What is a remortgage?
A remortgage replaces the mortgage on your property with a new mortgage, usually from a different lender. It can be used to secure a new deal, change the term or raise additional funds, subject to affordability and criteria.
When should I review my deal?
Starting early creates time to compare options and secure a product without drifting onto a lender’s reversion rate. The appropriate window depends on your current lender, expiry date and how long a new offer remains valid.
Reasons people remortgage
Borrowing more is not the only reason to review a mortgage.
- A fixed or discounted deal is ending
- Home improvements
- Debt consolidation
- Changes to term or repayment method
- Removing or adding a borrower
- Reviewing a buy-to-let property
Remortgage or product transfer?
A product transfer with the current lender can be simpler and may avoid new affordability checks or legal work. A remortgage may provide a wider choice or different flexibility. Both should be compared on cost and suitability.
Frequently asked questions
How early can I remortgage?+
You can review well before the deal ends, but the best application timing depends on early repayment charges and how long the chosen lender’s offer is valid.
Can I remortgage to consolidate debts?+
It may be possible, but converting unsecured debt into borrowing secured on your home can increase the total amount repaid and places the home at risk if payments are missed.
Do I need a valuation?+
The new lender will normally assess the property, which may be through an automated valuation, remote assessment or physical inspection.