Remortgaging in the UK
A remortgage replaces your current mortgage with a new product — either with your existing lender (a product transfer) or with a new one. The most common trigger is the end of a fixed-rate period.
Your home may be repossessed if you do not keep up repayments on your mortgage.
Quick summary
- Start looking 6 months before your fixed deal ends.
- A product transfer with your existing lender is usually the fastest and may not need a new affordability check.
- Switching lender often costs more in fees but can deliver a much better rate.
- Adding the product fee to the loan spreads the cost but you pay interest on it.
- Outside the fixed period, most lenders allow unlimited overpayment with no ERC.
What lenders may look at
- Current LTV
- Income and commitments
- Credit history since the last application
- Property valuation
- Whether you want to release equity
Documents you may need
- Current mortgage statement
- Latest payslips or 2 years accounts
- Bank statements
- ID and proof of address
- Buildings insurance details
Common issues
- Falling onto the lender’s SVR by accident — set a calendar reminder 6 months ahead.
- Changes in income or employment since last application reducing borrowing capacity.
- Outstanding ERC on the existing deal — sometimes worth waiting it out.
- Property valuation lower than expected (especially flats with new EWS1 / cladding concerns).
Frequently asked questions
How early can I lock in a new rate? +
Most lenders let you secure a new product 6 months in advance and switch to a better one if rates fall before your start date.
Do I need a solicitor to remortgage? +
Yes — but if you switch lender, most remortgage products include free legals through the lender’s panel.
Can I release equity when I remortgage? +
Often yes, subject to lender LTV, affordability and the purpose (home improvements, debt consolidation, deposit for another property).
Will I need a new valuation? +
Most product transfers don’t require one. Most lender switches do, but many use a desktop valuation.
Is a fee-free deal always better? +
No. The lowest total cost over the fixed period is what matters. A higher rate with no fee can beat a lower rate with a £999 fee on smaller loans.
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Compare Mortgage Rates is built around comparing mortgage costs beyond the headline rate. Product fees, term, loan-to-value and lender criteria can all change what is appropriate for a borrower.