders for suitable options

• Explain the features, benefits and risks of each product

• Support you through the application process