From better rates to borrowing more — here’s how remortgaging works.
Whether your current deal is ending or you want to free up cash, remortgaging can be a smart financial move. But it’s not always as simple as switching to a cheaper rate — and making the wrong move could cost you.
Here’s a quick guide to help you understand the process and your options.
💡 What Is Remortgaging?
Remortgaging is when you switch from your current mortgage to a new deal — either with your existing lender or a different one.
You might remortgage to:
- Get a better interest rate
- Fix your repayments for longer
- Borrow more money (e.g. for home improvements or debt consolidation)
- Change the term or type of mortgage
- Avoid your lender’s Standard Variable Rate (SVR)
⏰ When Should You Start Looking?
Start looking 3–6 months before your current deal ends. This gives you time to avoid slipping onto the SVR — which is usually higher and more expensive.
If you’re already on an SVR, you can usually switch without an early repayment charge.
💷 Can You Remortgage to Borrow More?
Yes — but lenders will check:
- What the money is for (e.g. extensions, renovations, debt consolidation)
- Your income and outgoings
- Current credit score
- Remaining equity in your property
They’ll do an affordability assessment just like a new mortgage application.
❌ When Might Remortgaging Not Be Right?
- You’re still in a fixed deal with early repayment charges
- Your credit score has dropped
- Your income has changed
- Your home has gone down in value
💡 In these cases, it’s worth speaking to a broker to weigh your options.
💬 Ready to Explore Remortgaging?
Remortgaging can save you money, release equity, or just give you peace of mind — but only if it’s done properly. I’ll help you figure out whether switching makes sense, and find the deal that works for your goals.
✅ Check if you can save on your current rate
✅ Find out how much you could borrow
✅ Get support with applications and lender negotiations