Published: 12 August 2025
Whether you're looking to save money, fix your rate or just understand your options, remortgaging can feel a bit overwhelming at first. But it doesn't have to be.
We've broken everything down into simple steps, answered the most common questions, and added tips to help you feel more confident every step of the way. So, let's get started…
What does remortgage mean?
Let’s begin with the basics. Remortgaging is usually when you switch your current mortgage to a new one with a different lender. You’re not moving house, just simply replacing your mortgage (usually to get a better deal or you want to borrow more).
Why remortgage?
There are lots of reasons you might think about remortgaging. The most common is when your current deal is coming to an end, and you're about to move onto your lender's (usually higher) standard variable rate. This is often the perfect time to shop around as well as seeing what your current lender has to offer.
You might also be thinking about remortgaging to borrow more, perhaps for home improvements such as a loft conversion or new conservatory. Borrowing more will increase your monthly payments so the lender will need to check you can afford it.
You can re-mortgage at any time, but you'll need to consider any early repayment charges and other fees.
What you need to do before remortgaging
A little planning now can help things go more smoothly later on. It's worth taking a bit of time to look at your options and make sure it's the right move for you. Just remember, if you don't keep up with the payments for your new mortgage, your home could be repossessed.
Take stock of your finances
Before diving into a remortgage, have a good look at your financial situation. Is your income stable? Any big life changes coming up, like starting a family or changing jobs? Knowing where you stand (and where you're heading) will help you decide what kind of mortgage suits you best.
Now may be a good time to consider taking mortgage advice. You could also check your credit score and consider any changes to your financial circumstances that may affect your ability to afford the loan.
Find the right deal for you
Now you'll want to find a mortgage deal that's right for you, which isn't always about getting the lowest possible rate.
What do you want from your mortgage? If you want the security of knowing your payments will be the same each month, you might want to focus on fixed rate deals. But if you're comfortable with a bit of flexibility - and the possibility that your payments might go up or down - a tracker or variable rate mortgage could be worth considering.
A mortgage broker can be really helpful here, or you can use comparison tools to weigh up your options.
You may be able to reduce your monthly payments
This is where it gets exciting! If you are keeping the terms of your mortgage the same (such as loan amount and overall term) a lower interest rate could save you money each year, but make sure to consider any fees you might have to pay to get out of your current mortgage.
To see what your new monthly repayments could look like. Use our mortgage calculator
Once you've spotted a deal you like the look of, get in touch with the lender (or your broker). They'll give you an idea of what you might be able to borrow and what documents you'll need to provide.
The remortgage process
Remortgaging isn't the same for everyone - how long it takes and what's involved can vary depending on your lender, your current mortgage and your personal situation. But generally, there are four main steps to remortgaging:
Step 1
Complete Decision in Principle (DIP)
This is like a soft ‘yes’ from the lender. It’s not a guarantee, but a Decision in principle (also called an Approval in Principle) shows how much they’re willing to lend you based on your financial situation.
Step 2
Work out the costs
When remortgaging your home, there are some standard costs you'll need to prepare for. Here are the most common ones
- Application fee: Sometimes called a product fee, this may need paying to your new lender to secure your mortgage
- Early Repayment Charge (ERC): Many products are offered with incentives at the start of a mortgage term. These products can only be offered on the assumption that you keep your mortgage for a set period. Therefore, an early repayment charge may be incurred if you repay (or in some cases, partly repay) the mortgage within the early repayment period.
- Booking fee: Some mortgages need you to pay a booking fee to secure it
- Exit fee: You might have to pay this for exiting your current mortgage
- Valuation fee: Many lenders will value your property for free, but some charge a fee
- Broker fee: If you used a broker you might have to pay them for getting your mortgage
- Legal fee: If your new mortgage doesn’t come with ‘free legals’, you’ll have to cover your new lender’s conveyancing fee
Step 3
Start your new mortgage application
Now you've got your Decision in Principle, it's time to officially apply. You'll need to provide paperwork like payslips, bank statements and proof of ID. The lender will also carry out their checks to make sure you can afford to pay the mortgage (including a credit check), and that your application meets their lending criteria and arrange a valuation of your property.
Step 4
Finish your remortgage
It's now down to your new lender to process your application and progress to providing a mortgage offer, and your solicitor or conveyancer will then handle the legal side of things.The mortgage will take effect from the completion date and then, ta-da! You're all set with your new mortgage deal.
How to remortgage your home
- Check your current deal and when it ends
- Review your finances and goals
- Shop around for the best new deal
- Apply for a DIP
- Budget for fees and costs
- Apply for the mortgage
- Let the legal team do their thing
- Enjoy your new mortgage!
Remortgage with Leeds Building Society
This guide is not to be taken as advice. You should seek independent financial or legal advice if needed.
How to remortgage - common questions
There’s no limit. Just make sure the benefits outweigh the costs each time.
The process can take up to 12 weeks after all the paperwork and applications are complete.
If you want to stick with the same lender, you can do a rate switch (also known as a product transfer). This isn’t quite the same as a remortgage, but you will get to swap to a new deal.
It’s when your new lender checks how much your home is worth and if the value has changed since you bought it. They may send a surveyor over to do this, and you may have to pay a fee.
Great news! If your home is worth more, your loan-to-value (LTV) will change, which could mean that you can access more deals.
If your property’s value has dropped, you might find your LTV is higher than before, which can limit your options. It’s still worth checking what deals are available you might still be able to switch and save.
Your property could be repossessed if you don't keep up your mortgage repayments.
