{"id":3075,"date":"2025-11-05T12:05:21","date_gmt":"2025-11-05T12:05:21","guid":{"rendered":"https:\/\/www.rightmove.co.uk\/mortgages\/guides\/?page_id=3075"},"modified":"2025-11-05T12:06:11","modified_gmt":"2025-11-05T12:06:11","slug":"what-is-remortgaging","status":"publish","type":"page","link":"https:\/\/www.rightmove.co.uk\/mortgages\/guides\/remortgage\/what-is-remortgaging\/","title":{"rendered":"What is remortgaging and how does the process work?"},"content":{"rendered":"\n\n\n<h3 id=\"key-takeaways\" class=\"wp-block-heading\">Key takeaways:&nbsp;<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Remortgaging&nbsp;is the name given to&nbsp;switching to a new mortgage deal when your current one&nbsp;comes to an end&nbsp;<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Remortgaging&nbsp;can save you hundreds or&nbsp;even&nbsp;thousands of pounds each year,&nbsp;when compared to the amount&nbsp;you\u2019d&nbsp;pay if you moved on to your lender\u2019s Standard Variable Rate when your fixed deal ends&nbsp;<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>You can start the process&nbsp;of remortgaging&nbsp;months before your existing deal ends&nbsp;<\/li>\n<\/ul>\n\n\n\n<p>When your&nbsp;existing&nbsp;fixed rate&nbsp;mortgage deal&nbsp;comes to an end,&nbsp;chances are&nbsp;you\u2019ll&nbsp;want to secure&nbsp;a new deal to keep your monthly mortgage repayments as low as possible. In fact, doing nothing could cost you significantly more each month.&nbsp;Switching to a new mortgage deal&nbsp;with a different lender,&nbsp;is&nbsp;what\u2019s&nbsp;known as remortgaging.&nbsp;&nbsp;&nbsp;<\/p>\n\n\n\n<p>But what exactly is remortgaging, and how does the process work? This guide explains everything you need to know, from the basics through to completion,&nbsp;and help&nbsp;you understand whether it might be right for your situation.<\/p>\n\n\n<a href=\"https:\/\/www.rightmove.co.uk\/mortgages\/calculators\/remortgage-calculator\"\n   target=\"\"\n   class=\"my-5 c-calculator-module c-calculator-module--tall c-calculator-module--layout-1 c-calculator-module--light c-calculator-module--no-content\" \n   data-module-admin-id=\"\">\n    <div class=\"c-calculator-module__media\" style=\"background-image: url(https:\/\/www.rightmove.co.uk\/mortgages\/guides\/content\/uploads\/2024\/04\/doccalc.svg)\"><\/div>\n    <div class=\"c-calculator-module__body c-wp c-wp--flush\">\n        <h2 class=\"c-calculator-module__title\">\n            <span>Explore your options with our Remortgage Calculator<\/span>        <\/h2>\n        \n        <div class=\"c-calculator-module__footer \">\n                        <div class=\"c-calculator-module__footer__item c-calculator-module__footer__item--cta\">\n                <div class=\"c-calculator-module__cta\">\n                    <svg class=\"c-icon c-icon--arrow-line-right\"><use xlink:href=\"#icon-arrow-line-right\"><\/use><\/svg>                <\/div>\n            <\/div>\n        <\/div>\n    <\/div>\n<\/a>\n\n\n\n<h2 id=\"what-is-remortgaging\" class=\"wp-block-heading\"><strong>What is remortgaging?&nbsp;<\/strong><\/h2>\n\n\n\n<p>Remortgaging is the process of replacing your current mortgage with a new deal. You can either switch to a new product with your existing lender (called a &#8216;product transfer&#8217;) or move to a completely different mortgage provider.&nbsp;<\/p>\n\n\n\n<p>The key thing to&nbsp;note&nbsp;is that&nbsp;you&#8217;re&nbsp;not moving house \u2013&nbsp;you&#8217;re&nbsp;staying in the same&nbsp;property,&nbsp;but&nbsp;changing the terms of how you pay for it. Think of it like&nbsp;<a href=\"https:\/\/www.rightmove.co.uk\/guides\/energy-efficiency\/energy-bills\/switching-energy-supplier-guide\/\" target=\"_blank\" rel=\"noreferrer noopener\">switching energy suppliers<\/a>&nbsp;to get a better deal, except&nbsp;you&#8217;re&nbsp;switching mortgage lenders instead.&nbsp;<\/p>\n\n\n\n<p>Most people remortgage when their&nbsp;initial&nbsp;fixed-rate period ends. For example, if you took out a two-year fixed-rate mortgage&nbsp;when you bought your home, you might remortgage after those two years are up to avoid being moved onto your lender&#8217;s Standard Variable Rate (SVR), which is typically more expensive.&nbsp;<\/p>\n\n\n\n<h3 id=\"the-difference-between-remortgaging-and-switching-deals\" class=\"wp-block-heading\">The difference between remortgaging and switching deals&nbsp;<\/h3>\n\n\n\n<p>It&#8217;s&nbsp;worth noting that remortgaging&nbsp;isn&#8217;t&nbsp;your only option when your deal ends.&nbsp;There are three choices to choose from:&nbsp;&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Product transfer<\/strong>: Stay with your current lender but move to one of their new deals&nbsp;<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Do nothing<\/strong>: Be automatically moved to your lender&#8217;s Standard&nbsp;Variable&nbsp;Rate&nbsp;(usually the most expensive option)&nbsp;<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Remortgage<\/strong>: Switch to a completely different lender&nbsp;&nbsp;<\/li>\n<\/ul>\n\n\n\n<h2 id=\"why-do-people-remortgage\" class=\"wp-block-heading\">Why do people remortgage?&nbsp;<\/h2>\n\n\n\n<p>Recent\u00a0Bank of England data\u00a0shows\u00a0that\u00a0remortgages make up around 29% of all new mortgage lending to homeowners.\u00a0And there are several reasons why\u00a0hundreds of thousands of homeowners choose to remortgage each year.\u00a0\u00a0<\/p>\n\n\n\n<h3 id=\"save-money-with-better-rates\" class=\"wp-block-heading\">Save money with better rates&nbsp;<\/h3>\n\n\n\n<p>Moving to a deal with a lower mortgage&nbsp;rate, if&nbsp;it\u2019s&nbsp;available&nbsp;will be most people\u2019s desired outcome when&nbsp;they\u2019re&nbsp;remortgaging. If&nbsp;you&#8217;re&nbsp;currently on your lender&#8217;s SVR, or if interest rates have fallen since you took out your mortgage, remortgaging to a lower rate could save you&nbsp;a decent chunk of money each month.&nbsp;To give you an idea of how much you could save, you can expect that for every 1% reduction in the mortgage rate you\u2019re offered,\u202fthis equates to a \u00a354 monthly saving for every \u00a3100,000 you have left to pay on your mortgage&nbsp;(based on a typical 25-year repayment term).\u202f&nbsp;<\/p>\n\n\n\n<p>Take a look&nbsp;at the&nbsp;<a href=\"https:\/\/www.rightmove.co.uk\/mortgages\/guides\/remortgage\/current-remortgage-rates\/\" target=\"_blank\" rel=\"noreferrer noopener\">current average remortgage rates here<\/a>.&nbsp;<\/p>\n\n\n\n<h3 id=\"avoid-expensive-standard-variable-rates\" class=\"wp-block-heading\">Avoid expensive standard variable rates&nbsp;<\/h3>\n\n\n\n<p>When your fixed-rate deal ends, lenders typically move you to their SVR, which can be significantly higher than competitive market rates.&nbsp;<\/p>\n\n\n\n<h3 id=\"certainty-about-monthly-payment-amounts\" class=\"wp-block-heading\">Certainty about monthly payment amounts&nbsp;<\/h3>\n\n\n\n<p>If&nbsp;you&#8217;re&nbsp;worried about interest rates rising, you might remortgage&nbsp;from a variable rate&nbsp;or tracker mortgage,&nbsp;to a fixed rate. This will&nbsp;give&nbsp;you predictable monthly payments&nbsp;which&nbsp;won\u2019t&nbsp;change until your fixed term ends, regardless of what happens with the Bank of England\u2019s Base Rate, or inflation.&nbsp;&nbsp;<\/p>\n\n\n\n<h3 id=\"release-equity-from-your-property\" class=\"wp-block-heading\">Release equity from your property&nbsp;<\/h3>\n\n\n\n<p>If your home has increased in value, you might remortgage to borrow&nbsp;additional&nbsp;money&nbsp;to make&nbsp;home improvements,&nbsp;consolidate&nbsp;your debt,&nbsp;or&nbsp;to cover&nbsp;other major expenses.&nbsp;<\/p>\n\n\n\n<h3 id=\"change-your-mortgage-terms\" class=\"wp-block-heading\">Change your mortgage terms&nbsp;<\/h3>\n\n\n\n<p>You might be able to change some of the terms of your mortgage&nbsp;when you remortgage. For example, you may want to&nbsp;extend or reduce your mortgage term,&nbsp;or&nbsp;switch from interest-only to repayment.&nbsp;<\/p>\n\n\n\n<h2 id=\"the-benefits-of-remortgaging\" class=\"wp-block-heading\">The benefits of remortgaging&nbsp;<\/h2>\n\n\n\n<p>Understanding the potential advantages of remortgaging can help you decide whether&nbsp;it&#8217;s&nbsp;worth exploring.&nbsp;Let\u2019s&nbsp;take a look&nbsp;at some of the major benefits.&nbsp;&nbsp;<\/p>\n\n\n\n<h3 id=\"potential-significant-savings\" class=\"wp-block-heading\">Potential significant savings&nbsp;<\/h3>\n\n\n\n<p>The primary benefit is financial. Even a small reduction in your interest rate can translate to substantial savings over time.&nbsp;As mentioned, a general rule is for every&nbsp;1%&nbsp;shaved off your mortgage rate,\u202fthis equates to a \u00a354 monthly saving for every \u00a3100,000 you have left to pay on your mortgage.\u202f&nbsp;<\/p>\n\n\n\n<h3 id=\"better-mortgage-features\" class=\"wp-block-heading\">Better mortgage features&nbsp;<\/h3>\n\n\n\n<p>Newer mortgage products often come with improved features&nbsp;like&nbsp;overpayment allowances, or the ability to port your mortgage if you move house.&nbsp;Porting allows you to transfer your existing mortgage deal to a new property, which can be particularly valuable if you have a competitive rate you want to keep&nbsp;hold of.&nbsp;<\/p>\n\n\n\n<h3 id=\"debt-consolidation\" class=\"wp-block-heading\">Debt consolidation&nbsp;<\/h3>\n\n\n\n<p>If you have other expensive debts&nbsp;such as&nbsp;credit cards or personal loans, remortgaging to release equity can help you&nbsp;consolidate&nbsp;these into one manageable monthly payment at a lower interest rate.&nbsp;<\/p>\n\n\n\n<h3 id=\"access-to-more-competitive-rates\" class=\"wp-block-heading\">Access to&nbsp;more&nbsp;competitive rates&nbsp;<\/h3>\n\n\n\n<p>The mortgage market is&nbsp;often&nbsp;highly competitive, and new deals are launched regularly. By remortgaging, you can take advantage of rates&nbsp;and products&nbsp;that&nbsp;might not have been&nbsp;available when you first bought your home.&nbsp;<\/p>\n\n\n\n<h2 id=\"common-misconceptions-and-concerns-about-remortgaging\" class=\"wp-block-heading\">Common misconceptions and concerns about remortgaging&nbsp;<\/h2>\n\n\n\n<p>Despite how many people decide to remortgage and the potential benefits on offer,&nbsp;the process&nbsp;still raises&nbsp;some&nbsp;questions and concerns for many homeowners.&nbsp;Here are some of the more common myths and misconceptions.&nbsp;&nbsp;<\/p>\n\n\n\n<h3 id=\"myth-remortgaging-is-always-expensive-and-complicated\" class=\"wp-block-heading\">Myth:&nbsp;\u201cRemortgaging is always expensive and complicated\u201d&nbsp;<\/h3>\n\n\n\n<p>While there are costs involved (such as arrangement fees, legal&nbsp;fees&nbsp;and valuation costs), these are often outweighed by the savings you&nbsp;might&nbsp;make&nbsp;by moving onto a lower rate. The process&nbsp;<a href=\"https:\/\/hoa.org.uk\/advice\/guides-for-homeowners\/for-owners\/how-long-does-it-take-to-remortgage\/\" target=\"_blank\" rel=\"noreferrer noopener\">typically takes 4-8 weeks<\/a>,&nbsp;but&nbsp;you\u2019ll&nbsp;likely find&nbsp;that a product transfer is much quicker than this.&nbsp;<\/p>\n\n\n\n<h3 id=\"myth-its-risky-to-change-lenders\" class=\"wp-block-heading\">Myth:&nbsp;\u201cIt&#8217;s risky to change lenders\u201d&nbsp;<\/h3>\n\n\n\n<p>All mortgage lenders are regulated by the Financial Conduct Authority, and the legal process ensures your new mortgage is properly secured against your property. Changing lenders is a routine process handled by thousands of homeowners every month.&nbsp;<\/p>\n\n\n\n<h3 id=\"concern-impact-on-credit-score\" class=\"wp-block-heading\">Concern: Impact on credit score&nbsp;<\/h3>\n\n\n\n<p>Lenders will check your credit score when you apply&nbsp;to&nbsp;remortgage,&nbsp;and&nbsp;perform a \u2018hard\u2019 credit check. However,&nbsp;this is&nbsp;all&nbsp;a standard part of the process&nbsp;of remortgaging, and any impact on your credit score will&nbsp;likely be&nbsp;short term, and minimal.&nbsp;&nbsp;<\/p>\n\n\n\n<p>It\u2019s&nbsp;important to note&nbsp;that multiple&nbsp;\u2018hard\u2019&nbsp;credit searches over&nbsp;a short period&nbsp;of time can negatively affect your credit score.&nbsp;<br>&nbsp;<br><a href=\"https:\/\/www.rightmove.co.uk\/mortgages\/guides\/financing\/credit-score\/\" target=\"_blank\" rel=\"noreferrer noopener\">Read more about the difference between hard and soft credit checks here<\/a>.&nbsp;<\/p>\n\n\n\n<h3 id=\"concern-fees-outweighing-savings\" class=\"wp-block-heading\">Concern: Fees outweighing savings&nbsp;<\/h3>\n\n\n\n<p>This can be a valid concern, especially if you have a smaller mortgage. However, many competitive deals come with low or no fees, and even when fees exist, the long-term savings often far outweigh the upfront costs.&nbsp;You can also ask your lender or mortgage broker to explain these costs to you upfront, to help you work out which offers the best value in the long term.&nbsp;&nbsp;<\/p>\n\n\n\n<h2 id=\"things-to-think-about-before-remortgaging\" class=\"wp-block-heading\">Things to think about&nbsp;before remortgaging&nbsp;<\/h2>\n\n\n\n<p>Before you start the remortgaging process,&nbsp;you\u2019ll&nbsp;want&nbsp;to&nbsp;understand the potential costs and requirements involved. Taking time to consider these factors upfront can help you make an informed decision.&nbsp;&nbsp;<\/p>\n\n\n\n<h3 id=\"check-for-early-repayment-charges\" class=\"wp-block-heading\">Check for early repayment charges&nbsp;<\/h3>\n\n\n\n<p>If&nbsp;you&#8217;re&nbsp;still within a fixed or discounted rate period, you might face early repayment charges (ERCs) for leaving your current deal early.&nbsp;ERCs&nbsp;are designed to&nbsp;cover what the lender would have earned over the course of the&nbsp;loan, if&nbsp;you&nbsp;hadn\u2019t&nbsp;paid it off early.&nbsp;These costs&nbsp;can be&nbsp;substantial&nbsp;\u2013 often 2-5% of your outstanding mortgage balance.&nbsp;So&nbsp;it\u2019s&nbsp;always&nbsp;worth&nbsp;weighing&nbsp;up these costs&nbsp;against potential savings.&nbsp;<\/p>\n\n\n\n<h3 id=\"consider-all-costs-involved\" class=\"wp-block-heading\">Consider all costs involved&nbsp;<\/h3>\n\n\n\n<p>Beyond ERCs, you might&nbsp;also need to pay:&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Arrangement fees on your new mortgage&nbsp;<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Legal\/conveyancing fees&nbsp;<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Valuation fees (though many lenders offer free valuations)&nbsp;<br>&nbsp;<\/li>\n<\/ul>\n\n\n\n<h3 id=\"assess-your-current-financial-situation\" class=\"wp-block-heading\"><strong>Assess your current financial situation&nbsp;<\/strong><\/h3>\n\n\n\n<p>Lenders will reassess your affordability, just as they did when you first bought your home. If your circumstances have changed,&nbsp;this could affect your options.&nbsp;Examples of changing circumstances include a reduction in&nbsp;income,&nbsp;and&nbsp;taking on more debt.&nbsp;&nbsp;<\/p>\n\n\n\n<h3 id=\"think-about-timing\" class=\"wp-block-heading\"><strong>Think about timing&nbsp;<\/strong><\/h3>\n\n\n\n<p>Most lenders allow you to secure a new rate months before your current deal ends, so you&nbsp;don&#8217;t&nbsp;need to wait until the last minute. Starting early gives you more options and helps you avoid falling onto an expensive SVR.&nbsp;<\/p>\n\n\n\n<h3 id=\"get-professional-advice\" class=\"wp-block-heading\">Get professional advice&nbsp;<\/h3>\n\n\n\n<p>Consider speaking to a mortgage broker who can access deals from across the market and&nbsp;provide&nbsp;personalised advice based on your circumstances. They can also help you navigate the application process and ensure&nbsp;you&#8217;re&nbsp;getting the best deal available.&nbsp;<\/p>\n\n\n\n<h2 id=\"are-you-ready-to-remortgage\" class=\"wp-block-heading\">Are you ready to remortgage?&nbsp;<\/h2>\n\n\n\n<p>Remortgaging is a common and practical step that&nbsp;many&nbsp;UK homeowners take to manage their mortgage costs effectively. While it requires some effort and planning, the potential savings make it worthwhile for&nbsp;many&nbsp;people.&nbsp;<\/p>\n\n\n\n<p>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,&nbsp;and complete the process&nbsp;before rolling off&nbsp;onto a more expensive&nbsp;Standard Variable Rate.&nbsp;<\/p>\n\n\n\n<p>Remember, doing nothing when your mortgage deal ends&nbsp;will&nbsp;almost certainly&nbsp;increase your monthly repayments, so it can be worth setting aside the time for the bit of admin that comes with remortgaging.&nbsp;Even if you decide to stay with your current lender&nbsp;by doing&nbsp;a product transfer,&nbsp;you\u2019ll&nbsp;likely get&nbsp;a better rate than their SVR.&nbsp;<\/p>\n\n\n<a href=\"https:\/\/www.rightmove.co.uk\/mortgages\/calculators\/remortgage-calculator\"\n   target=\"\"\n   class=\"my-5 c-calculator-module c-calculator-module--tall c-calculator-module--layout-1 c-calculator-module--light c-calculator-module--no-content\" \n   data-module-admin-id=\"\">\n    <div class=\"c-calculator-module__media\" style=\"background-image: url(https:\/\/www.rightmove.co.uk\/mortgages\/guides\/content\/uploads\/2024\/04\/doccalc.svg)\"><\/div>\n    <div class=\"c-calculator-module__body c-wp c-wp--flush\">\n        <h2 class=\"c-calculator-module__title\">\n            <span>Explore your options with our Remortgage Calculator<\/span>        <\/h2>\n        \n        <div class=\"c-calculator-module__footer \">\n                        <div class=\"c-calculator-module__footer__item c-calculator-module__footer__item--cta\">\n                <div class=\"c-calculator-module__cta\">\n                    <svg class=\"c-icon c-icon--arrow-line-right\"><use xlink:href=\"#icon-arrow-line-right\"><\/use><\/svg>                <\/div>\n            <\/div>\n        <\/div>\n    <\/div>\n<\/a>\n\n\n\n<h3 id=\"in-summary\" class=\"wp-block-heading\">In summary:&nbsp;<br><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Remortgaging&nbsp;is the term used when switching your mortgage deal to a different lender.&nbsp;<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Doing nothing when your fixed-rate ends&nbsp;will&nbsp;likely mean&nbsp;rolling off onto your&nbsp;lender\u2019s&nbsp;more expensive&nbsp;Standard Variable Rate (SVR).&nbsp;&nbsp;<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Remortgaging can save money, offer better features, and&nbsp;can be an opportune time to&nbsp;release equity&nbsp;or&nbsp;consolidate&nbsp;debt.&nbsp;&nbsp;<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Watch out for fees like early repayment&nbsp;charges,&nbsp;and&nbsp;consider any other associated costs.&nbsp;<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Start early&nbsp;and consider&nbsp;getting advice from a mortgage broker,&nbsp;to secure the best deal before your current one ends.&nbsp;<\/li>\n<\/ul>\n\n\n\n<p><em>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.<\/em>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Key takeaways:&nbsp; When your&nbsp;existing&nbsp;fixed rate&nbsp;mortgage deal&nbsp;comes to an end,&nbsp;chances are&nbsp;you\u2019ll&nbsp;want to secure&nbsp;a new deal to keep your monthly mortgage repayments as low as possible. In fact, doing nothing could cost you significantly more each month.&nbsp;Switching to a new mortgage deal&nbsp;with a different lender,&nbsp;is&nbsp;what\u2019s&nbsp;known as remortgaging.&nbsp;&nbsp;&nbsp; But what exactly is remortgaging, and how does the process [&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":3083,"parent":2515,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_acf_changed":false,"footnotes":"","author_profile":""},"class_list":["post-3075","page","type-page","status-publish","has-post-thumbnail","hentry"],"acf":{"author_profile":[]},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>What is remortgaging and how does the process work? - Rightmove<\/title>\n<meta name=\"description\" content=\"Switching to a new mortgage deal\u00a0with a different lender,\u00a0is\u00a0known as remortgaging.\u00a0We look at how the process of 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