Published: 11 September 2025
What does remortgaging mean?
Remortgaging is the process of taking out a new mortgage product usually with a new lender to replace your existing mortgage product. It’s usually done when your current mortgage deal is coming to an end, but it can be started sooner.
Why choose to remortgage
There are a number of common reasons for remortgaging including:
- Your current deal is ending - you may want to consider a rate switch with your current lender. Otherwise, after your initial mortgage deal ends, if you were on a fixed term and rate, you’ll usually be automatically switched over to your lender’s standard variable rate (SVR), which will typically have a higher interest rate to pay.
- Get a better deal - your existing mortgage deal may have been a good deal for you when you took it out, but that might have changed. You may find there is a more suitable product on the market for your needs. This could include products with a lower rate of interest. Additionally, if your property’s loan-to-value-ratio (LTV) has improved since purchasing, you could also access lower rates.
- Borrowing more - remortgaging is also an opportunity to borrow more money against the value if your home.
What to consider before you remortgage
You should consider what you need when you are going to remortgage. Are you looking to simply replace the current loan with another? Are you wanting to change the overall mortgage term? Are you looking to borrow more for property improvements or debt consolidation? Depending upon you needs you can look at different products with different lenders, or use a broker, you’ll be able to compare various mortgage products, so you can choose a mortgage deal that best suits your circumstances.
When can you remortgage your property?
You can remortgage at any time, but most people wait until their current deal is coming to an end before considering their options - usually around 3-6 months before . If you decide to remortgage before your deal is up, you may have to pay a early repayment charge.
How much will it cost to remortgage your house?
When you remortgage, you may need to pay some costs and fees during the process, even if you decide to remortgage when your current deal is coming to an end.
These could include:
- Arrangement/ Product fees - a fee paid either upfront or added to the loan which could result in a lower rate.
- Valuation fee - these are sometimes free when remortgaging, but they can vary and will depend on your circumstances. Mortgage valuation fee pays for a surveyor to determine how much the property is worth for the purpose of your mortgage.
- Broker fees - if you decide to use a broker to help you remortgage, they may charge you.
- Application fee - usually the main fee lenders charge covering administration costs.
The fees you get charged will depend on the deal you choose and your circumstances.
Do you need to pay solicitor's fees to remortgage?
With some lenders, you won't have to pay legal costs, as they will offer 'free' or 'assisted' services as an incentive to choose them. If your new provider doesn't offer this, there will likely be some legal fees you need to cover.
Should you wait until your current mortgage deal runs out to remortgage?
If you remortgage before your current mortgage deal ends you will need to consider any early repayment charges (ERCs). So it's important to check when they apply in your situation and what they could cost.
Additionally, you'll usually have to pay a mortgage exit fee.
But not all mortgages have an early repayment charge. And in some cases, the amount you save by remortgaging could outweigh the costs of paying the charges.
So, before you decide to wait for your deal to end, you should check:
- Is there an early repayment charge on your mortgage?
- If so, how much is it?
- What date does it apply till?
Once you've checked this, you can do the maths and figure out if you'd save money by remortgaging - even if you have to pay the ERC. You may want to consider getting advice on this via your lender or a mortgage broker.
Calculate repayments
Use our repayment calculator to estimate how much your mortgage payments will be each month.
Apply online, or speak to our advisers
If you apply online, you won't get advice from us. You'll need to make your own choice about which mortgage is suitable for you. If you’d prefer to get some advice, you can book a telephone appointment or call us on 03450 505 075. They’ll advise you on which mortgage is suitable for you based on your needs and circumstances.
Your property could be repossessed if you don't keep up your mortgage repayments.
This guide is not to be taken as advice. You should seek independent financial or legal advice if needed.
