# What is remortgaging? > Quick answer · Last updated 23 June 2026 Canonical HTML: https://moneyguide.org.uk/answers/what-is-remortgaging/ Markdown mirror: https://moneyguide.org.uk/answers/what-is-remortgaging.md ## In short Remortgaging means switching your mortgage to a new deal — either with your current lender or a different one — usually when a fixed or discounted rate ends. Done well, it can lower your monthly payments or let you release equity; done without planning, it can trigger fees and early repayment charges. Most UK mortgages start on an introductory rate — typically a two- or five-year fix — and then move to the lender's standard variable rate (SVR), which is usually higher. Remortgaging before or when that happens means taking out a new mortgage deal, either as a product transfer with the same lender or by moving your loan to a new lender. People remortgage to get a cheaper rate, fix payments for peace of mind, borrow more to fund home improvements, or consolidate other debts (though adding unsecured debt to your home is risky). Your existing lender may offer a product transfer with minimal paperwork; switching lenders involves a full application, valuation and legal work similar to a new purchase. Costs to weigh include early repayment charges if you leave a deal before it ends, arrangement fees on the new mortgage, valuation and conveyancing fees, and the time your application takes. With the Bank of England base rate at 4.25% in mid-2026, the gap between expiring fixed rates and current SVRs can be several hundred pounds a month on a typical loan. Lenders apply affordability checks under FCA rules, including stress testing at higher interest rates. Start comparing deals three to six months before your current rate ends, check your loan-to-value band, and gather proof of income. If you have a small balance or high early repayment charges, staying put may be cheaper. ## Related - [What is loan-to-value (LTV)?](https://moneyguide.org.uk/answers/what-is-loan-to-value-ltv/) - [Can I overpay my mortgage?](https://moneyguide.org.uk/answers/can-i-overpay-my-mortgage-without-penalty/) - [Mortgages guide](https://moneyguide.org.uk/mortgages/) ## Primary source gov.uk/buying-a-home/preparing-to-buy --- Independent UK money guidance from [Money Guide](https://moneyguide.org.uk). Information only — not regulated financial advice.