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Published: 21 November 2023

Remortgaging when buying a new home

When moving home, there’s usually two options when it comes to deciding what to do with your existing mortgage. You can transfer your current mortgage to your new property, which is called porting, or you can remortgage and get a different deal. There are differences between the two:

  • Porting – Move your current deal to your new property. You may have to increase the size of your loan if the new property has a higher value, and this will come with fees.
  • Remortgaging – Get a new mortgage deal with a new lender, or your current one (known as a product switch). This will also come with fees. In this article, we’ll look at remortgaging and what’s involved.

Why might you want to remortgage?

A few things determine how much money you can raise when remortgaging your house. These include:

  • Your current property value
  • Your personal circumstances such as income, outgoings, and your credit score
  • The loan to value ratio of the new mortgage deal

Do you need a solicitor to remortgage your house?

This depends on if you’re moving to a different lender or remortgaging with the one your currently with. If you decide to stay with your current lender, you won’t need a solicitor to pick up any legal work.

But if you’re remortgaging with a new lender, you’ll need a solicitor to pick up legal work such as surveying and conveyancing.

Remortgaging your house with the same lender

You might think remortgaging means moving your mortgage from one lender to another. But you can remortgage with your current lender. Remortgaging with your current lender means you won’t need a solicitor and you usually don’t need to do any affordability checks. Plus, as the lender has your details already, it can be quicker than remortgaging with someone different.

It might be worth looking at what’s available with different lenders to make sure you get the best deal for you and your circumstances.

Where can I get remortgaging advice?

Talk to us if you have a Leeds Building Society mortgage. We’ll be happy to help.

You can book an appointment to discuss your options.

This guide is intended as a summary only and does not constitute legal or financial advice given by Leeds Building Society. No reliance should be placed on this guide. We recommend that you seek independent legal advice and/or financial advice if you have any questions or queries.


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