Remortgage Guide

Your current mortgage may not be your only option.

Remortgaging means replacing your existing mortgage with a new mortgage, either with your current lender or another provider. Learn why homeowners consider remortgaging, what to compare and which costs can affect the decision.

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REVIEW YOUR DEAL Compare before switching

Mortgage review Review available

Illustrative outstanding balance £220,000 Example only

Current rate 5.49% Existing deal

New rate 4.49% Illustrative

Potential rate improvement Compare

IMPORTANT Check fees and early repayment charges

REMORTGAGE REVIEW Compare the whole deal, not just the rate. A lower interest rate can look attractive, but fees and other costs also matter when comparing mortgage options.

Remortgaging Explained

What does remortgaging mean?

Remortgaging involves replacing your current mortgage with a new mortgage. You may choose a new deal with your existing lender or consider a different lender, depending on your circumstances and available products.

Homeowners may consider remortgaging for several reasons, including reviewing their interest rate, changing the mortgage term, raising additional funds where appropriate, or finding a mortgage structure that better suits their current circumstances.

01 Review whether your current mortgage remains suitable as your circumstances change.

02 Compare the potential cost of a new mortgage against the costs involved in switching.

03 Consider the interest rate, mortgage term, fees and repayment structure together.

Timing Your Review

When might it make sense to review your mortgage?

There is no single perfect time for every homeowner. These are common situations that may prompt a mortgage review.

Your current deal is ending

If a fixed or introductory mortgage period is coming to an end, reviewing available options early can help you understand what may happen next.

Rates have changed

Changes in mortgage rates may affect the relative attractiveness of your existing deal compared with new mortgage products.

Your circumstances changed

Changes in income, property value, household finances or long-term plans may lead you to reassess your mortgage arrangements.

Compare The Full Cost

A lower rate does not automatically mean a better mortgage.

When comparing a new mortgage with your existing deal, look beyond the headline interest rate.

Product fees, legal costs, valuation costs, early repayment charges and other expenses can affect the overall value of switching.

The right comparison depends on your individual circumstances, the amount you owe and how long you expect to keep the new mortgage.

Illustrative rate comparison Not a quote

Current

5.49%

New deal

4.49%

Example

3.79%

These figures are illustrative only. Actual mortgage rates, eligibility, fees and monthly payments depend on the product, lender and your circumstances.

Remortgage Costs

Costs to check before switching.

A remortgage comparison should include all relevant costs, not just the difference between two interest rates.

Early repayment charges

Your current mortgage may include a charge if you repay or switch before a specified date.

Product fees

A new mortgage may have arrangement, product or other lender-related fees.

⌂

Valuation costs

Depending on the mortgage and lender, a property valuation may form part of the switching process.

✓

Legal costs

Some remortgage products may include legal services, while others may involve separate costs.

Your Options

Stay with your lender or switch?

Both options can be worth considering. The better choice depends on the available deals and your personal circumstances.

OPTION 01

New deal with your current lender

Your existing lender may offer alternative mortgage deals when your current product is ending or when you become eligible for another product.

✓ May involve a simpler process depending on the lender and product.

✓ You can compare the new deal directly with your existing mortgage.

✓ Still check the rate and total costs against alternative options.

OPTION 02

Remortgage with another lender

A different lender may offer a mortgage product that better matches your current circumstances or financial goals.

✓ A wider range of products may be available to compare.

✓ The new lender will normally assess your application against its own eligibility criteria.

✓ Switching costs and the overall mortgage cost should be considered before making a decision.

Plan Before Switching

Build your remortgage checklist before you compare deals.

Having your key mortgage details ready can make it easier to compare potential options and understand whether a switch could make sense.

01 Outstanding balance: Know approximately how much remains on your mortgage.

02 Current rate: Check your current interest rate and when your current deal ends.

03 Property value: An updated estimate can help you understand your approximate loan-to-value position.

04 Switching costs: Check early repayment charges, product fees and other relevant costs.

Person reviewing mortgage finances and financial documents

BEFORE YOU SWITCH Compare the current mortgage with the complete cost of a new deal.

Frequently Asked Questions

Remortgage FAQs

Clear answers to common questions about changing your mortgage and comparing new deals.

Remortgaging means replacing your existing mortgage with a new mortgage. You may remortgage with your current lender or switch to another lender, depending on your circumstances and available products.

Many homeowners review their mortgage when their current fixed or introductory deal is approaching its end. Other reasons can include changes in mortgage rates or changes in personal circumstances. The right timing depends on your mortgage terms and individual situation.

No. A new mortgage may have a lower interest rate, but fees, early repayment charges and other costs can affect the overall value of switching. Compare the total cost rather than the rate alone.

Yes, depending on the lender and the mortgage products available to you. Your existing lender may offer another mortgage deal, so it can be useful to compare that option with other available products.

Potential costs can include early repayment charges, product or arrangement fees, valuation costs and legal costs. The exact costs depend on your existing mortgage and the new product.

Some mortgage products may allow additional borrowing, subject to the lender's affordability assessment, eligibility criteria and the purpose of the borrowing. Additional borrowing can increase your overall debt and monthly repayment, so it should be considered carefully.

Applying for a new mortgage can involve credit checks. The impact depends on your circumstances and the lender's application process. A mortgage application should therefore be considered as part of your wider financial planning.

Your mortgage deserves a fresh review.

Compare your current mortgage with potential alternatives, understand the costs of switching and consider whether a different mortgage structure could better suit your plans.

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