What is remortgaging?
Remortgaging is switching your existing mortgage to a new deal, either with your current lender (a product transfer) or a new one. People most often remortgage when a fixed or tracker deal is ending, to avoid moving onto the lender’s higher standard variable rate.
When is it worth it?
It can be worth remortgaging when your current deal is ending, when you want to overpay or borrow more, or when better rates are available. The key is to weigh the saving against any costs — arrangement fees and early repayment charges can eat into the benefit.
Our remortgage calculator gives you a quick sense of the potential monthly saving.
How the process works
- Start around three to six months before your current deal ends.
- We review the whole market against your current rate.
- We recommend the best option and handle the application.
- The new deal completes as your old one ends, ideally with no gap.
Watch out for
Early repayment charges on your current deal, the size of any new arrangement fee, and how long you plan to stay in the property. A saving on the headline rate is only a real saving once these are taken into account — which is what we check for you.
This guide is general information, not personal financial advice. Your home may be repossessed if you do not keep up repayments on your mortgage.