What is remortgaging?
Remortgaging means switching your existing mortgage to a new product — either with your current lender (a 'product transfer') or with a new lender (a full remortgage).
Educational guide
Remortgage Guide
When to start, how product transfers compare to full remortgages, and how to time things around your current deal.
Last reviewed: Feb 20268 min readWritten in plain English · UK focus
When should I start looking?
Most homeowners begin reviewing options 4–6 months before their current deal ends. This avoids slipping onto the lender's Standard Variable Rate (SVR), which is usually more expensive.
Product transfer vs remortgage
A product transfer stays with your current lender — quicker, lighter paperwork, no legal fees, but a smaller pool of products. A remortgage to a new lender can unlock better rates but typically involves affordability checks, valuation and legal work.
Loan-to-value and equity
Lower LTV (more equity) typically opens more competitive products. Many lenders price in bands such as 60%, 75%, 85% and 90%.
Affordability checks
Even with the same lender, a remortgage may include an affordability assessment based on income, commitments and stress-tested rates.
Early Repayment Charges (ERCs)
Most fixed-rate deals carry ERCs if you redeem early. Always check your current product's ERC schedule before timing a switch.
Valuation and legal work
A new-lender remortgage usually requires a valuation and conveyancing. Some lenders bundle these as 'free legal' products.
When speaking to a broker may help
A regulated broker can compare product-transfer offers with the wider market, sense-check ERC timing, and help with paperwork.
Next step
Start your remortgage snapshot
See your equity and LTV
Or estimate
Estimate your repayments
Try overpayments and term changes
Educational only
Plain-English explanations. We do not provide regulated mortgage advice or product recommendations.
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