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Remortgaging means switching your existing mortgage to a new deal - either a new product with your current lender (often called a "product transfer") or by moving to a different lender. Most people remortgage when their fixed or introductory rate is ending, to avoid slipping onto their lender's higher standard variable rate (SVR). Done at the right time it can reduce your monthly payments; done at the wrong time, early-repayment charges can wipe out the benefit. This guide covers the basics so you can decide whether it is worth looking into. It is general information, not financial advice.

When People Remortgage

• Your current deal is ending. Fixed and tracker deals usually run for a set period (commonly two to five years). When they end you typically move onto the lender's SVR, which is often higher - so many people line up a new deal a few months before.
• To get a better rate. If rates have moved in your favour, or your loan-to-value has improved because you have paid the mortgage down or the property has risen in value, you may qualify for a sharper deal.
• To borrow more. Some people remortgage to release equity - for home improvements, for example. This increases your debt and your monthly cost, so weigh it carefully.
• To change the mortgage itself. For example switching from interest-only to repayment, changing the term, or moving to a deal that allows overpayments.

When Remortgaging May Not Pay Off

Remortgaging is not always the right move. Watch out for:

• Early-repayment charges (ERCs). If you are still inside your current deal period, leaving early often triggers an ERC - sometimes a significant percentage of the outstanding balance. Check your mortgage offer or ask your lender for the exact figure before you do anything.
• Fees that outweigh the saving. A new deal may carry an arrangement fee, valuation fee or legal costs, though many remortgage deals include free valuation and legal work. Compare the total cost of a deal over its life, not just the headline rate.
• A small balance or short remaining term. If your mortgage is nearly paid off, the saving from a new rate may be too small to justify the effort and fees.
• Your circumstances have changed. A change in income, employment or credit history can affect what you qualify for - it is worth checking before you assume a better deal is available.

How the Process Works

1. Start early. Many lenders let you secure a new deal several months before your current one ends (commonly up to around six months), so you can switch the moment it finishes without paying an ERC.
2. Check your numbers. Find your outstanding balance, your current rate and end date, your property's approximate value, and any ERC. These determine your loan-to-value and what you could save.
3. Compare deals, or use a broker. You can go direct to a lender or use a mortgage broker who searches the market for you. Brokers may be fee-free (paid by the lender) or charge a fee - always confirm upfront.
4. Apply and complete. The new lender assesses affordability and values the property. A straightforward remortgage often completes in a few weeks, with the legal work handled for you.

Where to Get Impartial Help

Whether remortgaging is right for you depends on your individual circumstances, so it is worth getting tailored guidance:

• MoneyHelper - Remortgaging to get the best deal (free and government-backed)
• MoneyHelper - Should you use a mortgage adviser?
• A qualified, FCA-regulated mortgage adviser - you can check a firm on the FCA Register

Last reviewed: 26 June 2026. This article is general information only and is not financial advice. Your home may be repossessed if you do not keep up repayments on your mortgage. Always check the current guidance on MoneyHelper and consider advice from an FCA-regulated mortgage adviser before making decisions.