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Save money by remortgaging

See how much you could save by switching to a new mortgage deal

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Understand how the process works

Get your head around the remortgaging process with our easy four-step guide

Get ahead of the game

You can lock in a new rate up to six months before your old deal ends

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What is remortgaging and why should you do it?

Remortgaging is the process of switching from your existing mortgage to a new deal without moving home. There’s a variety of reasons why you might want to remortgage:

Save money by moving to a new deal

Most mortgage deals last between two and five years, and reaching the end of your deal period is the most common reason to remortgage. When your introductory rate expires, you’ll be put on your lender’s standard variable rate (SVR), which is likely to be much more expensive.

With a remortgage (when you move to a new lender) or product transfer (when you take out a new deal from the same provider), you could find a lower interest rate and reduce your monthly repayments.

Benefit from a lower LTV

Pay off your mortgage sooner

If your circumstances have changed and you want to increase your payments in order to clear your mortgage more quickly, many lenders will only let you overpay by 10% per year.

If you wanted to go further than that, remortgaging to a new deal with a shorter term could be an option. Just check whether any early repayment charges would apply, as these can run to thousands of pounds depending on how far into the deal you are.

Release equity

Offset your savings

Get better customer service

When should I remortgage?

The best time to start looking at remortgage deals is usually three to six months before your current deal is due to end.

This gives you time to get a sense of the market, shop around, take professional advice (if you want it) and get your paperwork organised. Provided you secure a new deal in time, you’ll avoid being moved to your lender’s SVR and paying more interest than you need to.

Many lenders let you lock in a rate up to six months before the mortgage begins, which can be really handy if experts are predicting base rate rises.

Use our remortgage calculator to find out whether you could save by remortgaging.

Go to remortgage calculator

How do I remortgage?

Here’s how the remortgaging process works:

Research and compare

Apply

Await a decision

Receive your offer and complete

What fees will I have to pay to remortgage?

There are different costs and fees associated with remortgaging, depending on the deal.

Costs for leaving your current mortgage provider

Early repayment charge: if you haven’t come to the end of the introductory deal period on your current mortgage, you might have to pay an early repayment charge (ERC). This can be expensive – it typically ranges from 1% to 5% of your remaining mortgage – so weigh up the cost against any savings you’ll gain from the new mortgage.
Deed of release fee: covers the cost for your current lender to send the title deeds to your conveyancer. Not all lenders charge this fee but, if they do, it typically ranges from £50 to £300.

Costs for your new mortgage deal

Arrangement fee: covers the lender’s administrative costs and typically ranges from £1,000 to £2,000 (though some lenders don’t charge a fee). You can either pay upfront or add the fee to your mortgage, which will incur interest.
Booking fee: also known as an application or reservation fee, this secures your mortgage deal. Usually between £100 and £200, it’s paid when you apply to remortgage and is non-refundable. Not all lenders charge this fee.
Conveyancing fee: your conveyancer could charge you for transferring your mortgage, although many remortgages now include a free legal package.
Broker fee: if you use a mortgage broker, they might charge you.

Find out more: remortgaging fees

How can I find the best remortgage deal?

Here’s how you can improve your chances of getting the best remortgage rates:Compare mortgages

Improve your credit rating

If you have a good credit score, you’re likely to be offered a better remortgage deal.

Reduce your loan-to-value ratio

If you can borrow less, your LTV percentage will be lower, which might get you a lower interest rate.

Lock in early

Many lenders will agree to a deal as far as six months in advance, so you could avoid future interest rate rises.

Shop around

Your existing lender might offer you a new deal but it’s worth comparing with other providers’ products. There are over 102 lenders on our panel, so Compare the Market is a good place to start¹.

Compare mortgages

Can I remortgage if I have bad credit?

It might be possible to remortgage if you have a poor credit score, but your choice of deals is likely to be limited. And bad credit mortgages usually come with higher interest rates because you pose more of a risk to lenders.

Before applying to remortgage, it’s worth taking time to build your credit score, if possible.

What our expert says...

"If you’re due to remortgage and want to fix, the most common fixed terms tend to be two and five years. A two-year fix will give you the ability to switch sooner, so this could be a good option if you want flexibility and think rates will continue to fall.

"A five-year fix will offer more certainty that your repayments will remain the same for longer. Just be wary of the risks of locking into a longer-term fix if you’re likely to move during that time, as it can get complicated and potentially expensive if you need to raise extra money or port the mortgage to another provider."

Ele Clark, Personal finance and insurance expert

FAQs

How does the loan to value (LTV) ratio of my property affect remortgaging?

Having a lower loan to value (LTV) ratio could unlock better mortgage deals and lower interest rates. Loan to value is the amount of money you’re borrowing compared to the value of your property.

What information will I need to remortgage?

To remortgage, you’ll typically need the following:

Bank statements and payslips for the past three to six months
If you’re self-employed, accounts/tax returns for the previous two or three years
P60 tax form from your employer
SA302 tax return if you’re self-employed or have more than one source of income
A form of ID, such as your passport or driving licence
Proof of your address, such as a utility or council tax bill
Details of other debts and regular outgoings.

How much can I borrow with a remortgage?

The amount you can borrow when you remortgage will be based on your income, affordability and the equity you’ve built up in your property.

Depending on your situation, you can either borrow the amount that you owe on your current mortgage or remortgage for more than the outstanding balance. Borrowing more allows you to release equity from your property, for example if you want to make home improvements.

Is there an age limit for remortgaging?

Some providers may have a maximum age when starting a mortgage, while others might have a maximum age for when the mortgage term ends. Check with any mortgage provider you’re considering.

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