A remortgage means that you switch to a new mortgage with a new lender, or to a different mortgage with the same provider.
You’ll probably want to remortgage when you reach the end of a promotional fixed rate or tracker rate deal so that you don’t end up paying your lender’s standard variable rate of interest, which is likely to be more expensive.
While saving money is the main reason to remortgage, you could also decide to remortgage if you want:
The average loan size for those remortgaging was £145,950 in July 2021
To get started, put in a few details about you and your income to find mortgages you’re more likely to be approved for.
The lenders available to you will depend on:
You’ll need to consider additional costs, like legal, administration and property valuation fees.
Talk to a mortgage adviser to get tailored advice. If you’re happy, they can take your application forward with your chosen lender.
If you decide to remortgage, you’ll have to pay these fees during the process:
Some brokers will charge if you choose to take mortgage advice – but fee-free advisers are available 
The amount you pay your new lender to set up your remortgage
What you pay your new lender to evaluate your property’s worth
If you leave before your contract period finishes, your existing lender will charge you a percentage of your current mortgage
This is what you pay your existing lender for forwarding on your title deeds to your solicitor, but not all lenders charge it
This is paid to your solicitor to cover the cost of the legal work required to remortgage
Most people in the UK have a repayment mortgage, but it’s not the only option when you’re looking to remortgage:
With a repayment mortgage, you pay off the interest and borrowed amount (capital) each month for a fixed term.
Repayment mortgages will either have a fixed rate, where the monthly repayments are a fixed price for a certain time. Or it’ll be a variable rate, so your monthly repayments may go up and down.
You repay the interest on your mortgage for a fixed term. You’ll be responsible for repaying the borrowed capital at the end of the term.
Offset mortgages are quite rare. They work by deducting the amount of money in your savings account from the amount you pay interest on, so your monthly repayments are lower.
You can begin looking around 14 weeks before your current mortgage ends.
You can also remortgage if you’re in the middle of your current deal or if you’re moving house but you’ll need to consider early repayment charges, which can be expensive.
Remortgaging is usually cheaper monthly than a personal loan. This is because most personal loans have a maximum term of 60 months. However, a mortgage term can be much longer, allowing you to spread the cost of your borrowing.
What works for you depends on your circumstances though, so it’s best to seek independent professional advice before committing.
You’ll usually need a new valuation if you’re changing lender. You won’t always need a valuation if you’re staying with your current lender, as long as they’re still happy to accept the previous valuation.
Remortgaging is usually quicker than the mortgage process you go through when you buy your home in the first place. It can take less than a day if you’re staying with your existing lender and not borrowing any more.
But if your current deal is coming to an end and you’re thinking of switching, make sure you start looking for your new mortgage three-six months before your current one ends.
Most lenders allow you to apply and secure a rate for three to six months before you complete.
So that way, you’ll be able to switch straight to the new lender, without a few months of paying at the (usually higher) standard variable rate.
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME OR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE