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How-to · Step-by-step

How to remortgage your home in the UK

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In short. Review your current deal and exit fees, compare remortgage rates six months before your fixed term ends, apply with income evidence and a property valuation, then complete conveyancing to switch lender on completion day.

Remortgaging means replacing your existing mortgage with a new one — either with your current lender (a product transfer) or a different one. People remortgage to secure a lower interest rate, release equity, or consolidate debt. Start researching early if your fixed rate is ending; falling onto a standard variable rate is often expensive.

Last reviewed:

·Estimated time: 56 days

The steps

  1. 01

    Check your current mortgage terms

    Find your outstanding balance, interest rate, monthly payment, and deal end date on your latest statement or online account. Note any early repayment charges (ERCs) — these can cost thousands if you leave a fixed deal before it expires.

    Official link →

  2. 02

    Decide whether remortgaging makes financial sense

    Compare your current rate with available deals, factoring in arrangement fees, valuation fees, legal costs, and ERCs. A lower rate with a high fee may not beat a slightly higher rate with no fee on a smaller loan. Product transfers with your existing lender avoid legal fees but may not offer the best rate.

  3. 03

    Get your paperwork ready

    Lenders require proof of income (payslips, P60, or accounts for self-employed), bank statements showing spending, proof of identity and address, and details of any credit commitments. Gather these before applying to avoid delays.

  4. 04

    Compare deals and apply

    Use comparison sites, direct lender websites, or an FCA-regulated broker. Choose between fixed, tracker, or variable rates based on how long you plan to stay and your tolerance for payment changes. Submit the full application — not just an agreement in principle — once you have chosen a deal.

  5. 05

    Complete valuation and underwriting

    The new lender values your property and runs detailed affordability checks. A down-valuation reduces the loan-to-value ratio and may affect the rate tier you qualify for. Respond quickly to any requests for additional documents.

  6. 06

    Instruct a solicitor for the legal transfer

    If switching lenders, a conveyancer handles redeeming the old mortgage and registering the new charge at HM Land Registry. Many lenders offer free legal packages with remortgage deals. The process typically takes four to eight weeks.

    Official link →

  7. 07

    Complete on the remortgage date

    On completion, the new lender pays off your old mortgage (including any ERC if applicable) and your payments switch to the new rate from the agreed date. Confirm your direct debit details and check the first statement carefully.

Common pitfalls

  • Remortgaging before a fixed deal ends without calculating ERCs can wipe out years of savings — wait until the penalty period ends or confirm the maths works
  • Consolidating unsecured debt into a mortgage spreads it over 25 years and puts your home at risk if you cannot keep up payments
  • Missing the remortgage window and drifting onto a standard variable rate can cost hundreds extra monthly — start comparing four to six months before your deal ends

FAQ

What is the difference between remortgaging and a product transfer?
A product transfer switches to a new deal with the same lender without legal work — quick but not always the cheapest. Remortgaging moves to a new lender, involves conveyancing, but opens the full market.
Can I remortgage to release equity?
Yes. Borrowing more than your outstanding balance releases cash for home improvements or other purposes. The lender assesses whether you can afford the higher loan and may restrict loan-to-value limits.
How long does a remortgage take?
Typically four to eight weeks from application to completion. Product transfers with the same lender can finish in days. Complex cases involving self-employment or credit issues take longer.
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