A cheerful family enjoys time together on a couch surrounded by moving boxes in their new home.

Remortgaging

Discover how remortgaging works, when to consider it, and how it can help you save money or unlock equity from your home. Whether you’re switching deals or borrowing more, this guide covers it all.

What is Remortgaging?

Remortgaging is the process of paying off your existing mortgage with a new mortgage either from your current lender or a different one without changing your property. It’s a financial strategy many homeowners in the UK use to:

  • Change the terms of the loan
  • Reduce monthly repayments
  • Secure a better interest rate
  • Access additional funds (equity)
Happy young man in a red polo shirt smiling and pointing upwards in front of a blackboard.
Happy young man in a red polo shirt smiling and pointing upwards in front of a blackboard.

Why Remortgage?

Here are some of the most common reasons people choose to remortgage:

  • Change Mortgage Terms – Shorten or extend your mortgage term.
  • Save Money – Switch to a lower interest rate and reduce your monthly payments.
  • Fixed Rate Expiring – Avoid moving onto a higher Standard Variable Rate (SVR).
  • Raise Funds – Borrow more for home improvements or other big expenses.
  • Debt Consolidation – Combine debts into your mortgage for one monthly payment.

When Should You Consider Remortgaging?

Timing can be key to saving money. Consider remortgaging when:

  • You’re nearing the end of your introductory fixed/tracker period.
  • Your property value has risen significantly.
  • You’re on a Standard Variable Rate.
  • You want to overpay or adjust your term.

Tip: It’s best to start looking for remortgage deals 3 to 6 months before your current deal ends.

Happy young man in a red polo shirt smiling and pointing upwards in front of a blackboard.

Types of Mortgages for Remortgage

Fixed-Rate Mortgage

Keeps your interest rate locked for 2, 3, or 5 years. Budget-friendly.

Tracker Mortgage

Follows the Bank of England base rate. May go up or down.

Discounted Variable

A discount off the lender’s SVR, but payments can vary.

Help to Buy Mortgages

Government-backed scheme offering a loan up to 20% (40% in London) of the home’s value.

Step-by-Step: How to Remortgage


Check your current mortgage terms

Review your existing deal to understand
interest rates, term length, and any early repayment charges.

Review your financial situation

Assess your income, credit score, and monthly expenses to know what kind of deal you may qualify for.

Compare remortgage deals

Shop around or use comparison tools to find competitive rates and suitable mortgage types.

Get advice from a mortgage broker

A broker can help you find the best deal for your situation and guide you through the process.

Apply for your new deal

Submit your application to your chosen lender along with required financial documents.

Legal process & property valuation

Your new lender will arrange a property valuation and a solicitor will handle legal formalities.

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