REMORTGAGING
No obligation to proceed.
Your home may be repossessed if you do not keep up repayments on your mortgage.
THE BASICS
What does remortgaging mean?
Remortgaging usually means replacing the mortgage on your existing property with a new mortgage. Depending on your circumstances, this could involve moving to another lender or considering options with your current lender.
CURRENT MORTGAGE
Start by understanding your existing mortgage, including its interest-rate structure, remaining balance, term and any charges that may apply.
REVIEW YOUR OPTIONS
Consider what you want from your mortgage and the options that may be available based on your circumstances.
NEW MORTGAGE ARRANGEMENT
If you decide to proceed, the new mortgage arrangement can replace or change your existing borrowing.
Remortgaging does not necessarily mean changing lender
Depending on your circumstances, you may also be able to consider a new mortgage arrangement with your existing lender.
REASONS FOR REVIEWING
A reason to review is not necessarily a reason to change
Reviewing your mortgage can help you understand your current position and the options that may be available. Whether changing your mortgage is appropriate will depend on your circumstances, the costs involved and the available mortgage options.
TIMING
01
CURRENT MORTGAGE
Understand where you are now
Review your current mortgage, including its interest-rate structure, remaining balance, term and any charges or conditions that may apply.
02
REVIEW PERIOD
Consider what happens next
You can begin understanding your circumstances, what you need from your mortgage and the options that may be available.
03
CURRENT ARRANGEMENT ENDS
Know what changes
Understand what happens when your existing mortgage arrangement ends, including how your mortgage would operate if you took no further action.
04
NEW ARRANGEMENT
Move to the next arrangement
If you decide to change your mortgage, the timing of a new arrangement will depend on the lender, product and circumstances.
Timing will depend on your circumstances
How early you can apply, how long an offer remains valid and when a new arrangement can begin can vary between lenders and products. Any early repayment charges or other conditions on your existing mortgage can also affect when a change may be appropriate.
Reviewing your mortgage does not commit you to changing it.
YOUR OPTIONS
TWO ROUTES YOU MAY CONSIDER
EXISTING LENDER
Staying with your existing lender
Your existing lender may have alternative mortgage arrangements that can be considered when your current deal changes.
Existing relationship
The lender already holds information about your current mortgage.
Process
The process and checks involved can differ depending on the lender and the change being made.
Available options
You will be considering the mortgage options that your existing lender makes available to you.
ANOTHER LENDER
Moving to another lender
A remortgage to another lender involves applying for a new mortgage that replaces the existing mortgage.
New lender assessment
The new lender will normally assess your circumstances and the property against its lending criteria.
Legal and valuation work
Valuation or legal work may be required as part of the remortgage process.
Available options
Different lenders have their own mortgage products, lending criteria and requirements.
Compare the overall mortgage arrangement
When reviewing your options, the interest rate is only one part of the picture. Fees, charges, mortgage features, lender criteria and the terms of the arrangement can also be relevant.
An adviser can consider your circumstances and explain mortgage options that may be available.
LENDER ASSESSMENT
A lender may consider several factors rather than relying on a single measure.
Income
A lender may consider how much you earn and how your income is structured as part of its assessment.
Regular commitments
Loans, credit commitments and other regular expenditure may be taken into account.
Credit history
A lender may consider your credit history as part of its lending decision.
Mortgage balance
The amount you need to borrow will form part of the lender’s assessment.
Property value
The property’s value can affect the loan-to-value of the mortgage and may be assessed by the lender.
Mortgage term
The proposed mortgage term can affect the borrowing arrangement and the lender’s assessment.
Lender criteria can differ
Different lenders can assess the same circumstances differently. Their lending criteria can also change over time. The lender ultimately decides whether it is prepared to offer the mortgage.
The process may be different if you are considering a new arrangement with your existing lender rather than applying for a mortgage with a new lender.
YOUR PROPERTY
PROPERTY VALUE
What the property is worth
The value used by a lender may form part of its assessment of the mortgage and the resulting loan-to-value.
MORTGAGE BALANCE
How much is being borrowed
The outstanding mortgage balance, together with any proposed change in borrowing, affects the amount secured against the property.
LOAN-TO-VALUE
The relationship between borrowing and value
Loan-to-value compares the amount of mortgage borrowing with the value of the property.
How can loan-to-value change over time?
Your loan-to-value may change if the mortgage balance changes, the property’s value changes, or both.
MORTGAGE BALANCE CHANGES
As mortgage borrowing is repaid, the outstanding balance may reduce. Additional borrowing could increase the amount secured against the property.
PROPERTY VALUE CHANGES
If the property’s value rises or falls, the relationship between the mortgage balance and the property value can also change.
The lender may assess the property’s value
The way a property is valued for a remortgage can vary depending on the lender, property and application. The value used by a lender may not necessarily be the same as an estimate made by the homeowner or shown by an online property valuation service.
COSTS & CHARGES
What costs might you need to consider?
The interest rate is only one part of the cost of changing a mortgage. Fees or charges on your existing mortgage and the new arrangement may also need to be considered.
MORTGAGE & LENDER COSTS
Product fees
Some mortgage products have arrangement, booking or other product fees. How a fee is paid can also affect the overall cost.
Valuation costs
A lender may need to assess the property’s value. Whether there is a charge, and the valuation approach used, can vary.
Early repayment charges
Your existing mortgage may include a charge if it is repaid or changed before a particular point.
Other lender charges
Other charges may apply depending on the existing mortgage, new mortgage and lender.
LEGAL & ADVICE COSTS
Legal or conveyancing costs
Legal work may be required when moving a mortgage to another lender. The process can vary depending on the transaction.
Mortgage advice fees
A mortgage adviser may charge a fee for providing advice. The adviser should explain any applicable charges before you proceed.
Other transaction costs
Other costs may arise depending on the mortgage arrangement and your circumstances.
Check your existing mortgage before making a decision
Your current mortgage may include an early repayment charge or other conditions that apply if it is repaid or changed before a particular point.
Any charges should be considered alongside the costs, features and terms of a new mortgage arrangement.
What is an early repayment charge?
An early repayment charge is a fee that may apply if some or all of a mortgage is repaid, or certain changes are made, during a period when the charge applies. Whether a charge applies, and how it is calculated, depends on the terms of the existing mortgage.
A lower interest rate does not by itself show whether changing a mortgage will reduce the overall cost.
ADDITIONAL BORROWING
Can you borrow more when remortgaging?
Some homeowners consider increasing their mortgage borrowing when they remortgage.
Whether additional borrowing is available will depend on factors such as your circumstances, the property, the amount of borrowing and the lender’s criteria.
EXISTING MORTGAGE
Existing mortgage balance
The amount outstanding on your current mortgage forms part of the borrowing that needs to be considered.
ADDITIONAL BORROWING
Extra amount requested
You may wish to explore whether additional borrowing is available for a particular purpose.
NEW MORTGAGE
Total mortgage borrowing
If additional borrowing is agreed, it forms part of the overall amount secured against the property.
Why might someone consider additional borrowing?
Reasons for considering additional mortgage borrowing can vary.
HOME IMPROVEMENTS — Funding repairs, renovations or improvements to the property.
MAJOR EXPENDITURE — Meeting a significant planned expense where mortgage borrowing is being considered as one possible source of funds.
CONSOLIDATING OTHER BORROWING — Using mortgage borrowing to repay some other debts or credit commitments.
OTHER PERSONAL PURPOSES — Additional borrowing may be considered for other purposes, subject to the lender’s criteria and the circumstances involved.
Think carefully before securing other borrowing against your home
Using a mortgage to repay unsecured borrowing can change the nature of the debt because the borrowing becomes secured against your home. Even if the interest rate on mortgage borrowing is lower, repaying the debt over a longer period could affect the total amount you repay. Fees, charges and the mortgage term should also be considered.
Your home may be repossessed if you do not keep up repayments on your mortgage.
How could additional borrowing affect the mortgage?
AMOUNT BORROWED — Additional borrowing increases the amount secured against the property.
LOAN-TO-VALUE — A higher mortgage balance can change the loan-to-value of the mortgage.
REPAYMENT — The amount borrowed, interest rate and mortgage term can affect the payments and overall cost of the borrowing.
Additional borrowing is subject to lender assessment
A lender will decide whether it is prepared to provide additional borrowing based on its criteria and assessment of the application. The amount available, if any, can depend on your circumstances and the property.
THE REMORTGAGE PROCESS
How might a remortgage work?
The exact process can vary depending on whether you stay with your existing lender or move to another lender.
If you apply for a mortgage with a new lender, the process may involve several stages from reviewing your existing mortgage through to the new mortgage beginning.
01 · CURRENT POSITION
Review your current mortgage
Understand your existing mortgage, including the balance, current arrangement, remaining term and any charges or conditions that may apply.
02
Consider what you need
Think about what you want from the mortgage, including the borrowing, term and how you would like the mortgage to work.
03
Review mortgage options
Consider mortgage options that may be available based on your circumstances, borrowing and property.
04
Apply to the lender
If you decide to proceed, an application is submitted to the lender for the mortgage arrangement being considered.
05
Assessment & legal work
The lender assesses the application and property. Legal or conveyancing work may also be required, depending on the transaction.
06 · NEW ARRANGEMENT
New mortgage begins
If the application completes, the new mortgage replaces or changes the existing mortgage arrangement as applicable.
The process can vary
The steps involved can differ depending on the lender, mortgage, property and your circumstances. If you are staying with your existing lender rather than moving to a new lender, the process may be different.
Who might be involved?
MORTGAGE ADVISER
An adviser can assess your circumstances, explain suitable mortgage options and help with the mortgage application.
LENDER
The lender assesses the application and decides whether it is prepared to offer the mortgage.
CONVEYANCER OR SOLICITOR
Where legal work is required, a conveyancer or solicitor deals with the legal aspects of the remortgage.
Where does MortgageAdvice.co.uk fit in?
MortgageAdvice.co.uk is operated by Mortgage Website Limited, which acts as an introducer and does not provide mortgage advice. Where appropriate, we can introduce you to a selected adviser who can provide regulated mortgage advice.
BEFORE YOU DECIDE
Questions worth considering before you remortgage
Reviewing a mortgage involves more than comparing interest rates. Understanding your existing mortgage, what you want to achieve and the potential costs can help you consider your options.
These questions can help you organise the information that may be relevant before speaking to an adviser.
01
When does your current mortgage arrangement end?
Understanding your existing mortgage terms can help you identify what happens next and whether any charges or conditions may apply.
05
Has the property’s value changed?
The relationship between the property’s value and the mortgage balance can affect the loan-to-value.
06
Do you want to change the mortgage term?
Changing the term can affect how the mortgage operates, including repayments and the overall period of borrowing.
07
Do you want to borrow additional money?
If you are considering additional borrowing, think about the purpose, the overall amount secured against the property and the implications for the mortgage.
08
What would changing the mortgage cost?
Consider fees and charges associated with both the existing mortgage and any new arrangement, rather than looking at the interest rate alone.
You do not need to have all the answers
A mortgage adviser can help you understand the information that is relevant to your circumstances and explain mortgage options that may be available. The lender ultimately decides whether it is prepared to offer a mortgage.
Having details of your existing mortgage and an up-to-date picture of your finances can help when you begin reviewing your options.
COMMON QUESTIONS
Remortgaging FAQs
Answers to some common questions about reviewing and changing an existing mortgage.
Can I remortgage before my current mortgage deal ends?
Do I have to change lender to remortgage?
Will my home need to be valued?
Will a lender check affordability again?
Can I borrow more when I remortgage?
What is an early repayment charge?
MORTGAGE GUIDES
Continue exploring
Explore related guides to understand some of the other factors that can shape your mortgage options.
COSTS & FEES
Mortgage costs & fees
Understand some of the fees, charges and other costs that can be involved when arranging or changing a mortgage.
Explore mortgage costs & fees →
INTEREST RATES
Fixed vs variable rate mortgages
Explore how fixed, tracker and other variable mortgage rates can work and some of the differences between them.
Explore mortgage rates →
AFFORDABILITY
How much could I borrow?
Understand some of the factors lenders may consider when assessing mortgage borrowing.
Explore mortgage affordability →
READY TO SPEAK TO AN ADVISER?
Speak to a mortgage adviser
Mortgage Website Limited can review your enquiry and, where appropriate, introduce you to a selected adviser who can discuss your circumstances and provide regulated mortgage advice.
Find a mortgage adviser
No obligation to proceed.
Your home may be repossessed if you do not keep up repayments on your mortgage.
MortgageAdvice.co.uk is operated by Mortgage Website Limited (company number 17359328), registered office: 54 Sun Street, Waltham Abbey, EN9 1EJ. Mortgage Website Limited is an introducer and does not provide mortgage or equity release advice. We introduce customers to selected advisers who are appropriately authorised and regulated to provide the relevant advice. Mortgage Website Limited may receive a fee from the adviser or advisory firm for making an introduction. Your home may be repossessed if you do not keep up repayments on your mortgage. Equity release will reduce the value of your estate and may affect your entitlement to means-tested benefits and your tax position. © 2026 Mortgage Website Limited. All rights reserved.