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Appointed Representative of The Right Mortgage Network (FCA No. 1004260). Company No. 15189091. Registered in England and Wales.
Mortgages · Buying and moving
Remortgage Advice
“Your rate is probably higher than it needs to be.”
When your initial deal ends you move onto your lender’s Standard Variable Rate, which is almost always higher. Remortgaging to a new deal can save you hundreds of pounds a month.
FCA regulated · whole of market · 90+ lenders · 5 star reviews
Quick answer
Remortgaging means moving your existing mortgage to a new deal, either with your current lender or a new one. Most people do it when their fixed or tracker period ends, to avoid the lender’s higher standard variable rate. The main thing to know is timing: start around six months before your deal ends so the new rate begins the day the old one finishes.
Equity needed
Usually at least 5% to 10%
How lenders assess you
Income, outgoings and property value
When to start
6 months before your deal ends
Main thing to watch
Early repayment charges
How remortgaging works
With a product transfer you stay with your lender and simply pick a new rate. It’s quick, usually has no legal work, and often needs no fresh affordability check.
Switching lender means a full application, a valuation and legal work, which the new lender often pays for. It opens up the whole market and can be cheaper.
Most deals can be secured up to six months ahead. If rates fall before completion, we can often switch you to the lower rate.
Raising money when you remortgage
If your home has gone up in value, you may be able to borrow extra for home improvements, a family gift or other plans. Lenders will ask what the money is for.
Adding to your mortgage increases the total interest you pay over the term, so we’ll show you the true cost before you decide.
Eligibility and what lenders assess
Who may qualify
Homeowners with a mortgage coming to the end of a deal, or already on a standard rate.
Equity and LTV
Your balance against today’s value sets which rates you can access.
Income and affordability
Needed when switching lender or borrowing more.
Credit history
Recent missed payments can limit options with new lenders.
Property requirements
Changes such as extensions or new cladding concerns can affect valuation.
Common reasons for decline
A lower valuation than expected, or income that has dropped since the last mortgage.
What happens from first call to completion
1
Review your circumstances
A proper conversation about your income, commitments, plans and timescales before anything else.
2
Check affordability and criteria
We check what lenders will realistically offer and whose criteria you fit, before any credit search.
3
Compare suitable options
We compare the market on total cost, not just the headline rate, and explain the trade offs.
4
Prepare and submit the application
We package your documents so the underwriter has what they need first time.
5
Manage valuation and underwriting
We chase the lender, valuer and solicitor and deal with any questions that come up.
6
Receive your offer and complete
Once the offer is issued we keep things moving through to completion day.
Costs, risks and when it may not be suitable
Being upfront about this is part of doing it properly.
Costs to budget for
- Product and arrangement fees
- Valuation and legal costs
- Early repayment charges if you leave a deal early
- The total cost of borrowing over the full term, not just the initial rate
- A longer term lowers monthly payments but increases the total interest you pay
Risks to weigh up
- Leaving a deal early can mean early repayment charges
- Extending your term to lower payments increases total interest
- Your home may be repossessed if you do not keep up repayments on your mortgage
When it may not be suitable
- If your early repayment charge outweighs the saving, it may be better to wait
- A product transfer isn’t always cheapest, so compare before accepting your lender’s offer
What you will need
The exact list depends on your lender, but this is what to start gathering.
Photo ID and proof of address
Bank statements (usually 3 months)
Details of credit commitments
Existing mortgage statement
Payslips or accounts
Details of any additional borrowing needed
How MBNM helps
- Assess your circumstances properly, not just your salary
- Compare suitable lenders and products across the whole market
- Check criteria before an application goes anywhere near a lender
- Explain the total costs and trade offs in plain English
- Manage the application and chase the people who need chasing
- Support you all the way through to completion
What it costs
Your first chat is free. If we can help, we will explain any fees before you decide whether to proceed. There are no hidden fees, and we will not move forward until you have agreed them.
Remortgage FAQs
Should I stay with my current lender or switch?
Can I remortgage early?
How long does remortgaging take?
Can I lock in a rate now?
Can I borrow more when I remortgage?
Will I need a valuation?
Deal ending soon?
Tell us when your deal ends and we’ll compare your lender’s offer with the rest of the market.
Your first conversation is free and there's no obligation. If we can help, we'll explain any fees before you decide whether to go ahead.
Your home may be repossessed if you do not keep up repayments on your mortgage.