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Remortgaging
The remortgage process is similar to the original process you undertook when completing your original mortgage application. It can also depend on whether your circumstances have changed, such as if you’re self employed, changed jobs or any other significant event that life throws at you.
A mortgage adviser can cut through all the noise associated with the remortgaging process and oversee the entire journey for you. Get in touch with one of our advisers today to discuss your remortgaging options.
With more than 2,000 advisers across the UK, we offer expert mortgage advice on a local, regional and national level to UK consumers, both face-to-face and over the phone.
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How we can help
We can help first time buyers, remortgages, buy-to-lets, home movers and many more.
- Tailored mortgage advice specific to your needs and circumstances
- Access to over 12000 mortgage deals across 90+ lenders, including ones that aren't available on the high street
- Guidance on which mortgage lender and product to choose
- Protection support and advice to protect you and your family
Calculators and tools
Get mortgage ready with our calculators
Our borrowing calculator is designed to help you work out how much you borrow, which gets you one step closer to owning your own home.
Simply enter a few key details to get an estimate of how much you could borrow.
Repayments are calculated by the size of your mortgage, the interest rate from your lender, and the term of your contract.
Important information
Your home may be repossessed if you do not keep up repayments on your mortgage.
There may be a fee for mortgage advice. The actual amount you pay will depend on your circumstances. The fee is up to 1% but a typical fee is 0.3% of the amount borrowed.
You may have to pay an early repayment charge to your existing lender if you remortgage.
Frequently asked questions
Remortgaging is the process of moving the mortgage on your current property to a new deal. This can either be with the same lender or a different one.
There are a number of reasons as to why it may be time to remortgage, including but not limited to:
- Your current fixed rate deal is ending
- You're assessing your finances and believe remortgaging could save you money
- You're on a standard variable rate and want to switch to a fixed-rate mortgage
- You're planning on releasing equity from your property to pay for home improvements
If your discounted term is coming to an end, it's recommended that you start the remortgaging process six months beforehand. You can remortgage at any time, but bear in mind that you may need to pay an early repayment fee to do so.
Our team of mortgage advisers can support you throughout the entire remortgaging process from start to finish. With access to thousands of deals - many of which aren't available on the high street - they'll be able to source a product that suits your individual circumstances.
Depending on your circumstances, there are a number of costs you'll need to take into account when remortgaging:
- Early repayment fee (depending on when you choose to remortgage)
- Possible product fee to a new lender
- Conveyancing and valuation fees
- Potential mortgage adviser fee
If you've changed roles or increased your earnings in full-time employment, you'll need to provide your current employer's details on your mortgage application.
However, if you've moved to part-time work or your wages have decreased in a new role, the amount you can borrow will be impacted. There are also different rules for those who are self-employed or on maternity leave when remortgaging.
Talk to your mortgage adviser about any changes in circumstances, so they can assess your finances and offer guidance on the options available to you.
On average, the remortgaging process takes between four to eight weeks. However, just as everyone's financial circumstances are different, there is no set time that it will take to remortgage, so this timeframe isn't guaranteed.
This depends on whether you remortgage with your current lender or a new one. Remortgaging with your existing lender is known as a product transfer, so no additional legal work is needed.
Meanwhile, remortgaging with a new lender will require a conveyancer. Certain mortgage products will cover the cost of the legal fees as part of the deal, so check with your adviser if this applies to you.