How to Remortgage in the UK
Remortgaging means switching your existing mortgage to a new deal — either with your current lender (a product transfer) or with a new lender. The primary reasons to remortgage are to secure a lower interest rate, release equity, or change your mortgage term.
The process typically takes 4–8 weeks, though product transfers with the same lender can be completed in days. You will need to pass affordability checks again with a new lender, though requirements are generally more relaxed than for a purchase mortgage.
Product Transfer vs. Remortgage
A product transfer means staying with your current lender but switching to a new rate or term. This is usually quicker and cheaper (no legal fees, minimal paperwork) but you may not get the best rate on the market.
A full remortgage involves switching to a completely new lender. This is more work but opens up the entire market. A whole-of-market mortgage broker can search thousands of deals to find you the most competitive rate.
Remortgaging Checklist
- ✓Check when your current deal ends
- ✓Find out if any early repayment charges apply
- ✓Check your current credit score
- ✓Gather payslips and bank statements
- ✓Compare deals with a whole-of-market broker
- ✓Consider whether to fix and for how long
- ✓Factor in all switching costs