What is remortgaging and how does the process work?

Last updated: July 25, 2026

When your existing deal ends, securing a new deal can help keep monthly repayments as low as possible. 

When your existing fixed rate mortgage deal comes to an end, chances are you’ll want to secure a new deal to keep your monthly mortgage repayments as low as possible. Doing nothing could cost you more each month. 

This process of changing mortgage deals is often referred to as remortgaging, but there are specific definitions for different options: changing to a new mortgage deal, either with the same lender or with a different lender. We break down the different options below. 

Explore your options with our Remortgage Calculator

What is remortgaging? 

Remortgaging is often referred to as the process of replacing your current mortgage with a new deal. However, you can either switch to a new product with your existing lender (called a product transfer) or move to a completely different mortgage provider (the official definition of remortgaging).  

The key thing to note is that you’re not moving house – you’re staying in the same property, but changing the terms of how you pay for it. 

Think of it like switching energy suppliers to get a better deal, except you’re changing mortgage lenders instead. 

What are your remortgaging options: 

With an estimated 1.8million fixed-rate mortgages coming to an end in 2026*, many homeowners will be considering what options work for them. Those options include: 

Do nothing 

You’ll usually be moved onto your lender’s Standard Variable Rate (SVR), which is often more expensive. 

A product transfer 

Stay with your current lender but switch to one of their new mortgage deals. This is the more common choice with UK homeowners (according to UKFinance in 2025). 

Remortgage by changing providers 

Switch your mortgage provider to a completely different lender. 

Product transfer vs full remortgage: which is right for you? 

	Product transfer	Remortgage (new lender)
Time	A new rate could be locked in instantly, with the start date chosen by the borrower.	4–8 weeks (not including your research).
Affordability checks	Fewer checks, dependent on lender and same borrowing criteria. Home value will be checked.	Full assessment likely, but varies depending on lender.
Legal fees	There should be no legal fees, but this depends on the lender.	Fees are more likely with switching lender. This could be anything from £250 -£1,500+. Some lenders could cover these costs, or offer cashback incentives for the fees. Check with individual lenders.
Rate choice	Limited to current lender’s range.	Ability to compare multiple rates from a wider range of lenders, dependent on individual circumstances.
Best for	Shorter timeframes; changed financial circumstances.	Best available rate; additional borrowing.

Why do people remortgage? 

Save money with better rates  

Moving to a deal with a lower mortgage rate, either through product transfer or changing lenders, will be most people’s desired outcome when they’re remortgaging.  

If you’re currently on a higher rate mortgage, have gained equity in your home, or if interest rates have fallen since you took out your mortgage, remortgaging to a lower rate could save you a decent chunk of money each month. 

However, Matt Smith explains how the opposite could also be true: 

“In today’s market, many people coming off low fixed rates could be seeing their monthly payments rise. If your current deal is cheaper than what’s available now, it’s important to plan ahead and make sure you can comfortably manage the increase.” 

Take a look at the current average remortgage rates here which include both product transfer and remortgage rates.  

Avoid expensive Standard Variable Rates  

When your fixed-rate deal ends, lenders typically move you to their SVR, which are often significantly higher than competitive market rates. Standard Variable Rate mortgages have rates set by the lender and it can go up and down. These rates often change when Base Rate does, but the specifics of each lenders SVR will usually be explained in the mortgage details. 

Certainty about monthly payment amounts  

If you’re worried about interest rates rising, you might want to move from a variable rate or tracker mortgage to a fixed rate. This will give you predictable monthly payments which won’t change until your fixed term ends, regardless of what happens with the Bank of England’s Base Rate, or inflation.   

Withdraw equity from your property 

If your home has increased in value, you might remortgage to borrow additional money to make home improvements, consolidate your debt, or to cover other major expenses.  Note that you will have to pay back the full value of the home at the end of the mortgage term. Consolidating unsecured debt into a mortgage could also increase the total amount repayable, extend the repayment term and put the home at risk. 

Change your mortgage terms  

You might be able to change some of the terms of your mortgage when you remortgage or change deals with your lender. For example, you may want to extend or reduce your mortgage term, or switch from interest-only to repayment, which would impact the cost of your monthly payments. 

This can require additional checks, as Matt Smith explains: “If you extend your term into retirement or change repayment type, it is likely to trigger additional checks by the lender. This could happen either when you are remortgaging or doing a product transfer.” 

What are current & typical remortgage rates? 

Mortgage rates change regularly, so it’s important to keep an eye on what’s available. 

As a guide, remortgage rates are often grouped as: 

• Lowest rates – typically available to borrowers with lower loan‑to‑value (LTV) ratios and strong credit profiles 

• Average rates – what most borrowers can expect, depending on their circumstances 

• Highest rates – usually linked to higher LTVs or more complex financial situations 

Fixed term	Average remortgage rate	Lowest remortgage rate	Average product transfer rate	Lowest product transfer rate
2-year fixed	5.17%	4.62%	4.85%	4.49%
5-year fixed	5.15%	4.69%	4.93%	4.64%

Updated: July 25, 2026

These rates are provided by Podium and are an average of Loan-to-Value (LTV) ratios ranging from 95% to 60% LTV. Some lenders rates aren’t publicly available (and aren’t included in the average rates above)

“Tracking the average remortgage rates gives you a flavour of what is happening in the market.  They are best for understanding the trends, telling you which way the market is moving, but rates will vary depending on your circumstances.”

With our weekly trackers, you can keep up to date with the latest remortgage rates and comparisons. 

Remortgaging process explained: 

Remortgaging follows a similar process to getting your original mortgage, with a few key steps to work through. 

Understand your current equity and LTV band 

The value of your home can impact the loan-to-value (LTV) band that you fall into, which affects what deals you could apply for. To see whether your home value has gone up and how much mortgage equity you have, you can do an instant valuation and use our Equity Tracker. 

Research your options and compare your current deal 

Look at what your current lender is offering you, then compare deals available online to see what suits your needs. A mortgage broker could help you research options that suit your specific needs.  

Get your financial documents in order 

Lenders are likely to ask for: 

• Around 3 months of payslips (sometimes more depending on your employment type, but sometimes less) 

• Bank statements for the last 3 months, to show proof of income and outgoings – but this depends on the lender and your circumstances 

Consider a Mortgage in Principle 

A Mortgage in Principle can give you an idea of how much you might be able to borrow before making a full application, but it’s not a guaranteed mortgage offer. This isn’t a necessary step for remortgaging, but it can help if you are looking to borrow more than your current balance, before submitting a full application. 

Submit your application 

Once you’ve chosen a deal, you would then complete a full mortgage application, which involves the lender checking your finances and property information. Once it’s complete you will need to pay any outstanding fees. 

How to qualify for remortgaging 

Lenders will look at several factors when deciding whether to offer you a new deal. 

Check and improve your credit score 

Your credit score can affect the rates you’re offered and whether your application is accepted. 

Some ways to improve your credit score include: 

• Making payments on time 

• Reducing outstanding debts 

• Avoiding multiple credit applications in a short period 

Consider your affordability for mortgage lenders 

Lenders will want to assess your income, outgoings and commitments to make sure you can afford repayments. Maintaining healthy finances and avoiding large purchases or loans before remortgaging, could help boost your affordability. 

Factor in your personal circumstances 

Understanding how much equity you have in your home could inform your choice to remortgage. You can keep track of your equity by getting a home valuation, to see whether you could qualify for a different LTV band. 

Additionally, things like your income, employment status, and your age, can influence your eligibility and options. 

Provide the right paperwork 

Typical documents lenders ask for include: 

• Proof of income (payslips, tax returns) 

• ID (passport or driving licence) 

• Proof of address 

• Bank statements 

This can vary from each lender, so check the requirements before starting the application process. 

Common misconceptions and concerns about remortgaging 

Our mortgage expert, James Outhwaite, brings more clarity to the remortgage process. 

Myth: “Remortgaging is always expensive and complicated” 

James: While there can be extra costs involved, some lenders offer deals or incentives like free valuations or legal work. It’s worth shopping around for different deals and comparing costs for different options. 

Myth: “It’s risky to change lenders” 

James: Switching lenders is a normal part of managing your mortgage and can help you find a better deal. It comes with additional affordability checks and admin, so staying with your existing lender is also a common choice. 

Concern: Impact on credit score 

James: Applying for a new mortgage does involve lenders doing a credit check. If there is any impact, it should be temporary and will improve over time if you keep up your regular payments. 

Things to think about before remortgaging 

Consider all costs involved 

Make sure you account for any fees, such as arrangement or legal costs, when comparing remortgage deals. 

Assess your current financial situation 

Understand your income, spending and future plans before committing to a new deal. Use a remortgage calculator to get a better idea. 

Think about timings and how long remortgaging takes 

How long do you plan to stay in your current home? How long do you have left on your current deal? These are good questions to ask before you get started.  

The remortgaging process can take between 4-8 weeks, sometimes longer. You can start the process up to 6 months before your current deal ends, checking your equity and starting to compare options. When your current deal ends, you would end up on your current lender’s variable rate, which may not be as good depending on market conditions. Preparing in advance gives you more time to decide what is the right option for you. 

Get professional advice 

If you’re unsure what the best options are for your circumstances, a regulated mortgage adviser or broker can help you find suitable choices for your situation.  

Are you ready to remortgage? 

Remortgaging and changing mortgage deals with your existing lender is a common and practical step that many UK homeowners take to manage their mortgage costs effectively. While it requires some effort and planning, the potential savings make it worthwhile for many people.  

The key is to start exploring your options well before your current deal ends. This gives you time to research the market, understand your options, and complete the process before rolling off onto a Standard Variable Rate.  

Remember, doing nothing when your mortgage deal ends could increase your monthly repayments, so it can be worthwhile setting aside the time for the admin that comes with remortgaging. Even if you decide to stay with your current lender by doing a product transfer, you could find a mortgage option that is more suitable to your current situation. 

FAQs on remortgaging

• Is remortgaging a good idea?

  Remortgaging could be a good idea if your current deal is ending, you want a lower rate, or your needs have changed. It also depends on what your circumstances are and how long you intend to stay in your current home. 

• Do you get money when you remortgage?

  You can release money through remortgaging if you borrow more against your property’s value. Releasing equity means taking out money from the portion of your home that you own. Be mindful that if you take money out of your home equity, you will have to pay this money back at the end of the mortgage term. It’s worth speaking to a mortgage adviser to understand what is right for you.  

• How difficult is it to remortgage?

  The remortgage process is often straightforward, especially if your circumstances haven’t changed. It typically follows similar steps to your original mortgage application. However, switching providers does come with more admin and checks, so can feel like a lot to manage. A mortgage broker could help guide you through the process. 

• What is an example of remortgaging?

  To illustrate an example of remortgaging, a homeowner is looking at changing to a different mortgage lender, because: 

  • You’re coming to the end of a fixed deal and facing higher payments 
  • You compare deals and find a lower rate elsewhere 
  • You apply to switch lender to secure that rate 
  • Your lenders start affordability checks and organise the remortgage 

*Sources: UKFinance – 2026 Mortgage Market Forecasts; FCA data on SVRs, Bank of England – Effective Interest Rates;  Average rates from Podium Data 

Please note: Your home may be repossessed if you do not keep up repayments on the mortgage. Early Repayment Charges may apply if you leave your current mortgage during the fixed-rate period. Rightmove is not authorised to give financial advice; the information and opinions provided in these articles are not intended to be financial advice and should not be relied upon when making financial decisions. Please seek advice from a regulated mortgage adviser.