What are my remortgage options?

When your mortgage deal is coming to an end, you usually have more than one path forward. The right remortgage option depends on what you want to achieve—whether that’s securing a new interest rate, changing your monthly payment, borrowing more, or paying off other debts.

This guide sets out the main remortgage options available to UK homeowners and explains the key considerations to help you decide what’s most suitable.

1) Switch to a new deal with your current lender (product transfer)

If you’re happy with your lender and your circumstances haven’t changed significantly, you may be able to move onto a new mortgage product with the same provider. This is often called a product transfer.

Why people choose it

• It can be simpler than switching lenders.
• You may be able to keep things moving without a full affordability assessment (this depends on the lender and your situation).

What to consider

• The range of deals may be narrower than what’s available through the wider market.
• If you miss the handover to a new product, you may be moved onto your lender’s standard variable rate (or similar), which is often more expensive.

2) Remortgage to a new lender (rate and deal shopping)

Remortgaging to a different lender can be a good option if you want to compare options across the market, or if your current lender’s options aren’t competitive for your circumstances.

What changes when you switch

• Your new mortgage will be assessed under the new lender’s criteria.
• You may be able to select a new repayment strategy and term.
• You’ll typically need to complete the usual remortgage process (application, underwriting, and valuation where required).

What to consider

• Your credit profile, income and spending can affect what’s available.
• If you’re borrowing extra, affordability and loan-to-value (LTV) will matter.

3) Remortgage before your deal ends (early remortgage)

It’s sometimes possible to remortgage before the end of your current fixed or discounted period. Whether it’s sensible depends on the costs and your goals.

Potential reasons to do it early

• You want to borrow additional funds.
• You need to restructure your mortgage because your current lender won’t support the change.
• You’re planning a home extension and need funding.

Key costs to factor in

• Early repayment charges (ERCs): many fixed-rate mortgages include an ERC if you leave early.
• The cost of moving: remortgaging can involve fees and legal costs, depending on the deal.

A common approach is to compare the total cost of leaving early (including any ERC) against the benefit you’d gain from switching sooner.

4) Keep your mortgage on a repayment basis, or change the structure

Most homeowners remortgage to secure a better rate while keeping the same overall repayment approach. However, some borrowers consider changing how the mortgage works.

Extending your mortgage term

Extending the term can reduce monthly payments, but it may increase the total interest paid over the life of the loan.

What lenders typically look at

• The maximum age limits used by lenders.
• Whether the term extension is consistent with your expected retirement plans.

Interest-only considerations

Some borrowers explore interest-only options, but this is not a simple swap and usually comes with additional requirements and risk. It’s important to understand how you’ll repay the capital at the end of the interest-only period.

5) Choose a new interest rate type: fixed, tracker, or variable

Your remortgage options also include the type of rate you choose for the new deal.

Fixed-rate mortgages

A fixed rate sets your interest rate for a defined period. Many borrowers choose fixed deals to improve certainty for budgeting.

Common choices

• Shorter fixes (often around 2 years)
• Longer fixes (often 3 or 5 years)

What to consider

• If rates fall after you remortgage, you may not benefit until the fix ends.
• Leaving a fixed deal early can trigger an ERC.

Variable-rate mortgages

Variable rates can change over time. They may be linked to the lender’s standard variable rate or other benchmarks.

What to consider

• Your monthly payments could rise or fall.
• Variable rates can be harder to predict for long-term budgeting.

6) Borrow more, or use remortgage for home improvements

Some remortgages are designed to raise additional funds—often for home improvements, renovations, or other property-related spending.

When borrowing more, lenders will typically assess:

• Your affordability based on income and outgoings
• The loan-to-value (LTV) based on the property’s value
• Your credit profile

7) Debt consolidation through remortgage

A common reason for remortgaging is to consolidate other debts—such as credit cards or personal loans—into the mortgage.

How it works (in principle)

• The additional borrowing is used to clear other debts.
• You then repay everything through your mortgage payments.

Important considerations

• Consolidating can reduce the number of payments you manage.
• It may reduce monthly outgoings, but it can also extend the time it takes to repay the debt.
• If you have debts with 0% interest promotional periods, consolidating them may not always be cost-effective.

8) Remortgage to repay a Help to Buy loan

If you have a Help to Buy loan, remortgaging can sometimes be used to repay it. The process typically involves understanding how valuations and repayment amounts work.

Common practical points

• There may be more than one valuation involved (for the Help to Buy position and the new lender).
• If you have sufficient equity, it may be possible to borrow from the new mortgage to clear the Help to Buy balance.

Because Help to Buy arrangements can be specific, it’s important to consider the details of your agreement when planning a remortgage.

9) Timing: when to start planning your remortgage

Timing can make a significant difference to how smoothly the remortgage completes.

Deal end dates and preparation

Many borrowers benefit from starting the process well before their current deal ends. This can help reduce the risk of being moved onto an expensive rate if there’s any delay.

How long remortgaging can take

The timeline varies depending on complexity, but remortgaging typically involves:

• Application and document checks
• Lender underwriting
• Valuation (where required)
• Legal work and completion

If your case is more complex (for example, unusual income, property circumstances, or specialist lending), it may take longer.

10) How a mortgage broker can help with remortgage options

A broker’s role is to help you understand what’s realistically available and how different choices may affect cost and risk.

Ways brokers add value

• They can assess your goals (rate, term, borrowing more, debt consolidation) against what lenders are likely to consider.
• They can help you compare options beyond a single lender’s products.
• They can guide you through the process and highlight practical issues that can affect timelines.

Key things to remember

• Your best remortgage option depends on your goals: rate certainty, monthly payment, borrowing more, or restructuring.
• If you remortgage early, early repayment charges and other costs can be significant.
• Extending your term can lower monthly payments, but it may increase total interest.
• Consolidating debt can simplify repayments, but it can also change the overall cost and repayment duration.
• Planning ahead of your deal end date can help avoid being moved onto a less favourable rate.

Think carefully before securing other debts against your home.

You may have to pay an early repayment charge to your existing lender if you remortgage.

Your home may be repossessed if you do not keep up with your mortgage repayments.