When should I start looking to remortgage?

Start looking 6 months before your current deal ends. Most lenders let you lock in a rate up to 6 months before your existing deal expires. This means you can secure a rate now, and if rates drop further before your deal ends, many lenders let you switch to the lower rate at no cost. There is no downside to starting early.

Is it worth remortgaging to the same lender?

A product transfer (staying with your current lender) is often the quickest and easiest option — no valuation, no solicitor, minimal paperwork. However, another lender may offer a better rate. Always compare your current lender's retention deal against the best rates from other lenders. A whole-of-market mortgage broker can do this comparison for you.

How much does it cost to remortgage?

Typical costs include: arrangement fee (£0–£999), valuation fee (often free with new lender deals), solicitor/conveyancing fee (£300–£500, often paid by the new lender as a cashback), and potentially an early repayment charge on your existing deal (1%–5% of the loan). Many remortgage deals offer free valuation and free legal fees, making the total cost as low as £0–£999.

Can I remortgage if I'm on a fixed rate?

You can remortgage at any time, but if you're still within your fixed-rate period, you'll pay an early repayment charge (ERC). This is typically 1%–5% of the outstanding loan. On a £200,000 mortgage, that could be £2,000–£10,000. Usually it's better to wait until your fixed rate ends unless rates have dropped so much that the savings outweigh the ERC.

Remortgage Step by Step UK — Complete Guide to Switching Your Mortgage | PocketWise

Remortgage Step by Step UK — Complete Guide to Switching Your Mortgage

How to remortgage your home step by step. When to remortgage, how to compare deals, product transfers vs new lenders, costs, and a timeline of the process.

By PocketWise · 25 March 2026 · 5 min read

Remortgaging means switching your mortgage to a new deal — either with your current lender (a product transfer) or a new one. It is one of the simplest ways to save thousands. Here is how to do it.

When to Remortgage

Trigger	Action
Fixed rate ending within 6 months	Start comparing deals now
Already on SVR (standard variable rate)	Remortgage urgently — SVRs are usually 6.5%–7.5%
Rates have dropped significantly since your fix started	Calculate whether savings outweigh any ERCs
You want to borrow more (home improvements, debt consolidation)	Remortgage to a new larger loan
Your circumstances have improved (higher salary, lower LTV)	You may qualify for a better rate

Step 1: Check Your Current Deal

Check	Where to find it
Current interest rate	Your mortgage statement or online account
When your deal ends	Your original mortgage offer or statement
Early repayment charges	Your mortgage offer document — usually a percentage per year remaining
Outstanding balance	Your latest statement or online account
Current property value	Check Zoopla, Rightmove estimates, or similar
Current LTV (loan-to-value)	Balance ÷ property value × 100

Example: £180,000 mortgage on a property worth £300,000 = 60% LTV. This puts you in a strong position for the best rates (below 75% LTV is the key threshold).

Step 2: Compare Your Options

Product Transfer vs New Lender

Factor	Product transfer (same lender)	New lender
Speed	1–2 weeks	4–8 weeks
Valuation	Usually not needed	Required (often free)
Solicitor	Not needed	Required (often free with remortgage deals)
Paperwork	Minimal	Full application
Income checks	Sometimes reduced	Full affordability assessment
Rate	Competitive but may not be the cheapest	Access to whole market
Best if	Rate is competitive, you want simplicity	Another lender offers a meaningfully better rate

Rate Comparison Example

Option	Rate	Monthly payment (£200k, 25yr)	Total over 2 years
Stay on SVR (7.0%)	7.0%	£1,414	£33,936
Product transfer (4.2%)	4.2%	£1,079	£25,896
Best remortgage deal (3.9%)	3.9%	£1,048	£25,152

Difference between SVR and remortgaging = ~£8,000+ over 2 years.

Step 3: Decide — 2-Year Fix, 5-Year Fix, or Tracker?

Fix length	Best if	Typical rate (March 2026)
2-year fix	You believe rates will fall further — lets you remortgage sooner	~4.0%–4.3%
5-year fix	You want certainty and stability	~3.8%–4.1%
Tracker	You want to benefit from base rate cuts, can afford fluctuations	Base rate + 0.5%–1.0%
10-year fix	You want maximum stability	~4.0%–4.5%

Related: Mortgage Rate Predictions 2026

Step 4: Get Advice

Option	Cost	What they do
Whole-of-market mortgage broker	£0–£500 (many are free — paid by the lender)	Compare 12,000+ products, handle the application, chase the lender
Your bank/lender	Free	Only shows their own products — limited choice
Comparison websites	Free	Good for initial research but don’t handle the application

Recommendation: Use a whole-of-market mortgage broker. Many charge no fee (they’re paid commission by the lender). They compare the whole market including exclusive deals, and handle the entire process.

Step 5: Apply

Documents Needed

Document	Detail
Proof of ID	Passport or driving licence
Proof of address	Utility bill or council tax bill
Income proof (employed)	3 months’ payslips, latest P60
Income proof (self-employed)	2–3 years’ SA302 + tax year overviews
Bank statements	3 months
Current mortgage statement	Latest statement showing balance
Details of debts	Credit cards, loans, car finance

Application Process

Step	What happens	Typical timing
Submit application	Broker sends to lender with documents	Day 1
Lender processing	Credit check, income verification, affordability	1–3 weeks
Valuation	Surveyor values your property (often automated for remortgages)	1 week
Mortgage offer	Lender issues formal offer	Week 3–5
Legal work	New lender’s solicitor handles the transfer	Week 4–8
Completion	New mortgage replaces old one	Week 6–8

Step 6: Completion Day

What happens	Detail
New lender pays off old mortgage	You don’t need to do anything
New payments begin	Usually from the 1st of the following month
Old direct debit cancelled	Your solicitor/new lender arranges this
New direct debit starts	Set up during the application process

Costs of Remortgaging

Cost	Amount	Often free?
Arrangement fee (new lender)	£0–£999	Some deals have no fee
Valuation	£250–£500	Often free on remortgage deals
Solicitor/conveyancer	£300–£500	Often covered by new lender as cashback
Deeds release fee (old lender)	£50–£100	Sometimes waived
Broker fee	£0–£500	Many brokers are free
Early repayment charge (if still in deal)	1%–5% of loan	Only applies if within your fixed/tracker period

Should You Add the Fee to the Loan?

Option	Monthly cost on £200k loan	Total cost over term
Pay £999 fee upfront	£0 extra/month	£999
Add £999 to loan (25yr, 4%)	~£5.27 extra/month	~£1,581

Adding the fee to the loan costs more long-term due to interest. If you can afford to pay upfront, do so.

Special Situations

Remortgaging to Release Equity

Detail	Information
What it means	Borrowing more than your current outstanding balance
Common reasons	Home improvements, debt consolidation, helping children with a deposit
LTV impact	Increases your LTV — may push you into a higher rate bracket
Affordability check	Lender must be satisfied you can afford the larger loan
Debt consolidation warning	You’re secured short-term debt against your home — if you can’t pay, you risk losing your property

Remortgaging on a Low Income or Changed Circumstances

Situation	Options
Income has dropped since original mortgage	May struggle to pass a new lender’s affordability test
On maternity/paternity leave	Some lenders only count SMP — you may not pass affordability
Recently self-employed	May need 2+ years of accounts
Product transfer may be better	Your current lender often applies lighter affordability checks

Remortgaging with Bad Credit

Situation	Impact
Missed mortgage payments	Significantly limits available lenders
CCJs or defaults	Many mainstream lenders will decline
Options	Specialist lenders, product transfer with current lender
Rates	Higher than standard — but still likely better than SVR

Related: Buying a House with Bad Credit

Remortgage Checklist

Step	Action	Done?
1	Check when your current deal ends	☐
2	Note any early repayment charges	☐
3	Check your current LTV	☐
4	Contact a whole-of-market broker 6 months before deal end	☐
5	Compare product transfer vs new lender rates	☐
6	Gather documents (payslips, bank statements, ID)	☐
7	Submit application	☐
8	Chase any outstanding queries promptly	☐
9	Consider overpaying on new deal if affordable	☐

Useful Links

Your home may be repossessed if you do not keep up repayments on your mortgage. PocketWise provides information and guidance — we do not offer financial advice. Seek independent mortgage advice before making decisions about borrowing.