A guide to remortgaging
Remortgaging means switching from your current mortgage deal to a new one — either with your existing lender or a different one. Whether you want a better rate, need to borrow more, or simply want to avoid your lender’s standard variable rate, this guide walks you through the process from start to finish.
In this guide
Why do people remortgage?
Common reasons to remortgage
- Avoid moving onto your lender’s SVR
- Lock in a competitive fixed or tracker rate
- Reduce monthly payments or overall interest
Product transfer vs full remortgage: which is better?
A product transfer keeps you with your current lender on a new deal — usually with less paperwork and no legal costs. A full remortgage moves you to a different lender entirely, which may unlock better rates but involves a new application, valuation, and conveyancing.
How they compare
Product transfer
- Stay with your current lender
- Minimal paperwork — often done online or by phone
- No solicitor or valuation fees
- Usually faster (days rather than weeks)
- Limited to what your lender offers
- May not be the cheapest rate on the market
Full remortgage
- Switch to a new lender
- Full application, credit check, and affordability assessment
- Legal work and valuation required (often free via lender)
- Takes 4–8 weeks on average
- Access to the whole market
- May secure a significantly better rate
How does the remortgage process work?
Whether you’re switching lenders or staying put, here’s a typical remortgage timeline from start to finish.
Review your current deal
Check when your existing rate ends and whether any early repayment charges (ERCs) apply. Your annual mortgage statement or lender portal will show this.
Research your options
Compare product transfers from your current lender with remortgage deals across the market. A broker can do this quickly and factor in fees, cashback, and rate differences.
Get a Decision in Principle
If you’re moving to a new lender, they’ll run a soft credit search to give you an indication of how much they’ll lend. This doesn’t affect your credit score.
Submit your full application
Provide proof of income, bank statements, ID, and details of your property. The lender will carry out a full credit check and affordability assessment.
Valuation and legal work
The new lender will value your property (often at no cost to you) and appoint a solicitor to handle the legal transfer. Many lenders offer free legal work for straightforward remortgages.
Completion
Once everything is approved, the new lender pays off your old mortgage and your new deal begins. Your monthly payments switch to the new lender and rate.
What does remortgaging cost?
Typical remortgage costs
£0–£2,000
Arrangement fee
The new lender’s product fee — can often be added to the loan
£0–£300
Valuation fee
Many lenders offer free valuations for remortgages
£0–£500
Legal fees
Often included free by the new lender
1–5%
Early repayment charge
Only applies if you leave your current deal early
How long does remortgaging take?
1–5 days
Product transfer
Staying with your current lender on a new deal
4–8 weeks
Full remortgage
Switching to a new lender with legal work
3–6 months
Start looking early
Most lenders let you lock a rate months before your deal ends
What are early repayment charges and how do they affect remortgaging?
An early repayment charge (ERC) is a fee your current lender may charge if you leave your mortgage deal before it ends. ERCs are usually a percentage of the outstanding balance and decrease each year of the deal.
For example, a five-year fix might have a 5% ERC in year one, dropping to 1% in year five. On a £200,000 mortgage, a 3% ERC would cost £6,000 — so it’s crucial to factor this in when deciding whether to remortgage early.
Speak to a remortgage specialist
“We saved over £200 a month just by switching lender when our fix ended. We had no idea there were so many options until our broker showed us.”
At Clearview Mortgage Solutions, our CeMAP-qualified brokers compare remortgage deals from 90+ UK lenders. We’ll review your current deal, explain your options in plain English, and handle the paperwork from start to finish — no obligation.
Related guides
More guides in our remortgage mortgage hub.
Speak to an Expert
Our calculators give you a useful estimate, but your actual mortgage and protection options depend on your full circumstances, credit history and lender criteria. Clearview Mortgage Solutions’ FCA regulated—our CeMAP-qualified advisers are on hand to explain how each calculator applies to you and to help you compare real mortgage quotes from 90+ UK lenders.
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