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May 2026
There are many points in life where your financial situation may change. If your current mortgage deal is coming to an end or your circumstances have changed, remortgaging may be an option worth considering.
This guide explains how remortgaging works and what you may need to think about before making a decision.
A remortgage is the process of switching your existing mortgage to a new deal, either with your current lender or a new one.
In some cases, this may help reduce your monthly payments or provide a mortgage that better suits your current needs. However, this will depend on your individual circumstances and the options available at the time.
When your mortgage deal ends, you may be moved onto your lender’s standard variable rate (SVR), which is often higher than fixed or introductory rates. This could increase your monthly repayments.
If your property has increased in value, your loan-to-value (LTV) ratio may improve. This could give you access to a wider range of mortgage options, although this is not guaranteed.
Some homeowners choose to release equity from their property, for example for home improvements or other financial needs.
However, increasing your borrowing will increase the total amount you owe and may increase your monthly repayments or extend your mortgage term.
Mortgage products and interest rates change over time. You may find a deal that better suits your needs, although this will depend on market conditions and your personal circumstances.
Changes such as a new job, changes in income, or changes in your household may mean your current mortgage is no longer suitable.
The first step in the remortgage process is to check the details of your current deal, including the interest rate, remaining term and exit fees.
Lenders will assess the value of your property. You can obtain an estimate using online tools or local estate agents, although final valuations are carried out by the lender.
Lenders will assess your income, outgoings, and credit history to determine affordability.
Take a look at the current remortgage rates. There are a range of mortgage products available, including fixed and variable rate options.
Mortgage calculators can provide an indicative estimate of rates and borrowing, based on the information you provide. These are only a guide and may not reflect the final terms offered by a lender.
Explore your options using our mortgage calculator. .
Your home may be repossessed if you do not keep up repayments on your mortgage.
A lender may provide an indication of how much they could lend, subject to further checks. This is not a guarantee.
Remortgage application and approval
Your adviser will submit your application, and the lender will carry out checks including a property valuation.
Once approved, your new mortgage replaces your existing one.
There are several potential costs to consider:
If you leave your current deal early, you may need to pay a charge. This can sometimes be a percentage of your outstanding balance and may vary depending on how long is left on your deal.
You may also need to consider:
Some lenders may include certain costs within their deals, but this varies.
It’s important to consider not just whether you can remortgage, but whether the new deal is affordable over the long term.
Interest rates can change, which may increase your monthly repayments. Extending your mortgage term or increasing borrowing may also increase the total amount you repay over time.
A mortgage adviser can help you understand your options and has access to a wide range of lenders across the market.
If you would like to discuss your situation, you can speak to a qualified adviser.
Your home may be repossessed if you do not keep up repayments on your mortgage.
The Financial Conduct Authority does not regulate some commercial and buy-to-let mortgages.
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