How to Remortgage

Everything you need to know about remortgages and how a mortgage broker can help you secure the best rate.

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Remortgaging means switching your existing mortgage to a new deal, using the same property as security. You can remortgage with your current lender or a new one — and we’re here to help you find the best deal possible.

Why Remortgage?

 

  • Your current deal is ending

  • You’re on a high standard variable rate

  • You want to make overpayments or pay off early

  • You’re consolidating debt

  • You want to release equity

Remortgage

When Should I Remortgage?

 

The best time to start looking at remortgage options is typically 3 to 6 months before your current deal ends. This allows you to line up a new rate and avoid being moved onto your lender’s Standard Variable Rate (SVR), which is usually more expensive.

You should also consider remortgaging if:

  • You’ve seen a better deal elsewhere

  • You want to fix your rate before possible interest rate changes

  • You’re looking to release equity or consolidate debts

💡 Even if your deal isn’t ending soon, it’s worth a conversation—we’ll help you run the numbers and see if switching makes sense.

How Do I Remortgage?

Get your paperwork ready

You’ll need proof of income (like payslips or tax returns), bank statements, ID, and a recent mortgage statement.

Compare offers from your current lender and others. A broker can help you access deals not available on the high street.

This gives you a good idea of how much you can borrow.

Once you’re happy with a deal, you submit a full application.

The lender values your property and a solicitor will handle the legal side — often for free with lender incentives.

 

💡 Want to make it even easier? Let us connect you with a broker who’ll do the heavy lifting for you.

 

How Much Can You Remortgage For?

 

The amount you can remortgage for depends on:

  • Your property’s current value

  • The balance remaining on your mortgage

  • How much equity you want to release (if any)

  • Your income and affordability

💡 For example:
If your home is worth £200,000 and your remaining mortgage is £100,000, you have £100,000 equity. You might be able to borrow more depending on your lender’s criteria and your personal finances.

Use a remortgage calculator or speak to a broker for an accurate figure tailored to your situation.

 

What Fees Will I Have to Pay?

 

Accordion Content:

When remortgaging, you may face the following costs:

  • Arrangement Fee:
    Charged by the lender for setting up the mortgage. Often £1,000–£2,000 but sometimes included in the deal.

  • Booking Fee:
    A non-refundable upfront cost, usually around £100–£200.

  • Legal Fees & Valuation Costs:
    Many lenders offer these for free as part of a remortgage deal, especially if you’re switching to them.

  • Broker Fee:
    Some brokers charge a fixed fee or a percentage of the loan. Others may be fee-free and paid by the lender.

  • Early Repayment Charge (ERC):
    If you’re tied into a fixed deal, switching early could incur penalties. Always check your current lender’s terms.

  • Exit Fee:
    Also known as a deeds release or admin fee, charged by your current lender when you leave.

💡 Tip:
A good broker will break down all your costs so you can clearly see if the deal saves you money.

 

Remortgaging to Release Equity

 

If your property’s value has increased, you may be able to release equity—essentially borrowing more than your current mortgage balance and taking the difference as cash.

Common reasons to release equity include:

  • Home improvements or renovations

  • Paying off debts

  • Buying another property

  • School or university fees

  • Large purchases like a car or holiday

  • Medical bills or private treatment

Things to consider:

  • Lenders will assess what you’re using the funds for.

  • Higher LTVs (Loan to Value) can lead to higher interest rates.

  • You must still meet the lender’s affordability criteria.

Not all lenders allow equity release for every purpose—some restrict things like investments or debt consolidation. A broker can help you navigate the options and avoid unnecessary pitfalls.

 

Remortgaging When Your Circumstances Have Changed

 

Life changes—so can your mortgage needs. If your financial or personal situation has changed since you took out your last mortgage, it could affect your remortgaging options.

Here are some common scenarios:

🔹 Employment changes
Becoming self-employed or changing jobs might affect your affordability. Lenders may require tax returns or business accounts instead of payslips.

🔹 Credit history issues
Bad credit doesn’t always mean you can’t remortgage, but it narrows your lender options. Specialist brokers can help match you with lenders open to your situation.

🔹 Relationship status
Separated from a partner on a joint mortgage? You may want to remortgage into one name. Conversely, new relationships might call for a joint mortgage—both scenarios can be handled with expert guidance.

Getting advice early ensures you’re not blindsided by delays or declined applications.

 

Should You Stick with the Same Lender or Switch?"

 

When your mortgage deal ends, you’ve got two main options: stay with your current lender (a product transfer) or remortgage with a new lender.

Staying with your current lender
✅ Often quicker and easier
✅ No legal work required
✅ Good option if your circumstances have changed or credit has dipped

Switching to a new lender
🔍 Could get you a better rate
💸 Many lenders offer free legal work or cashback to attract switchers
📈 Broader market access—your broker can compare the whole of market to find better terms

Working with a broker helps weigh up both options, comparing deals and fees to find the one that works best for you.

 

Refinancing a Mortgage-Free Property

 

If you own your home outright (also known as an unencumbered property), remortgaging is often simpler and can unlock competitive deals.

Why refinance a mortgage-free home?
💷 Raise funds for home improvements, investments, or big purchases
📉 Access better rates due to low risk for lenders
✅ No existing debt means a clean slate for lenders to assess

Key considerations:

  • Lenders will still assess affordability, credit score, and the purpose of the loan

  • The more equity you retain, the better the rates you’ll likely access

  • A broker can help you find lenders who specialise in unencumbered remortgages

 

Buy-to-Let & Commercial Remortgages

 

Remortgaging isn’t just for residential properties. Many landlords and business owners use remortgages as a strategic tool to release equity or secure better terms.

Buy-to-Let Remortgages:

  • Ideal for refinancing existing rental properties

  • Can help fund additional property purchases or reduce monthly costs

  • Rental income and property portfolio value are key factors for approval

Commercial Remortgages:

  • Used for business premises, offices, or mixed-use buildings

  • Typically assessed on business performance and long-term viability

  • Specialist lenders and brokers are essential for navigating complex criteria

📌 Whether you’re a first-time landlord or an experienced investor, working with a broker ensures you access the full market—including niche lenders not available directly to the public.

 

Alternatives to Remortgaging

 

If remortgaging isn’t quite the right fit for your needs, there are several other finance options worth exploring:

🔹 Secured Loans (Second Charge Mortgages):
Useful if you’re tied into a fixed-rate mortgage with high early repayment charges. These loans let you borrow against your home without changing your main mortgage.

🔹 Unsecured Personal Loans:
For smaller borrowing needs (usually under £25,000), a personal loan could be quicker and easier than remortgaging—ideal for things like home improvements.

🔹 Equity Release (for Over-55s):
A lifetime mortgage or similar product could allow older homeowners to access the value in their home without monthly repayments. These products are complex, so professional advice is essential.

🔹 Bridging Loans:
If you need short-term finance quickly—perhaps to buy a new home before selling your old one—bridging loans offer fast access to funds, but they tend to come with higher interest rates.

💡 A mortgage broker can help assess your needs and match you with the right financial product for your situation.

 

Get Matched with a Remortgage Specialist

 

Remortgaging can be straightforward—but the stakes are high. The wrong deal could cost you thousands over time. That’s why working with a specialist makes sense.

Why use a remortgage broker?
✅ They compare deals across the whole market
✅ They understand complex cases (e.g. bad credit, self-employment)
✅ They can often access exclusive rates not found on the high street
✅ They’ll manage the paperwork and liaise with lenders for you

Whether you’re looking to save money, release equity, or simplify your finances, an expert advisor can guide you to the best outcome.

Get started today:

💬 Submit an enquiry using our contact form to arrange a free callback

 

❓ Remortgage FAQs

How often should I remortgage?

There’s no fixed rule, but many homeowners remortgage when their fixed rate ends. A broker can check whether switching earlier might save you money.

Yes, though the process may be more complex. A broker can guide you through any restrictions or conditions based on the scheme you used.

Most lenders will carry out a valuation as part of the remortgage process, but this is usually handled for free if the lender includes it as part of the deal.

Some lenders have upper age limits, but many now offer later-life mortgages and equity release options. Specialist advice is crucial here.

A broker can help you understand why and match you with a more suitable lender. Even if your situation is complex, there are usually options available.

Technically, no—but using a broker can make the process easier, faster, and often cheaper. They have access to deals you might not find yourself.

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