How to Remortgage: A Complete UK Guide
When your current mortgage deal ends, you could end up on a lender's Standard Variable Rate and overpaying by hundreds of pounds a month. This guide explains exactly when and how to remortgage — and how to get the best deal.
What is remortgaging?
Remortgaging means switching your existing mortgage to a new deal — either with your current lender (a product transfer) or with a different lender entirely. It does not mean moving home; you keep your property and simply replace the mortgage.
Most homeowners remortgage when their initial fixed or tracker deal expires — typically after 2, 3, or 5 years. At that point, if you do nothing, you automatically move onto your lender's Standard Variable Rate (SVR), which is almost always significantly higher than what you were paying.
When is the right time to remortgage?
The best time to start the process is 3 to 6 months before your current deal expires. Many lenders allow you to secure a new rate now and switch to it when your deal ends, without incurring Early Repayment Charges (ERCs).
You should consider remortgaging if any of the following apply:
- Your fixed-rate or tracker deal is ending within the next 6 months
- You are currently on your lender's Standard Variable Rate
- Your home has gone up significantly in value, moving you into a lower LTV band
- You want to release equity from your home for home improvements, debt consolidation, or other purposes
- You want to change your mortgage term — either shorter (to pay it off faster) or longer (to reduce monthly payments)
- Your personal circumstances have changed (e.g. you are now earning more)
How much could you save by remortgaging?
The savings depend on your outstanding balance, the rate difference, and your remaining term. As a rough illustration: on a £200,000 mortgage, moving from a Standard Variable Rate of 7.5% to a 2-year fixed rate of 4.5% would save around £375 per month — or £9,000 over the 2-year deal.
Use our mortgage repayment calculator to see what your payments could look like on a new rate.
Watch out for Early Repayment Charges: If you leave a deal before it ends, your lender will usually charge an ERC — typically 1%–5% of your outstanding balance. Always check the ERCs before proceeding. In some cases, waiting a few months until your deal naturally expires is the smarter option.
Product transfer vs switching lender — what is the difference?
Product transfermeans staying with your current lender and moving to a new deal they offer. It is often quicker and involves less paperwork, but you are limited to that lender's product range and rates.
Switching lender means taking out a new mortgage with a different provider. It takes longer (typically 4–8 weeks) and involves a full application, valuation, and legal work — but it opens up the whole market, often resulting in a better rate.
A whole-of-market adviser compares both options on your behalf — including deals exclusive to brokers — and recommends whichever saves you the most money overall.
The remortgaging process — step by step
Check when your current deal ends
Find your mortgage statement or call your lender to confirm your deal end date and any applicable ERCs.
Get an adviser to search the market
A broker searches hundreds of deals across the full market — including rates not available directly — to find the best option for your balance, LTV, and circumstances.
Receive a personalised recommendation
Your adviser will present the best options with a full cost comparison, including fees, so you can make an informed decision.
Submit your application
Once you choose a deal, your adviser handles the application. The lender may commission a valuation — many modern remortgage applications use an automated desktop valuation, meaning no physical survey visit.
Receive your offer and complete
Once the lender issues a mortgage offer, solicitors handle the legal switch. For a straightforward remortgage, many lenders offer a free legal service.
Can you remortgage to release equity?
Yes. If your property has increased in value since you bought it, or you have paid down a significant portion of your mortgage, you may have built up equity you can access.
Equity release through remortgaging is commonly used for:
- Home improvements (an extension, loft conversion, or kitchen remodel)
- Consolidating expensive unsecured debts (credit cards, personal loans)
- Helping a child with a deposit for their first home
- Funding a large purchase such as a vehicle or business investment
Note on debt consolidation: Converting unsecured debt into secured debt (your mortgage) means your home is at risk if you cannot keep up payments. Always discuss this with an adviser before proceeding.
Fixed rate, tracker, or variable — which is right for you when remortgaging?
Fixed rate: Your interest rate stays the same for the agreed term (typically 2, 3, or 5 years). Monthly payments are predictable — ideal if you want certainty.
Tracker: Follows the Bank of England base rate plus a fixed margin. If the base rate falls, your payments fall too — but they rise if the base rate rises. Suitable if you think rates will fall and can handle some payment variability.
Discount variable:A discount off the lender's SVR for a set period. Less common but occasionally competitive. Payments move with the SVR.
The right choice depends on your financial position, appetite for risk, and the current interest rate outlook — all things your mortgage adviser will help you work through.
Why remortgage with Property Link Homes?
As a whole-of-market broker, Property Link Homes searches thousands of products across the full market — not just what one bank happens to be offering. Our advisers will compare your existing lender's product transfer rates against the competition to make sure you genuinely get the best deal.
- Free initial consultation with no obligation
- Whole-of-market access including broker-exclusive rates
- We handle all the paperwork — from application to completion
- We will alert you when your deal is due to expire so you never end up on an SVR
Ready to get started?
Find out how much you could save by remortgaging
Answer a few quick questions and a Property Link Homes adviser will search the whole market to find the best remortgage deal for your circumstances.
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