Remortgaging UK 2026 — When to Switch, What It Costs and How to Do ItRemortgage 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.
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.
For the wider cluster covering fixed-rate endings, product transfers, timing, fees and moving-home alternatives, use the main Remortgaging hub.
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
aliases:
- /mortgages/remortgaging/remortgage-step-by-step-guide/
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.