Remortgages.
Switch your mortgage to secure better rates or release equity from your property.
Save Thousands Per Year*
Switching from your lender's Standard Variable Rate (SVR) to a competitive fixed rate could save you thousands annually on mortgage repayments.
Rate Switches
Move from your SVR to a better fixed or tracker rate and reduce your monthly payments significantly.
Equity Release
Unlock cash tied up in your property for home improvements, investments, or major purchases.
Expert Guidance
Our advisors will compare thousands of remortgage deals to find the perfect option for your circumstances.
Remortgage Guide.
Your comprehensive guide to remortgaging in the UK.
Remortgaging means switching your existing mortgage to a new deal, either with your current lender or a different one. Most people remortgage when their initial fixed or discounted rate period ends to avoid moving onto their lender's Standard Variable Rate (SVR), which is typically much higher.
You can also remortgage to release equity from your property, consolidate debts, or change your mortgage terms to better suit your current financial situation.
The best time to remortgage is typically 3-6 months before your current deal ends. This gives you time to:
- Compare deals: Research and secure the best available rates
- Avoid SVR: Prevent moving onto your lender's expensive standard rate
- Complete paperwork: Allow time for applications, valuations, and legal work
- Lock in rates: Secure fixed rates before potential increases
You can also remortgage at any time if circumstances change, though early repayment charges (ERCs) may apply if you're still in your initial fixed period.
The savings depend on several factors, but switching from an SVR to a competitive fixed rate can save thousands per year. For example:
- £200,000 mortgage at 7.5% SVR: £1,459/month = £17,508/year
- £200,000 mortgage at 4.5% fixed: £1,013/month = £12,156/year
- Annual saving: £5,352
Even small rate reductions can result in significant savings over the mortgage term. Our advisors will calculate your potential savings based on your specific circumstances.
Early Repayment Charges are fees your current lender may charge if you pay off or switch your mortgage before the end of your initial deal period. ERCs typically apply during fixed, discounted, or tracker rate periods.
Typical ERC Structure
ERCs usually decrease each year. For example, on a 5-year fixed mortgage:
- Year 1: 5% of outstanding balance
- Year 2: 4% of outstanding balance
- Year 3: 3% of outstanding balance
- Year 4: 2% of outstanding balance
- Year 5: 1% of outstanding balance
- After year 5: No ERC
Should You Still Remortgage?
In some cases, the savings from a better rate outweigh the ERC cost. We'll calculate whether remortgaging early makes financial sense for you.
Equity release through remortgaging allows you to borrow additional money against your property's increased value. This is popular for:
- Home improvements: Extensions, renovations, or energy efficiency upgrades
- Debt consolidation: Pay off high-interest credit cards or loans
- Major purchases: Cars, weddings, or education costs
- Investment: Deposit for a buy-to-let property
Most lenders allow you to borrow up to 90% of your property's value (LTV), minus your outstanding mortgage. For example, if your property is worth £300,000 and you owe £150,000, you could potentially release up to £120,000 (90% LTV = £270,000 - £150,000 owed).
Important: Releasing equity increases your mortgage balance and monthly payments. Ensure you can afford the new repayments.
When your mortgage deal ends, you have two main options:
Product Transfer
Switching to a new deal with your current lender. Advantages:
- Faster process (often completed in days)
- No valuation fee in most cases
- Minimal or no legal fees
- No new credit checks usually required
Downside: You're limited to your current lender's rates, which may not be the most competitive on the market.
Full Remortgage
Switching to a different lender. Advantages:
- Access to the entire market of lenders and deals
- Potentially better rates and terms
- Opportunity to release equity or change mortgage terms
- Some lenders offer cashback or incentives
Downside: Longer process with valuation, legal work, and credit checks. Fees typically £500-£1,500.
We'll compare both options and recommend the best approach based on your specific situation and the rates available.
Understanding the costs involved helps you calculate whether remortgaging is worthwhile:
Arrangement Fee
The new lender's fee for setting up the mortgage, typically £500-£2,000. Sometimes this can be added to your mortgage balance.
Valuation Fee
£0-£1,500 depending on property value. Some lenders offer free valuations as an incentive.
Legal Fees
£300-£800 for conveyancing. Many lenders offer free legal services for straightforward remortgages.
Broker Fee
If using a broker (like us), fees vary. We offer fee-free advice for many remortgages.
Early Repayment Charge
If leaving your current deal early, this could be 1-5% of your outstanding balance.
Exit Fee
Also called deeds release fee, charged by your current lender, typically £50-£300.
Despite these costs, remortgaging to a better rate usually results in overall savings. We'll provide a complete breakdown of costs vs savings.
Ready to Save on Your Mortgage?
Our expert mortgage advisors will compare thousands of remortgage deals to find you the best rate.