Remortgages FAQs

A remortgage (often called remortgaging) is when you switch your mortgage deal—either with your current lender or by moving to a new one—while continuing to live in the same property.

Homeowners typically look at remortgaging when a fixed-rate term ends, but it can also be used to change how you repay, access additional borrowing, or restructure your mortgage.

Below are practical answers to common remortgage questions, organised to help you find what you need quickly.

Understanding remortgages

What is a remortgage?

A remortgage is when you replace your existing mortgage arrangement with a new one.

You may:

• Stay with your current lender and move onto a different product (sometimes referred to as a product transfer)
• Switch to a new lender, using the new mortgage to repay the old one

In both cases, the interest rate, repayment type, term, and monthly cost can change depending on the deal you choose.

What are the main reasons people remortgage?

Homeowners usually remortgage for one or more of the following reasons:

• Lower monthly payments by moving to a more suitable interest rate
• Avoiding a higher rate when a fixed deal ends
• Releasing equity for home improvements or other goals
• Consolidating debts to simplify repayments (subject to affordability)
• Changing the mortgage term to better match current circumstances

Timing and process

When can I remortgage?

In practice, the best time to remortgage is usually driven by your current mortgage term.

Common timing points include:

• When your fixed-rate deal is due to end
• Whether you're currently on a variable rate (which may offer more flexibility)
• Any early repayment charges (ERCs) if you leave a fixed deal before it ends

Many homeowners start reviewing options several months before their deal ends so there's time to gather information and complete the process.

How long does a remortgage take?

Timelines vary depending on whether you're:

• Staying with your current lender (often quicker), or
• Switching lenders (often involving more steps)

Typical factors that affect how long it takes include:

• Lender processing and underwriting
• Any valuation requirements
• How quickly documents are provided
• Whether legal work is needed (more common when switching lenders)

A remortgage often takes around 4–8 weeks, though switching lenders can take longer due to underwriting, valuation, and legal steps. Starting the process early—especially if your current fixed term is ending—can help reduce the risk of delays.

What happens during the remortgage process?

While steps differ by lender and deal type, a remortgage generally involves:

• Application and checks: You provide details about your income, outgoings, and the property. The lender will assess affordability and creditworthiness.
• Valuation: The lender may require a valuation to confirm the property's current value.
• Mortgage offer: If approved, you receive an offer setting out the terms.
• Legal process (if switching lenders): Solicitors or conveyancers handle the paperwork and ensure the mortgage funds are transferred correctly.
• Completion: Your existing mortgage is repaid (if switching lenders) and you move onto the new deal.

What happens if I don't remortgage when my fixed term ends?

If you don't arrange a new deal before your current fixed term ends, your mortgage will usually move to the lender's standard variable rate (SVR) or another default rate set by the lender.

That rate is commonly higher than many fixed deals, which may lead to an increase in monthly payments. Remortgaging in advance can help you avoid being pushed into a less favourable rate.

Do I have to remortgage with my current lender?

No. A remortgage can involve switching to a different lender, or staying with your existing lender if they offer a suitable product.

Whether switching is beneficial depends on the options available to you, including the interest rate, fees, and the overall cost of the mortgage over time.

Will I need a valuation?

Often, a remortgage will involve a property valuation. The type of valuation and how it's carried out can vary by lender and product.

In some cases, lenders may use alternative valuation methods, but it's common to expect some form of valuation as part of the application process.

If I own my home outright, can I remortgage?

If you own your home outright (with no mortgage), you generally wouldn't be remortgaging in the usual sense.

Instead, you may be looking at taking out a new mortgage against the property. The lender would still assess affordability and the property's value.

Eligibility and circumstances

Can I remortgage early?

Yes, early remortgaging can be possible, but it may not always be cost-effective.

If you're leaving a fixed-rate mortgage early, you may face early repayment charges (ERCs). Those charges can reduce or outweigh the benefit of moving to a different rate.

If your mortgage is variable (or not subject to the same fixed-term constraints), early switching may be simpler—though the exact position depends on your mortgage contract.

Can I remortgage if I have bad credit?

It can be possible to remortgage with adverse credit, but outcomes depend on the nature of the credit issues and how they affect affordability.

Some lenders may consider applications where there has been:

• missed payments or defaults (particularly if they are older)
• county court judgments (CCJs)
• other credit events

Because different lenders apply different criteria, the key is matching your circumstances to the most appropriate options rather than assuming you'll be limited to one outcome.

What if my earnings have changed?

If your income has changed since you took out your original mortgage, it can affect affordability.

There may be options depending on your circumstances, such as:

• Negotiating a new deal with your current lender
• Switching to a different lender that better matches your current situation

Lenders typically consider your current income, employment status, and committed outgoings when assessing affordability.

Can I be declined for a remortgage?

Yes. Remortgage applications can be declined.

Common reasons include:

• Affordability concerns (for example, reduced income or increased committed spending)
• Changes to credit history
• A property valuation that results in a higher LTV than expected
• Mortgage conduct issues (such as payment problems)

If a remortgage isn't approved, it may be possible to explore alternatives—such as waiting until closer to the end of your current deal or considering different deal structures.

What if my circumstances change during the remortgage process?

If your income, employment status, or financial commitments change while your remortgage is being arranged, it can affect affordability checks.

Keeping lenders informed and ensuring the information used in the application remains accurate can help avoid unnecessary complications.

Costs and financial aspects

What are the common costs of remortgaging?

Remortgaging can involve several potential costs. Which ones apply depends on your current mortgage, the new deal, and whether you switch lenders.

Common costs include:

• Early repayment charges (ERCs) (if leaving a fixed deal early)
• Arrangement fees (charged by the new lender)
• Valuation fees (if required)
• Legal fees / conveyancing costs (more likely when switching lenders)
• Admin fees or deeds release costs (where applicable)
• Broker fees (if you choose to use a broker who charges for advice)

Because costs vary, it's usually the total cost over time (not just the interest rate) that helps determine whether a remortgage is worthwhile.

Can I remortgage and borrow more?

Often, yes—if the lender is satisfied with affordability and the property value supports the loan amount.

Borrowing more on a remortgage may be used for:

• Home improvements
• Consolidating other debts
• Other major expenses

However, increasing borrowing can affect:

• Your loan-to-value (LTV)
• Your monthly repayments
• The interest rate you may be offered

Any additional borrowing is assessed as part of the lender's affordability and risk checks.

Can I raise additional funds for home improvements?

Yes, it may be possible to raise additional funds for home improvements through a remortgage or by releasing equity.

Whether it's suitable depends on:

• Your current mortgage terms (including any ERCs)
• Your property value and resulting LTV
• Affordability for the higher borrowing amount

Can I use a remortgage to consolidate debt?

Yes, in many cases remortgaging can be used to consolidate certain debts into your mortgage. This may help by:

• combining multiple repayments into one
• potentially securing a different interest rate than some unsecured borrowing

However, it's important to consider the overall cost and repayment period. Consolidating debt can extend the time you're paying it off, which may affect the total amount repaid. A structured review of your debts and mortgage options is usually the best way to understand whether consolidation is financially sensible for your situation.

What is LTV and how does it affect my remortgage options?

Loan-to-Value (LTV) is the relationship between the mortgage amount and the property value.

It's important because lenders often set pricing and eligibility based on LTV bands. In general:

• A higher LTV may mean fewer options or different rates
• A lower LTV may open up more competitive deals

Your LTV can change over time due to:

• Changes in your outstanding mortgage balance
• Changes in property value

Does remortgaging affect my credit score?

Applying for a mortgage can involve credit checks, which may show as a hard search on your credit file. The impact is usually temporary, but it's still worth being mindful of timing.

It's also generally best to avoid making major financial changes during the application process, as lenders may reassess affordability.

Is it worth remortgaging when my fixed term is ending?

For many homeowners, remortgaging at the end of a fixed term can be beneficial—particularly if it helps you avoid moving onto a lender's standard variable rate.

Whether it's worth it depends on factors such as:

• The difference between your current rate and the new rate
• Any fees or charges involved in switching
• Your remaining mortgage term and repayment plans

A careful comparison of the full deal cost and repayment impact is usually the most reliable way to judge value.

Is remortgaging suitable for everyone?

Remortgaging can be a useful option, but it isn't automatically the right choice for every homeowner. It depends on your goals, the cost of switching, and your ability to meet the repayments on the new mortgage.

A careful comparison of options—taking into account fees, interest rates, and the overall repayment picture—helps ensure the decision aligns with your circumstances.

Practical considerations

What documents might I need for a remortgage?

Lenders typically request information to support identity checks and affordability.

This can include:

• Proof of income and employment details
• Details of your current mortgage
• Information about your outgoings and financial commitments
• Information relating to the property (and sometimes valuation requirements)

If you're switching lenders, the document requirements may be more extensive than if you're staying with your current lender. Having key documents ready can help keep the process moving.

I'm thinking of moving in the future—what should I do when my rate is ending?

If you plan to move later, but your current deal is ending now, you may still be able to remortgage your current property.

Depending on your plans and lender rules, options can include:

• Remortgaging now and then moving later
• Considering whether the mortgage can be transferred or structured to suit a future move

The best approach depends on your timeline, the type of deal you're on, and the flexibility offered by lenders.

How do I avoid common remortgage mistakes?

Some of the most common issues homeowners face include:

• Leaving it too late and not allowing enough time for the process
• Overlooking early repayment charges when switching before a fixed term ends
• Comparing deals using only the interest rate, rather than total costs and repayment impact
• Assuming your LTV will stay the same, without checking how property value and mortgage balance may have changed

Planning ahead and reviewing the full cost picture can help you make a more informed decision.

Your home may be at risk if you do not keep up repayments on your mortgage.

There may be a fee for mortgage advice. The precise amount of the fee will depend upon your circumstances and will be discussed with you before any advice is provided.