A remortgage means switching your mortgage, either to a new deal with your existing lender or to a completely different lender, once your current deal is coming to an end. Done at the right time, it protects you from moving onto your lender's expensive standard variable rate, and gives you the chance to compare the whole market rather than accepting whatever your existing lender offers.
Key takeaway: You don't have to wait until your deal actually expires to act. You can usually reserve a new rate up to 6 months before your current deal ends, protecting you from any rate rises in the meantime. If rates fall before you complete, we can still monitor the market and switch you to a cheaper product.
[[stats: 3.75% = Bank of England base rate (Aug 2026) | 7-9% = Typical SVR if you do nothing | 6 months = Earliest you can lock in a new rate | Up to £500 = Cashback available towards legal fees]]
What is a remortgage?
A remortgage is the process of replacing your current mortgage with a new one, usually because your existing fixed, tracker or discount deal is coming to an end. Rather than letting your mortgage lapse onto your lender's standard variable rate (SVR), which is typically far more expensive, you apply for a new deal ahead of time, either with your current lender or a new one.
This is different to porting a mortgage, which is where you take your existing deal with you when you move house. If you're moving home rather than staying in your current property, our guide to porting your mortgage explains how that works instead.
Your equity is based on today's value, not what you paid
One of the most overlooked points when remortgaging is that your loan-to-value (LTV) is worked out using your home's current market value, not the price you originally paid or the amount you originally borrowed. As property prices rise and your mortgage balance falls, your LTV drops from both directions at once, which can move you into a cheaper rate band, or free up equity you didn't realise you had.
[[table: | When you bought | Today ;; Property value | £280,000 | £350,000 ;; Mortgage balance | £252,000 | £210,000 ;; Equity | £28,000 | £140,000 ;; Loan-to-value | 90% | 60%]]
Tip: Even if you haven't had your property valued recently, a lender will value it as part of any new application. It's always worth checking rather than assuming your loan-to-value is still what it was when you took out your current deal.
Should I remortgage, or renew with my current lender?
Renewing with your current lender is known as a product transfer. Remortgaging means moving to a new lender altogether. Both can usually be arranged in advance of your deal ending, but the timing and what you get access to differs.
With a product transfer, most lenders will let you lock in a new deal 3 to 6 months before your current one ends, though this varies by lender. It's often the simplest option, but you're only ever looking at your existing lender's own range, not the wider market.
With a remortgage, we can usually apply and reserve a rate up to 6 months before your deal ends. That reservation protects you from rate rises between now and when you complete. If rates come down in the meantime, don't worry, we can keep monitoring the market and switch your application to a better product before you complete.
[[table: | Product transfer (staying with your lender) | Remortgage (switching lender) ;; How far ahead can you apply? | Usually 3 to 6 months before your deal ends, depending on the lender | Up to 6 months before your deal ends ;; Whose rates do you see? | Only your current lender's own range | The whole of the market, compared side by side ;; New affordability check? | Often minimal or none | Yes, a full application and affordability assessment ;; Best suited to | The simplest possible switch, with no changes needed | Making sure you're on the most competitive deal available, or restructuring your borrowing]]
Because a product transfer window closes sooner than a remortgage one, leaving it late can narrow your options down to whatever your current lender happens to offer at that point, right when rates might be moving against you. Starting the remortgage conversation early keeps every option on the table.
Which lender is best for a remortgage?
This comes down to your individual circumstances rather than a single "best" lender. We always aim to move our clients to the most cost-effective mortgage available across the whole of the market, but different lenders will lend different amounts against the same income and property, so the cheapest headline rate isn't always the one you'll actually qualify for. Our guide on how much you could borrow in 2026 explains how lenders vary on income multiples.
Should I use my own solicitor, or my lender's "free" solicitor?
Most remortgage deals come with the option of a "free" legal service from your lender. This covers the basic legal work of the remortgage itself, but it isn't entirely free. It typically doesn't include your ID checks, land registry checks, bankruptcy checks, or, if you own a flat, the cost of reviewing your lease and notifying your freeholder or managing agent of the change of security. These usually come with their own charge, typically £50 to £100 for a house or £100 to £300 for a flat.
Lender-appointed solicitors are also often slower and can be harder to get hold of than a solicitor you've chosen yourself. If your remortgage includes anything more complex, such as adding or removing someone from the mortgage, capital raising for debt consolidation or home improvements, or any other non-standard element, you may prefer to use a local solicitor instead.
Good to know: If you use your own solicitor, many lenders will contribute up to £500 in cashback towards your legal costs. Quotes from local solicitors can vary significantly, so it's worth comparing a couple, but the process is often smoother and easier to manage than going through a lender's panel solicitor.
[[table: | Lender's "free" solicitor | Your own solicitor ;; Basic legal work | Included | Included in the quoted fee ;; ID, land registry and bankruptcy checks | Usually charged separately, on top of the basic legal fee | Usually included in the quote ;; Leasehold notices to your freeholder or managing agent | Charged separately if applicable | Usually included in the quote ;; Speed and communication | Can be slower, less personal | Often quicker and easier to reach ;; Cashback available | Not usually | Many lenders offer cashback towards your legal costs ;; Best suited to | Simple, no-frills remortgages | Anything more complex, such as adding or removing someone, capital raising, or leasehold updates]]
How soon before my deal ends should I review my remortgage?
You should aim to speak to a broker around 6 months before your current deal expires, as this is typically the earliest point you can reserve a new rate. The legal process itself usually takes 4 to 8 weeks, so getting ahead of time gives you room for that too, rather than rushing to beat your renewal date.
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If you'd like us to get in touch with you around 6 months before your fixed rate ends, just let us know and we'll make sure it happens automatically.
Can I capital raise when I remortgage?
Yes. Capital raising, borrowing additional money against your property as part of your remortgage, is often one of the more affordable ways to fund a larger cost, since mortgage rates are typically lower than personal loan or credit card rates. Common reasons our clients capital raise include:
- Debt consolidation
- Redeeming a Help to Buy equity loan
- Home improvements
- Buying out a co-owner
- Buying a new car
- Raising money to help a loved one get on the property ladder
- Raising money to purchase a buy-to-let property
- Raising money to extend a lease on a flat
- Raising money to invest in a business
- Any other legal purpose
You're usually able to raise capital with your existing lender in the middle of a fixed rate too, but this can complicate future remortgages, since you'll end up with several sub-accounts on your mortgage, each with its own end date. Many people prefer to tie capital raising into their remortgage instead, so they're left with one simple mortgage and a single end date.
Loan-to-value limits for capital raising vary by lender and by purpose. For debt consolidation, for example, some lenders cap borrowing at 80% loan-to-value, while others allow up to 95%. Most lenders also won't allow capital to be raised for business purposes at all, though a small number of specialist lenders will consider it.
Case study: Situation: A client wanted to consolidate two credit cards and fund a kitchen renovation while also remortgaging at the end of their fixed rate. What we did: Rather than raising the money separately with their existing lender mid-term, we structured it into their remortgage application with a new lender, keeping everything under one account and one end date. Outcome: The client ended up with a single, simpler mortgage, on a competitive rate, with no separate sub-accounts to keep track of. (Illustrative example, not an individual client's exact details.)
Can I change more than just my rate when I remortgage?
Remortgaging is also a natural point to review your whole mortgage, not just the interest rate. It's worth thinking about:
- Your borrowing amount
- Reducing your mortgage term, or extending it
- The type of deal you want, such as fixed, tracker or discount
- Your current mortgage protection policies
Curious how a different rate or term could change your monthly payment? Try the calculator below.
[[calc:repayment]]
Does it matter which broker I use?
It does. Using a whole-of-market mortgage broker like Quanstrom Financial means you're not limited to one lender's own products, which maximises your chances of finding the most competitive deal available to you. Get in touch with one of our brokers and we'll take it from there.
What documents do I need to remortgage?
Requirements vary slightly by lender, but you'll generally need:
- Your latest 3 months' payslips if you're employed, or your last 2 years' tax calculations and tax year overviews if you're self-employed
- Your P60 if you're employed
- Your latest 3 months' bank statements
- ID, such as a passport or driving licence
- Your current mortgage statement
- Details of any existing insurance policies
If you're self-employed and want to understand exactly what tax paperwork you'll need, our guide on getting your tax calculation and tax year overview covers where to find it.
Remortgaging jargon, explained
A few terms come up again and again when reviewing your mortgage. Here's what they mean:
[[table: Term | What it means ;; Product transfer (PT) | Switching to a new deal with your current lender, usually with little or no legal work needed. ;; Standard variable rate (SVR) | The default rate you move onto once your fixed or discounted deal ends, usually higher and able to change at any time. ;; Loan-to-value (LTV) | Your mortgage expressed as a percentage of your property's current value. A lower LTV usually unlocks better rates. ;; Capital raise | Borrowing more than your current mortgage balance to release equity for a specific purpose, subject to affordability. ;; Early repayment charge (ERC) | A fee for leaving a fixed or discounted deal before it ends, usually a percentage of your outstanding balance. ;; Further advance | Additional borrowing from your current lender on a separate product, alongside your existing mortgage. ;; Day-one remortgage | A remortgage available immediately after buying a property, without the usual 6-month ownership wait.]]
Frequently asked questions
Will remortgaging affect my credit score?
A remortgage application involves a credit search, which can cause a small, temporary dip in your score. Using a broker helps limit this, since we can compare products without triggering a full credit search on every single lender you might be eligible with.
What if my loan-to-value has gone up, or I don't have much equity?
Your options may be more limited at a higher loan-to-value, but it doesn't rule remortgaging out. Lenders' criteria and rates at each loan-to-value band vary considerably, so it's worth speaking to an adviser about what's realistically available to you.
Can I remortgage if I'm self-employed?
Yes. The same principle applies as for any other mortgage, lenders will want to see evidence of your income, typically 2 years of tax calculations and tax year overviews. Our self-employed mortgage guide covers this in more detail.
What happens if I do nothing when my deal ends?
If you take no action, your mortgage will automatically move onto your lender's standard variable rate (SVR) once your current deal ends. SVRs are typically significantly higher than the fixed and tracker deals available on the open market, so this usually means a noticeable jump in your monthly payment.
Can I remortgage before my current deal has ended?
You can start the process early, but if you complete a new mortgage before your existing deal has actually finished, you may face an early repayment charge from your current lender, typically a percentage of your outstanding balance. In most cases it's more cost-effective to time your new deal to complete when your current one ends, which is exactly why starting the conversation 6 months ahead matters.
How soon after buying can I remortgage to a new lender?
Most lenders want you to have owned your property for at least 6 months before they'll remortgage you to a completely new lender. This can catch out anyone who's bought with cash, completed via auction, inherited a property, or recently finished a refurbishment. A small number of specialist lenders offer day-one remortgages that get around this restriction, so if timing is tight, it's worth asking rather than assuming you'll need to wait.
Written by Toby Quanstrom CeMAP, Director at Quanstrom Financial, a whole-of-market mortgage broker based in Eastbourne, East Sussex.
Your home may be repossessed if you do not keep up repayments on your mortgage.
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