Remortgages

Remortgaging is the process of replacing your existing mortgage with a new mortgage deal on the same property. This can involve moving to a new lender for a better deal or switching to a new product with your current lender.

The timescale for a remortgage can vary depending on the lender, legal processes, and your individual circumstances. We typically begin reviewing remortgage options up to six months before your current deal expires to allow enough time for your mortgage offer to be issued and any legal work to be completed smoothly.

The cost of remortgaging will depend on the lender and whether you stay with your current provider or switch to a new one. Potential costs can include arrangement fees, product fees, valuation fees, legal fees, and in some cases early repayment or exit charges if you leave your current mortgage deal early.

For many homeowners, it makes sense to begin reviewing remortgage options up to six months before their current mortgage deal ends. This can help you secure a new rate in advance and avoid moving onto a higher standard variable rate. If you are looking to borrow additional funds, your timing may depend on when you need the remortgage to complete.

How early you can remortgage depends on whether you are switching lenders or completing a product transfer with your current lender. In many cases, remortgage options can be explored up to six months in advance, while some lenders may allow product transfers around four months before your existing deal ends.

People remortgage for a variety of reasons. Common reasons include securing a better interest rate before an existing deal expires, avoiding a lender’s standard variable rate, releasing equity for home improvements, funding major life events, or borrowing additional funds for another property purchase.