Remortgaging in the UK: When to Do It and How It Works

TL;DR: Start looking 3 to 6 months before your fixed deal ends. Do nothing and you slide onto your lender’s standard variable rate, often 6.5% to 7.5%. Staying with your lender (a product transfer) is fastest at 1 to 3 weeks with no valuation or solicitor; switching lender takes 4 to 8 weeks but opens the whole market. Check your early repayment charges first: typically 1% to 5% of the balance.

Why remortgage at all

Most people remortgage because a fixed or tracker deal is ending. Other reasons: your home has risen in value (which can unlock a lower loan to value band and a cheaper rate), you want to borrow more for renovations, or you want to switch from variable to fixed for certainty. With the Bank of England base rate at 3.75% and typical 2 year fixes around 5.5% to 5.7% in late September 2026, the rate you get depends heavily on your equity and timing. See where the base rate stands.

When to start: 3 to 6 months before

Mortgage offers are typically valid around 6 months for purchases and 3 months for remortgages, so start comparing 3 to 6 months before your current deal ends. Leave it too late and you land on the standard variable rate, which is almost always far above fixed deal rates. A new deal can usually be lined up to start the day the old one finishes.

Product transfer vs switching lender

Early repayment charges: check before you move

If you leave a fixed deal early, expect an early repayment charge of roughly 1% to 5% of the outstanding balance, often tapering down each year (for example 5% in year one, 4% in year two). On a £200,000 mortgage, 3% is £6,000, which can wipe out the saving from a cheaper rate. Always compare the saving net of the charge. If your deal has already ended and you are on the SVR, there is usually no charge to leave.

The process, step by step

1. Check your current deal: when it ends, what rate you will revert to, and any early repayment charge.
2. Know your numbers: outstanding balance, property value (for your loan to value), income and outgoings.
3. Compare the market: your lender’s product transfer range against the wider market. A whole of market broker can do this in one search.
4. Apply: decision in principle, then full application with documents (payslips, bank statements, ID).
5. Valuation and offer: the lender values the property and issues a formal offer.
6. Legal work and completion: the solicitor handles the transfer and your old mortgage is repaid on completion day.

Should you use a broker?

A broker sees deals you cannot get direct, including lender exclusive products, and handles the paperwork. Many are fee free (paid by lender commission); some charge a fee, which should be weighed against the saving. If your case is simple and your lender’s product transfer is competitive, going direct is fine.

Frequently asked questions

Can I remortgage with bad credit?

It is harder but possible. Your current lender’s product transfer usually involves the lightest checks. For a new lender, check your file first and fix errors: how to check your credit score free.

What if my house has fallen in value?

A lower valuation pushes you into a higher loan to value band, which means higher rates. If you are near a band boundary (for example 90%), a small overpayment before applying can tip you into the cheaper band.

Can I borrow extra when I remortgage?

Yes, most lenders allow additional borrowing for things like home improvements, subject to affordability checks and usually at the prevailing rate for the extra amount.

How long does remortgaging take?

A product transfer: 1 to 3 weeks. A switch to a new lender: 4 to 8 weeks from application to completion.

Rates and rules checked 1 October 2026; mortgage rates move daily. This is general information, not financial advice. Sources: MoneySavingExpert remortgage guide, MoneyHelper.

Part of our Mortgages and Property hub: guides to remortgaging, stamp duty, first-time buyers and more.