Remortgaging Explained (2026): How It Works, How Long It Takes & What It Costs
Remortgaging means switching your mortgage to a new deal — with your current lender or a new one — usually to avoid an expensive default rate or to borrow more. Here’s how the process works, when to start, what it costs, and how to decide between staying and switching.
Quick Answer
Remortgaging means moving your mortgage onto a new deal — either a better rate with a different lender, or a new product with your current one. Most people remortgage when their fixed-rate deal is ending, to avoid rolling onto the lender’s expensive standard variable rate (SVR). Others remortgage to borrow more against their home.
The process typically takes 4–8 weeks, and you can lock in a new deal 3–6 months before your current one ends so the two hand over seamlessly. Your home may be repossessed if you do not keep up repayments on your mortgage.
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What Does Remortgaging Mean?
Remortgaging is taking out a new mortgage on a property you already own — either replacing your existing deal with a better one, or borrowing a larger amount against the home. You’re not moving house and you’re not paying the mortgage off; you’re changing the deal that sits on it.
It matters because mortgage deals are temporary. A typical fixed rate lasts 2, 5 or 10 years, and when it ends your lender automatically moves you onto their standard variable rate — which is almost always much higher. Remortgaging is how you sidestep that jump and keep paying a competitive rate.
Remortgage vs product transfer
Strictly, a remortgage means moving to a different lender, while taking a new deal with your current lender is called a product transfer. In everyday use, “remortgaging” covers both — and choosing between them is one of the key decisions, which we cover below.
Why Do People Remortgage?
There are two broad reasons — getting a better deal, and raising money — and several situations within each:
- Your current deal is ending. The most common trigger by far. Acting before your fixed rate ends means you never touch the expensive SVR.
- You’re already on the SVR. If your deal ended and you did nothing, you’re very likely overpaying every month — remortgaging is usually the fix.
- Rates or your circumstances have improved. If your home’s value has risen or your loan-to-value has dropped, you may qualify for cheaper deals than when you started.
- You want to borrow more — for home improvements, to consolidate debts, or to release equity for a big expense. (If leaving your current deal would trigger heavy charges, a second-charge mortgage can be the cheaper way to borrow instead — it leaves your existing mortgage untouched.)
- You want a different type of mortgage — for example switching between repayment and interest-only, or changing your term to alter your monthly payment.
Each of these situations has its own wrinkles — borrowing more triggers fresh affordability checks, and debt consolidation means securing previously unsecured debt against your home, which deserves careful advice. A broker will tell you quickly which route fits your case.
How Does Remortgaging Work? The Process, Step by Step
Remortgaging is simpler than buying a home — there’s no chain, no seller and no moving day — but it follows a similar shape:
- Check your current deal. Find your deal’s end date, your outstanding balance, and whether an early repayment charge (ERC) applies if you leave now.
- Compare deals. A broker compares your current lender’s offer against the wider market, based on your loan-to-value, income and plans.
- Apply. The new lender runs affordability and credit checks — payslips or accounts, bank statements, ID. Yes, remortgaging involves a full application if you’re switching lender.
- Valuation. The new lender values your home to confirm the loan-to-value. Many remortgage deals include a free basic valuation, often done remotely (a “desktop valuation”).
- Legal work. A solicitor or conveyancer handles the transfer between lenders. Most remortgage deals include free legal work, so in practice you rarely pay for or choose a solicitor yourself.
- Completion. The new lender pays off the old mortgage, your new deal starts, and your monthly payment changes to the new amount.
If you stay with your current lender (a product transfer), steps 3–5 largely disappear — usually no valuation, no legal work and minimal checks — which is why it’s faster, though not always cheapest.
When Can You Remortgage — and Can You Do It Early?
You can remortgage at almost any time, but when it makes financial sense depends on your current deal:
- The sweet spot: 3–6 months before your deal ends. Mortgage offers are typically valid for around six months, so you can secure a new deal early and have it start the day your old one finishes — no gap, no SVR, and if rates drop before completion you can usually still switch to a cheaper deal.
- During a deal (leaving early): possible, but most fixed deals carry an early repayment charge — often 1–5% of the outstanding balance. Leaving early only makes sense if the savings from the new deal outweigh the ERC; a broker can run that calculation properly.
- After your deal has ended (on the SVR): you can usually remortgage immediately with no penalty — SVRs rarely have exit charges. If you’re on the SVR now, there’s rarely a reason to wait.
Already rolled onto the standard variable rate?
This is the most expensive place to sit. The SVR is the lender’s default rate, not a competitive one, and every month on it typically costs you more than a proper deal would. You can normally leave the SVR at any time without penalty — so the sooner you compare deals, the sooner the overpaying stops.
How Long Does a Remortgage Take?
A typical remortgage to a new lender takes around 4–8 weeks from application to completion. Straightforward cases with desktop valuations and free legals can be quicker; complex incomes, leasehold properties or slow paperwork can stretch it longer.
A product transfer with your existing lender is much faster — often days rather than weeks — because there’s usually no new valuation, legal work or full affordability check.
The practical takeaway: because a switch can take up to two months, and offers last around six, starting 3–6 months before your current deal ends gives you the full market without any risk of falling onto the SVR while you wait.
How Much Does It Cost to Remortgage?
Costs vary by deal, and “fee-free” remortgage packages are common — but here’s what can appear on the bill:
| Cost | Typical range | Notes |
|---|---|---|
| Arrangement / product fee | £0 – £1,500 | Charged by the new lender; sometimes added to the loan. A low rate + big fee isn’t always cheaper overall. |
| Valuation fee | Often free | Most remortgage deals include a free basic valuation. |
| Legal / conveyancing | Often free | Free legals are standard on remortgage deals; paying your own solicitor (~£300–£600) can sometimes be faster. |
| Early repayment charge | 1–5% of balance | Only if you leave your current deal before it ends — the big one to check first. |
| Exit / discharge fee | £0 – £300 | Small admin fee from your old lender for closing the account. |
The golden rule: compare deals on total cost over the deal period — rate plus fees — not the headline rate alone. This is exactly the comparison a broker runs for you, and it regularly changes which deal wins.
Remortgage With Your Same Lender or Switch?
Stay: product transfer
Quick (often days), minimal paperwork, usually no valuation, legal work or fresh affordability check — helpful if your circumstances have changed since you first applied. The catch: you only see one lender’s deals, which may not be the market’s best.
Switch: full remortgage
Access to the whole market, so a better rate is often available — especially if your loan-to-value has improved. Takes 4–8 weeks and involves a full application, but free valuations and legals mean switching usually costs little or nothing upfront.
There’s no universal winner — it depends on the deals available for your loan-to-value on the day, and whether your circumstances would pass a fresh affordability check. The sensible move is to get your current lender’s product-transfer offer and a whole-of-market comparison, then pick. A broker does both in one go, and only gets you to apply once the numbers are clear.
The bottom line
Remortgaging is how you stop your mortgage drifting onto an expensive default rate — and, done at the right moment, it’s one of the biggest single savings available to most households. The playbook is simple: start 3–6 months before your deal ends, compare your own lender’s offer against the whole market, and judge deals on total cost, not headline rate.
Compare mortgage deals and we’ll match you with an FCA-regulated broker who runs that comparison for you — free, with no obligation.
Frequently Asked Questions
How long does it take to remortgage?
Switching to a new lender typically takes around 4–8 weeks from application to completion, depending on the valuation, legal work and how quickly documents come through. A product transfer with your existing lender is much faster — often just days. Because offers usually last about six months, you can start 3–6 months before your current deal ends and have the new one begin the day the old one finishes.
Do you need a solicitor to remortgage?
Yes — switching lenders involves legal work to move the lender’s charge on your property, so a solicitor or conveyancer is required. In practice you rarely pay for one: most remortgage deals include free legal work, with the lender appointing the solicitor. If you take a product transfer with your existing lender instead, no legal work is normally needed at all.
Can you remortgage early, before your deal ends?
Yes, but most fixed and some other deals carry an early repayment charge — often 1–5% of your outstanding balance — for leaving before the deal period ends. Leaving early can still pay off if the savings from a cheaper deal outweigh the charge, but the maths needs doing properly. Note that simply arranging your next deal early is different: you can line one up 3–6 months ahead with no penalty, timed to start when your current deal ends.
How much does it cost to remortgage?
Often very little upfront: free valuations and free legal work are standard on remortgage deals, and fee-free products exist. The costs to watch are the new lender’s arrangement fee (up to around £1,500 on some deals), a small exit fee from your old lender, and — the big one — any early repayment charge for leaving your current deal before it ends. Always compare total cost over the deal period, not just the rate.
I own my house outright — can I remortgage?
Yes. Borrowing against a home you own with no mortgage is called an unencumbered remortgage, and most lenders treat it much like a standard remortgage application: they’ll assess your income, outgoings and credit, and secure the new loan against the property. It’s a common way to release money from a paid-off home — though since your home becomes security for the loan, regulated advice matters.
Should I get my house revalued before remortgaging?
You don’t need to arrange your own valuation — the new lender values the property as part of the application, often for free. What’s worth doing is checking recent sold prices for similar homes nearby first: if your home’s value has risen, your loan-to-value may have dropped into a cheaper rate band, which can noticeably improve the deals you’re offered. Tell your broker your realistic estimate and they’ll target the right band.
- Financial Conduct Authority (FCA) — Mortgages and Home Finance: Conduct of Business (MCOB) rules
- MoneyHelper — guidance on remortgaging, early repayment charges and mortgage fees
- Bank of England — base rate and its effect on mortgage pricing
Important information
nextmove is an introducer, not a lender or adviser. This article is for general information only and does not constitute financial advice. We introduce you to FCA-regulated mortgage brokers who can advise on your individual circumstances, and we may receive a fee or commission for doing so.
Your home may be repossessed if you do not keep up repayments on your mortgage. Think carefully before securing other debts against your home. Rates, fees, criteria and timescales change over time — always confirm current terms with a regulated adviser before proceeding.
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