What does remortgaging mean?

Remortgaging is when you replace your existing mortgage with a new one. This could be with who you've already got a mortgage with or a brand new lender.

People remortgage for different reasons. You might be looking to get a better interest rate, move onto a different mortgage product, borrow extra money against your property, or avoid moving onto your lender's Standard Variable Rate (SVR).

Many homeowners start thinking about their remortgage around three to six months before their current mortgage deal ends. This gives you more time to compare options, submit an application and complete the switch before potentially higher rates take effect.

At L&C, we help simplify the process by comparing thousands of deals across the market and guiding you through each stage from enquiry to completion.

Reasons to renew your mortgage

There are lots of reasons that you might need or want to remortgage. From your deal ending to changing your mortgage type, it all depends on your own unique circumstances.

Your mortgage deal is ending

This is the most common reason to remortgage. When a fixed or discounted deal finishes, you may automatically move onto your lender's SVR, which can be significantly more expensive. Securing a new deal ahead of time means you can choose your rate rather than being at the mercy of a lender’s SVR.

You want a better rate

If interest rates have changed or your circumstances have improved since taking out your mortgage, you may qualify for more competitive deals.

You want to release equity

If your property has increased in value, remortgaging could allow you to borrow against some of that equity. Many homeowners use this for home improvements.

Considering remortgaging early?

Some homeowners choose to remortgage before their deal ends. However, there can be early repayment charges and other factors to consider.

For a more detailed explanation, see our early remortgage guide.

Remortgaging can also help when…

You have a small remaining mortgage balance

Although the choice of lenders and products can be more limited, remortgaging may still help you reduce costs or find features that better suit your needs.

You're planning to move home soon

If you expect to move within the next few years, you'll want to consider factors such as if your lender allows you to port your mortgage (this means being able to move your current deal to a new home) and if your current mortgage has any early repayment charges before choosing a new deal.

How to remortgage with L&C

Most remortgages typically take between four and eight weeks to complete, although timings can vary depending on the lender, your circumstances and whether additional property checks are required.

Delays are commonly caused by missing documentation, lender processing times or valuation requirements. Working with an experienced broker can help keep the process moving smoothly.

Along the way, there may be costs to consider, including arrangement fees, valuation fees, legal fees and, in some cases, broker fees. Many lenders offer free valuations and legal packages with selected remortgage products.

How L&C advisers helped Munassir find a deal he couldn't get elsewhere

"We needed to remortgage but didn't want to deal with the stress, so we contacted L&C. The entire process was very easy and stress-free; they found us a fantastic rate that we couldn't get elsewhere. It's safe to say that when we need to hop on to another fixed term mortgage in a few years, we will be looking at L&C once again! From beginning to end they have been amazing, their team is knowledgeable, friendly and patient."

Munassir, L&C customer

Step 1: Review your current mortgage

Check when your current deal ends and whether any early repayment charges apply. It's also worth reviewing your current interest rate, outstanding balance and monthly payments.

L&C can help you understand how your existing deal compares with today's market.

Step 2: Compare rates and lenders

Not all remortgage deals are available directly from every lender. Comparing deals across a wide range of providers can help identify the most suitable options.

Our advisers can search thousands of deals and explain the differences in simple terms.

Step 3: Prepare your documents and valuation

Most lenders will ask for proof of income, identification and recent bank statements. Some may also require a property valuation.

We'll let you know exactly what documents are required and help you prepare your application.

Step 4: Submit an application

Once you've selected a suitable deal, your application is submitted to the lender for assessment.

Your adviser can keep you updated and help respond to any additional lender requests.

Step 5: Receive your mortgage offer

If the lender is happy with your application and valuation, they'll issue a formal mortgage offer.

This confirms the rate, product details and terms of your new mortgage.

Step 6: Completion

Your new mortgage pays off the existing one and the remortgage completes.

From this point onward, you'll make payments under the terms of your new deal.

Don't wait until your deal ends

The earlier you begin exploring your options, the more time you have to secure the right deal.

Your remortgage options

Choosing the right mortgage type is just as important as finding a great rate.

For many people who are remortgaging for the first time, the options can feel overwhelming. The table below explains the most common choices.

Comparing fixed rate lengths

Mortgage advice, from the experts

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Can I remortgage with bad credit?

Yes, although your options may be more limited. Some lenders specialise in helping borrowers with adverse credit histories. Speaking to a broker can help identify suitable lenders.

Can I remortgage with the same lender?

Yes. This is often called a product transfer. It can be quicker than switching lenders, although it may not always provide the most competitive deal.

How many times can you remortgage?

There is no set limit. Many homeowners remortgage multiple times throughout the life of their mortgage whenever their current deal ends.

Can you remortgage to release equity?

Yes, if you have sufficient equity in your property and meet the lender's affordability requirements.

Do you need a solicitor to remortgage?

In many cases, legal work is still required. However, some lenders include free legal services or cashback as a contribution toward legal costs as part of their remortgage package.

Can you remortgage before your fixed rate ends?

Yes, but early repayment charges may apply. Whether it makes financial sense depends on the cost of leaving your current deal versus the potential savings available.

Ready to find your next mortgage deal?

Whether you're approaching the end of your current deal or just beginning your research, L&C's expert advisers can help you compare options, understand the process and find a remortgage that fits your needs.