Mortgage guide
How does remortgaging work?
Remortgaging means arranging a new mortgage on a property you already own, usually with a different lender. People often review their mortgage as an existing deal approaches its end, but cost, flexibility and future plans matter as much as the new headline rate.
Why people remortgage
A mortgage review can be triggered by a change in the deal or in your circumstances.
Existing deal ending
You may want to avoid moving onto the lender's reversion or Standard Variable Rate when an introductory deal finishes.
Different rate or structure
You might want to change the rate type, deal period or other mortgage features.
Borrowing more
Some homeowners remortgage to raise additional funds, subject to affordability, purpose and lender criteria.
Changing circumstances
Income, household plans or future intentions can make the existing mortgage less suitable than when it was arranged.
Two different routes
Staying with your lender is not the same as remortgaging.
A product transfer normally means selecting a new mortgage product with your existing lender while remaining with that lender. A remortgage generally means replacing the existing mortgage with a mortgage from another lender.
The application process and available options can differ. A product transfer can sometimes involve fewer checks or less legal work, while moving lender can give access to a different range of products. The actual process depends on the lender and whether anything else about the borrowing is changing.
The existing lender's new deal should not be ignored simply because another lender advertises a lower headline rate.
Costs
Work out whether switching actually saves money.
Early repayment charge
Leaving an existing deal before its charge period ends can trigger an ERC.
Product fee
A new mortgage can carry an arrangement or product fee, whether paid upfront or added to the loan.
Legal work
A lender switch normally requires conveyancing work, although some products include or contribute towards legal services.
Valuation
The new lender may need a property valuation and the cost treatment varies by product.
Cashback or fee-free features can also affect the comparison. The relevant question is the overall cost over the period you realistically expect to keep the new mortgage, not simply which product has the lowest advertised rate.
Equity & LTV
Your current property value can affect the products available.
As the mortgage balance falls — or if the property value rises — the loan-to-value may reduce. Moving into a lower LTV band can sometimes change the mortgage products available.
The reverse can also happen. A lower property valuation can result in a higher LTV than expected and affect eligibility for a chosen product.
The lender uses its own acceptable valuation process when deciding the LTV for the mortgage.
Eligibility
Moving lender usually means being assessed under the new lender's criteria.
A new lender can assess income, expenditure, credit commitments, credit history, property and other eligibility factors. Changes since the original mortgage was taken can therefore affect the options available.
FCA mortgage rules include affordability requirements, although the precise regulatory treatment can depend on the type of transaction and circumstances.
A remortgage needs to complete correctly so the existing lender is repaid and the new mortgage takes effect as intended.
Timing the review
Do not wait until after the existing deal has already ended.
MoneyHelper recommends checking your mortgage before the current deal ends. Starting early gives time to compare the existing lender's options with alternatives, complete underwriting where required and understand any ERC end date.
Mortgage offers also have validity periods, so applying too early can create a different problem. The appropriate timing depends on the existing deal, lender and expected completion date.
Know when your current deal ends, when any ERC expires, what rate you move onto afterwards and how long a replacement application is likely to take.
Remortgage advice
Is your current mortgage deal approaching its end?
We can compare staying with your existing lender with suitable remortgage options, taking account of rates, fees, early repayment charges, affordability and your plans for the property.
Book a conversationThis guide is for general information only and is not personal mortgage or financial advice. Mortgage rates, product terms, affordability requirements and lender criteria can change. Your home may be repossessed if you do not keep up repayments on your mortgage. Content checked against current FCA and MoneyHelper guidance on 16 September 2026.