Should I Remortgage? Complete UK Guide 2026

What is remortgaging?

Remortgaging means switching your existing mortgage to a new deal — either with your current lender or a different one. You don't move home; you just change the mortgage product secured against your existing property.

Most homeowners remortgage when their current fixed or discounted deal comes to an end, because staying on your lender's Standard Variable Rate (SVR) — typically 7–8% — is almost always significantly more expensive than switching to a new deal.

When should I remortgage?

The best time to start looking is 3–6 months before your current deal ends. Many lenders will let you lock in a new rate up to 6 months in advance, so you can secure a deal now and switch when your current one expires — with no early repayment charges.

How much could I save by remortgaging?

The savings depend on your outstanding balance, your current rate, and what new deal you can access. As a rough example:

• Outstanding mortgage: £200,000
• Current SVR: 7.5%
• New 5-year fix: 3.9%
• Monthly saving: approximately £590
• Annual saving: approximately £7,080

Even on a smaller balance, the savings typically run into hundreds of pounds per month. A mortgage adviser can run the exact numbers for your situation.

What are the main reasons to remortgage?

• Your current deal is ending — avoid falling onto the SVR
• You want to release equity — access cash tied up in your home for home improvements, debt consolidation, or other purposes
• Your property value has increased — higher equity means a lower LTV, which unlocks better rates
• Your income has changed — higher income may qualify you for better terms
• Interest rates have fallen — potentially worth paying an early repayment charge to switch

What are the costs involved in remortgaging?

Remortgaging isn't always free, but the savings usually far outweigh the costs:

• Early repayment charge (ERC): Typically 1–5% of your loan if you exit a fixed deal early. Check your mortgage terms.
• Arrangement fee: £0–£2,000 on the new deal. Sometimes worth paying for a lower rate.
• Valuation fee: Often free — many lenders waive this to attract switchers.
• Legal fees: Usually free for a like-for-like remortgage. Charged if you're raising additional funds.

Can I remortgage with bad credit?

Yes, though your options will be more limited. Specialist lenders cater for borrowers with missed payments, defaults, CCJs, or past bankruptcy. A whole-of-market adviser is essential here — high street lenders will likely decline you, but specialist lenders may not. Your rate will be higher, but securing a deal is still very possible.

How long does a remortgage take?

Typically 4–8 weeks from application to completion. If you're staying with the same lender (a product transfer), it can be done in days. Start the process at least 3 months before your current deal ends to give yourself enough time.

Should I use a remortgage adviser?

Yes — and there's no cost to you. A whole-of-market adviser searches thousands of deals to find the best rate for your loan size, LTV, and credit profile. They handle the paperwork, liaise with the new lender, and ensure you don't miss your window. It takes about 20 minutes of your time.