The Remortgaging Process Explained

Published 20 October 2026

The below article has information contained within that was correct at the time of publication but is subject to change. This is for information purposes only and does not constitute advice.

The Remortgaging Process Explained

Written by Doug Miller, Director at Lansdown Financial Services.

Doug Miller is a mortgage broker and co-founder of Lansdown Financial Services, based in Bath, quoted in 30+ news articles including the Guardian, Sky News, This is Money and the Sun.

Remortgaging might sound complicated, but for many homeowners it’s simply the process of replacing their existing mortgage with a new one.

The most common reason to remortgage is that your current fixed-rate or discounted mortgage deal is coming to an end. If you do nothing, you’ll normally move onto your lender’s Standard Variable Rate (SVR) or another follow-on rate, which could be more expensive than the mortgage deals available.

However, getting a new mortgage deal doesn’t necessarily mean changing lender.

Your existing lender may offer a new product, known as a product transfer, while another lender might offer a more competitive combination of interest rate, fees and features.

The important thing is to compare your options before your current mortgage deal expires.

Key Points: The Short Version

Don’t have time to read the full article? Here are the six key things you need to know.

• Start reviewing your mortgage early: We normally recommend beginning around six to seven months before your existing deal expires.
• You don’t always need to change lender: A product transfer with your existing lender may be suitable, but it’s worth comparing alternatives.
• Your property value and mortgage balance matter: These determine your loan-to-value (LTV), which can affect the interest rates available.
• Switching lender usually involves a new application: The new lender may assess your income, expenditure, credit history and property value.
• Compare more than the interest rate: Product fees, early repayment charges, incentives and overall borrowing costs can all influence which mortgage is best suited to you.
• You may be able to borrow more: Remortgaging can provide an opportunity to release equity, subject to affordability and lender criteria.

The bottom line: Remortgaging doesn’t automatically mean changing lenders or choosing the lowest advertised interest rate. The objective is to find the most appropriate mortgage arrangement for your circumstances while avoiding unnecessary costs.

The Full Guide: How the Remortgaging Process Works

Want to understand the detail? Below, we explain the remortgaging process step by step, when to start, how lenders assess applications and what happens when your new mortgage completes.

In This Guide

• What remortgaging means
• When to start the process
• Product transfer versus remortgaging
• The remortgage process step by step
• Affordability, property valuations and documents
• Mortgage fees and early repayment charges
• Releasing equity and additional borrowing
• How long remortgaging takes
• Frequently asked questions

What Is Remortgaging?

Remortgaging is the process of replacing your existing mortgage with a new mortgage from a different lender, while keeping the same property.

For example, if you currently have a mortgage with one bank, you could potentially switch to another lender offering a more suitable product.

The new mortgage is used to repay your existing mortgage, and you then make your repayments to the new lender.

However, you don’t necessarily have to change lenders to secure a new mortgage deal.

You may be able to remain with your existing lender and switch to another of its products, known as a product transfer.

Both options are worth considering when your existing mortgage deal is approaching its end.

When Should You Start Looking at Remortgaging?

We’d normally recommend starting to review your mortgage around six to seven months before your current deal expires.

You don’t need to wait until the fixed-rate period has actually ended.

Starting early gives you time to compare mortgage products, assess your borrowing requirements and arrange a suitable new deal without unnecessary pressure.

Depending on the lender, you may be able to secure a mortgage rate several months before the new mortgage needs to begin.

This can be particularly helpful if you want to avoid moving onto your existing lender’s Standard Variable Rate.

What Happens If You Don’t Remortgage?

If your fixed-rate or discounted mortgage deal ends and you haven’t arranged another product, you’ll normally move onto your lender’s SVR or applicable follow-on rate.

This is often higher than the rates offered through new mortgage products.

For example, imagine your existing mortgage deal ends and your lender’s SVR is significantly higher than the fixed rate you’ve been paying.

Your monthly mortgage repayments could increase, even though you haven’t borrowed any additional money.

There can be reasons to remain temporarily on an SVR, particularly if you’re planning to sell your property or repay the mortgage shortly.

However, we’d want that to be an informed decision rather than something that happens because you haven’t reviewed your options.

Should You Remortgage or Stay with Your Existing Lender?

This is one of the first things we’d look at.

A product transfer can be convenient because you’re switching to another mortgage product without changing lender.

Depending on the circumstances, the process may involve less paperwork and might not require a new affordability assessment or property valuation.

Remortgaging to another lender involves a new mortgage application, but it may give you access to a more competitive product.

Product Transfer vs Remortgage

Feature	Product transfer	Remortgage to a new lender
Mortgage lender	You stay with your existing lender.	You switch to another lender.
Application process	Often simpler, depending on the changes requested.	Usually requires a new application.
Affordability assessment	May not be required for a straightforward like-for-like switch.	Normally required, subject to applicable lending rules and exceptions.
Property valuation	Often based on the existing lender’s valuation or estimate.	The new lender normally assesses the property’s value.
Legal work	Usually limited or unnecessary for a straightforward product switch.	Normally involves conveyancing or legal work.
Mortgage options	Limited to products available from your current lender.	Allows you to consider products from other suitable lenders.

Neither option is automatically better.

If your existing lender offers the most suitable mortgage, there may be no reason to switch.

Equally, another lender might offer a lower overall cost or features that better suit your circumstances.

At Lansdown Financial Services, we’ll compare both approaches rather than assuming you should move lender.

The Remortgaging Process: Step by Step

Although the details vary between lenders, a typical remortgage to a new lender follows several stages.

Stage	What happens
1. Review your current mortgage	Check your balance, existing rate, deal expiry date and any early repayment charges.
2. Assess your requirements	Consider affordability, property value, mortgage term and future plans.
3. Compare mortgage products	Review your existing lender’s options alongside suitable alternatives.
4. Choose a mortgage	Consider the interest rate, fees, incentives and product features.
5. Submit the application	The new lender assesses your finances and supporting documents.
6. Property valuation and underwriting	The lender reviews your application and the property.
7. Receive your mortgage offer	A formal offer is issued if the application is approved.
8. Complete the remortgage	Your existing mortgage is repaid and the new mortgage takes effect.

Step 1: Review Your Existing Mortgage

Before looking at new mortgage products, it’s important to establish the details of your current mortgage.

We’ll normally want to know your outstanding mortgage balance, current interest rate, remaining mortgage term and when your existing deal expires.

We’ll also check whether any early repayment charges apply.

Your latest mortgage statement or online account should provide much of this information.

Step 2: Establish Your Property Value and Loan-to-Value

Your property’s value can influence which mortgage products are available.

Lenders use the loan-to-value ratio, or LTV, to compare the mortgage balance with the value of your property.

For example:

Property and mortgage details	Amount
Estimated property value	£300,000
Outstanding mortgage	£180,000
Loan-to-value	60%
Property equity	£120,000

In this example, the mortgage represents 60% of the property’s estimated value.

Mortgage rates are often structured around different LTV bands.

If you’ve reduced your mortgage balance or your property has increased in value, you may now qualify for mortgage products at a lower LTV than when you originally purchased.

However, the lender’s valuation is what matters when assessing your application.

Step 3: Compare Suitable Mortgage Products

Once we understand your mortgage requirements, we’ll compare the products available.

This includes looking at what your existing lender can offer alongside mortgages from other suitable lenders.

We won’t automatically recommend the product with the lowest headline interest rate.

For example, one mortgage could have a slightly lower interest rate but charge a £1,999 arrangement fee.

Another may have a higher interest rate but no product fee.

Which is more cost-effective depends on the mortgage amount, rate difference, length of the initial deal and any applicable incentives.

We’ll also consider early repayment charges, overpayment allowances and whether you’re likely to move home during the new mortgage deal.

The aim is to find a suitable mortgage with a competitive overall cost, rather than simply the lowest advertised rate.

Step 4: Submit the Remortgage Application

If you decide to switch lenders, we’ll prepare and submit the new mortgage application.

The lender will assess your income, expenditure, existing financial commitments and credit history.

You may need to provide supporting documents, particularly if your employment or income circumstances have changed.

The lender may also request additional information during underwriting.

This is a normal part of many mortgage applications and doesn’t automatically mean there’s a problem.

Step 5: Property Valuation and Mortgage Offer

The new lender will need to establish the property’s value and suitability as security for the mortgage.

This doesn’t necessarily mean someone will physically inspect your home.

Depending on the lender and property, the valuation may be automated, carried out remotely or completed through a physical inspection.

Once the lender is satisfied with your application and the property, it can issue a formal mortgage offer.

Step 6: Legal Work and Completion

If you’re remortgaging to a different lender, a solicitor or conveyancer will normally handle the legal work.

Their role includes ensuring the existing mortgage is repaid and the new lender’s mortgage is correctly secured against the property.

Some mortgage products include standard legal services or cashback towards the costs.

On completion, funds from the new lender are used to repay your existing mortgage.

Your previous mortgage is closed, and you’ll begin making repayments to the new lender.

You don’t need to sell or move out of your property.

You’re simply replacing the finance secured against your existing home.

What Documents Do You Need to Remortgage?

The exact requirements depend on the lender and your circumstances.

However, you may need:

Document	Why it may be required
Proof of identity and address	To confirm your personal details.
Recent payslips	To evidence employment income.
Bank statements	To assess income and financial commitments.
Existing mortgage details	To establish the outstanding balance and current arrangements.
Self-employed income evidence	Tax calculations, tax year overviews or company accounts, where relevant.
Other income evidence	To verify bonuses, commission or additional sources of earnings.

You won’t necessarily need every document listed.

We’ll establish what the chosen lender requires before submitting your application.

What Fees and Costs Are Involved in Remortgaging?

The cost of remortgaging varies depending on the lender and product.

Some mortgages include incentives such as free standard valuations, legal services or cashback, while others charge additional fees.

Potential costs include:

• Mortgage arrangement or product fees.
• Property valuation fees.
• Legal or conveyancing costs.
• Mortgage exit or administration fees.
• Early repayment charges on your existing mortgage, where applicable.

These costs need to be considered alongside the potential savings.

What Are Early Repayment Charges?

An early repayment charge, or ERC, is a fee that may apply if you repay your mortgage or switch products during a period when the lender imposes restrictions.

These charges can be substantial.

For example, a 2% early repayment charge on a £200,000 mortgage balance would be £4,000.

That’s why timing your remortgage matters.

If your current fixed-rate deal is ending soon, it may be possible to arrange the new mortgage in advance but complete it after the early repayment charge period has finished.

There can be circumstances where paying an ERC is financially worthwhile, but we’d want to compare the costs carefully before recommending that approach.

Can You Borrow More When You Remortgage?

Potentially, yes.

Some homeowners use a remortgage to release equity from their property.

For example, you might want to borrow additional money to fund home improvements.

Whether this is possible depends on your property’s value, existing mortgage balance, affordability and the lender’s criteria.

However, remortgaging your entire mortgage to another lender isn’t necessarily the only option.

You may also be able to obtain a further advance from your existing lender.

We’d compare the available approaches before making a recommendation.

Can You Remortgage to Consolidate Debt?

Potentially, although this requires careful consideration.

Some homeowners consider raising additional mortgage borrowing to repay credit cards, personal loans or other unsecured debts.

Mortgage interest rates may be lower than the rates charged on certain unsecured debts.

However, mortgages are usually repaid over a much longer period.

This means consolidating shorter-term borrowing into your mortgage could result in paying more interest overall, even if your monthly payments decrease.

You’re also turning unsecured borrowing into debt secured against your home.

Reducing your monthly repayment doesn’t automatically mean reducing the total cost of borrowing.

We’d consider the full implications before recommending debt consolidation through a mortgage.

What If Your Circumstances Have Changed Since Your Last Mortgage?

This is particularly important when considering switching lender.

Perhaps you’ve become self-employed, changed jobs, reduced your working hours or taken on additional financial commitments.

You might also have started a family or experienced changes to your household income.

These circumstances can influence which lenders are suitable and how much you can borrow.

However, they don’t automatically prevent you from remortgaging.

In some cases, remaining with your existing lender through a product transfer may provide a more straightforward option.

Other borrowers may still have suitable remortgage products available from different lenders.

This is why we’d review your current circumstances before deciding which route to explore.

How Long Does the Remortgaging Process Take?

There isn’t one fixed timescale.

A straightforward product transfer can sometimes be completed relatively quickly because it may involve fewer checks and less administration.

A remortgage to a new lender normally takes longer because it involves a new application, underwriting, property valuation and legal work.

A straightforward lender switch may take approximately four to eight weeks, although some applications take longer.

The timescale can depend on the lender, the complexity of your circumstances, property requirements and the progress of the legal work.

That’s one reason we recommend starting the conversation several months before your existing deal expires.

You don’t want to feel pressured into making a mortgage decision because your existing rate is ending in a few days.

Is Remortgaging Always Worth It?

Not necessarily.

Sometimes the most appropriate decision is to remain with your existing lender.

For example, if your current lender offers a competitive product transfer, switching lenders may provide little financial benefit.

Likewise, if you have a substantial early repayment charge, a small outstanding mortgage or plan to move home shortly, the costs of switching might outweigh the advantages.

We’d also consider whether your mortgage requirements have changed.

Perhaps you want to reduce your monthly payments, shorten the mortgage term, make additional repayments or borrow more.

The objective isn’t simply to change mortgage providers.

It’s to find an appropriate arrangement for your circumstances, whether that means staying with your current lender or moving elsewhere.

Frequently Asked Questions About Remortgaging

Can You Remortgage Before Your Fixed Rate Ends?

Yes, potentially.

You may be able to arrange a new mortgage months before your existing fixed-rate deal expires.

However, completing a remortgage early could trigger an early repayment charge, so it’s important to check your existing mortgage terms.

Do You Need a Solicitor to Remortgage?

Normally, yes, if you’re changing lenders.

A solicitor or conveyancer will usually handle the legal work involved in repaying your existing mortgage and registering the new lender’s security.

For a straightforward product transfer with your existing lender, equivalent conveyancing work is usually unnecessary.

Can You Remortgage If You’re Self-Employed?

Yes.

Self-employed applicants can remortgage, although lenders may require tax calculations, accounts or other evidence of income.

Different lenders assess self-employed income differently, making lender selection important.

What Happens If Your Remortgage Application Is Declined?

A declined application doesn’t automatically mean you have no options.

Different lenders use different affordability and eligibility criteria.

We’d want to establish why the application was declined before deciding whether another lender or an alternative approach might be suitable.

How Lansdown Financial Services Can Help

The remortgaging process doesn’t need to be complicated, but choosing the right mortgage can make a significant difference to your monthly repayments and overall borrowing costs.

At Lansdown Financial Services, we’ll review your existing mortgage and compare the products available from your current lender with suitable options across the wider mortgage market.

We’ll consider your circumstances, mortgage balance, property value, future plans and the features that matter most to you.

Whether you’re approaching the end of your fixed-rate deal, considering additional borrowing or simply want to understand your remortgage options, our award-winning mortgage advisers can guide you through the process.

As a free, whole-of-market mortgage adviser with access to more than 70 lenders, we provide straightforward, personalised advice without the jargon.

And if staying with your existing lender makes more sense, we’ll tell you that too.

Is your mortgage deal coming to an end, or are you wondering whether remortgaging could save you money?

Contact Lansdown Financial Services or call 01225 459515 to speak to one of our award-winning mortgage advisers for free, expert mortgage advice.

Your home may be repossessed if you do not keep up repayments on your mortgage.

Think carefully before securing other debts against your home.

About the Author

Written by Doug Miller, Director at Lansdown Financial Services.

Doug Miller is a mortgage broker and co-founder of Lansdown Financial Services, based in Bath, quoted in 30+ news articles including the Guardian, Sky News, This is Money and the Sun.