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How does remortgaging work?
When your current mortgage deal ends, whether that's a 2-year fix, 5-year fix, or tracker, you have 2 choices:
Stay with your current lender and move to a new deal (product transfer)
Switch to a different lender (remortgage)
If you do neither, your lender automatically moves you to their standard variable rate (SVR). In 2026, SVRs are running at 7–8%, which is significantly higher than the best available fixed deals. Most people remortgage to avoid this.
You can start the process up to 6 months before your current deal ends, locking in a new rate now and switching seamlessly when your existing deal expires, with no gap on the SVR.
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Why would I want to remortgage my home?
Your current deal is ending - once your current deal ends, you'll be moved on to your lender's standard variable rate (SVR). This is normally higher than other rates available in the market so it's usually best to remortgage to another deal to save money.
To find a better rate - remortgaging may allow you to get a better rate than you're currently on (particularly if you are currently on your lender's SVR). It's best to speak with a whole-of-market broker who can compare mortgages to find the best deal for you.
Your property value has increased - remortgage to a lower loan-to-value (LTV) ratio as this may get you access to better rates.
To release equity - If you want to borrow more money, you can do this by releasing equity from your property when you remortgage. This involves switching to a higher LTV deal.
To shorten your mortgage term - When you remortgage, you can switch to a deal with a shorter mortgage term. This means you're paying off your mortgage in a shorter time period with higher monthly repayments, but you'll end up paying less in interest overall.
To change onto a fixed-rate - If you're currently on a variable rate mortgage, you might want to remortgage to a fixed-rate mortgage to make sure your payments don't increase for a period of time.
Product transfer vs remortgage - which is right for you?
When your deal ends, your lender will usually contact you with a product transfer offer which is a new deal with them. It's quick and simple. But it may not be the best rate available.
| Product transfer (stay) | Remortgage (switch lender) | ||
|---|---|---|---|
| Lender choice | Stay with current lender only | Access to 60+ lenders across whole market with a broker | |
| Rate | Lender's retention rate, may not be best on market | Best available market rate | |
| Borrowing more | Not usually available | Yes you can release equity as part of the switch | |
| Changing term | Limited options | Full flexibility - extend or shorten | |
| Legal work | None needed | Solicitor required | |
| Valuation | Not required | Usually required (often free) | |
| Time to complete | Days | 4 - 8 weeks typically | |
| Credit check | Usually not reassessed | Full afordability assessment | |
| Best if... | Credit has worsened, income harder to evidence, or rate difference is smal | Property value risen, income stable/grown, or you want to borrow more |
Am I eligible for a remortgage?
A lower credit score
A drop in income and affordability
Switching to self-employment
A fall in the value of your home
Any missed mortgage payments
Mortgages becoming more expensive
When should I start the remortgage process?
The standard advice is to start 6 months before your current deal ends. Here's why:
6 months before deal ends: Start comparing remortgage deals. Most mortgage offers are valid for 6 months, so you can lock in a rate today with no penalty, and switch on the day your current deal expires - no standard variable rate (SVR) gap.
Check the rate lock terms: Some lenders allow you to switch to a lower rate if deals improve before you complete. This makes locking in early a low-risk move.
3-4 months before deal ends: Submit your application. A straightforward remortgage typically takes 4–8 weeks. Starting here gives buffer time if anything delays the process.
At deal end: Your new rate starts automatically. If you've locked in 6 months early, the switch is seamless with no SVR exposure.
Already on the SVR: Act immediately. Every month on the SVR at 7-8% versus a fixed deal at 4-5% costs you more than it should. There are no early repayment charges (ERCs) once your deal has ended.
Costs when remortgaging my home
Remortgaging isn't free, but the costs are often much lower than staying on the SVR. Here's what to budget for:
| Cost | Typical range | What to know | |
|---|---|---|---|
| Arrangement / product fee | £0 - £2,000 | Can usually be added to mortgage, but you'll pay interest on it. Compare the true total cost. | |
| Valuation fee | Often free | Many remortgage deals include a free valuation. Check before choosing a deal. | |
| Legal / conveyancing fees | £300 - £1,000 (can be free) | Some remortgage deals include a free legal package. | |
| Early repayment charge (ERC) | 1 - 5% of balance | Only applies if you leave your current deal early. Check your existing mortgage terms first. | |
| Broker fee | £0 - £500 | Many whole-of-market brokers are fee-free, paid by commission from lenders. Mojo Mortgages is fee-free. | |
| Cashback | Up to £1,000 | Some deals offer cashback on completion, factor this into your true cost comparison. |
Always calculate the total true cost of a deal and not just the headline rate. A 0.1% lower rate with a £2,000 arrangement fee may work out more expensive than a slightly higher rate with no fee, especially on a smaller mortgage or a shorter fixed term.
When should I remortgage?
When to remortgage
When to avoid remortgaging
How can I get the best remortgage deal?
To improve your chances of getting the best remortgage deal, you should consider doing the following:
Have a high credit-score - improving your credit score will make you more appealing to mortgage lenders when it comes to borrowing money as they can trust that you'll make each monthly repayment.
Look for remortgages with lower fees - watch out for the remortgage deals with a lower interest rate because although it seems to be a good deal at first, the fees can add up.
Reduce your loan-to-value (LTV) - a lower loan-to-value ratio means you could be offered better remortgage deals, so try and borrow less if you can.
Lock in a remortgage deal early - you can lock in a new rate up to six months in advance and then switch when your current mortgage term ends. Switching before the deal ends means you're likely to have to pay early repayment charges (ERCs).
Shop around - it might be tempting to stay with the same mortgage lender, but you're better off comparing remortgage deals from a range of lenders for a better chance of finding the best deal for you. Our expert mortgage broker can help you with this.
Remortgage FAQs
Is it worth remortgaging if rates are uncertain?
As of May 2026, with the Bank of England holding the base rate at 3.75% but Middle East uncertainty pushing swap rates higher, most mortgage experts recommend locking in a rate rather than waiting. Many lenders allow you to switch to a lower rate before completion if better deals appear, making it a relatively low-risk move.
How long does it take to remortgage?
It's usually quicker to remortgage than it is to take out a mortgage to buy a new home. It's especially quick if you're getting a new deal with the same lender and not borrowing any extra money.
Typically, a straightforward remortgage takes about four to eight weeks but this can be longer if your application is rejected or there are any problems.
What will happen if my remortgage application is rejected?
If your remortgage application is rejected, it's best not to apply for another mortgage straight away. Instead, stay with your existing lenders standard variable rate until you know you'll get accepted in the future.
That's why it's important to understand why your application was refused. For example, if you have low credit rating, take the time to build your credit score back up.
What documents do I need to remortgage?
When you remortgage, you'll normally need to provide:
Proof of income
Proof of address
ID
Bank statements
Your latest mortgage statement
Some brokers allow you to upload these in advance which is a good way to reduce the time it takes to apply.
Is remortgaging to release equity a good idea?
It depends on your personal circumstances, it's best to get advice through an equity release advisor before making a decision.
Some people use the equity to pay for home improvements or have disposable cash for other expenses. If you decide to take out the equity, it means you'll need to borrow more than you currently owe on your existing mortgage. And whether you'll be accepted for a larger mortgage depends on your affordability.
Use our equity release calculator provided in partnership with our broker Responsible Equity Release.
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