You can remortgage at any time, but there's no point in doing it unless the figures stack up. You should only remortgage when it makes sense to do so, like when you’ve come to the end of your fixed-rate mortgage deal, interest rates are much lower than your current one, or you’re looking to borrow more money against your home.
Gone are the days of staying with the same lender for your whole mortgage. Now, it’s common for people to switch mortgage deals and lenders several times during their mortgage term if they’re looking to get the best deal, or release money for home improvements.
When to start thinking about a remortgage
Most mortgage lenders will let you secure a new deal up to six months before your current one ends. This means you can start planning early and avoid rolling onto the lender’s standard variable rate, which is usually a lot more expensive.
How does remortgaging work?
1. Review your current deal
Check when your current mortgage ends and what rate you’re paying. Make a note of any early repayment charge.
2. Compare deals
You can use online tools to compare deals and speak to your L&C mortgage adviser who’ll search the market for you. They’ll look at your income, outgoings and how much you want to borrow.
3. Submit a full application
You’ll need to send your documents and choose a mortgage deal. The lender will check everything and instruct a valuation.
4. Valuation and underwriting
The lender may carry out a desktop, drive-by or physical valuation of your home. They’ll also check your credit file and assess affordability.
5. Mortgage offer issued
Once the checks are done, your formal mortgage offer will be sent. This usually takes 2 to 4 weeks from application.
6. Legal work (if switching lenders)
A solicitor or conveyancer will handle the legal side. If your new lender offers a free legal package, they’ll deal with everything on your behalf.
7. Completion day
Your solicitor will repay your old mortgage, and the new one will begin. You’ll receive confirmation of your new monthly payments.
Remortgage timeline
6 months before your deal ends
Start doing research and speak to a mortgage adviser at L&C
3–4 months before
Apply for your new mortgage
1 month before
Aim to complete your remortgage and move onto your new deal
If you’re already on your lender’s SVR (Standard Variable Rate), it’s worth acting quickly as you’re probably paying more than you need to.
What documents you’ll need to remortgage
You may not need all of the below if you’re doing a product transfer, but here’s what lenders usually ask for in a full remortgage:
1. Proof of identity such as passport or driving licence.
2. Proof of address which can include utility bills, bank statements or council tax bills, usually dated within the last 3 months.
3. Proof of income
- Last 3 months of payslips and latest P60 if employed
- Last 2–3 years of tax calculations and SA302s if self employed
- Business accounts and personal income details if a company director
4. Bank statements, usually the last 3 months, showing your income, bills, and any regular payments.
5. Details of your existing mortgage including the balance, the remaining term, your current interest rate, and any early repayment charge.
6. Information on your outgoings. You may be asked to list your monthly expenses, including loans, credit cards, childcare and travel costs.
Your L&C mortgage adviser will let you know exactly what documents you’ll need for your situation and help you get everything organised.
How long does a remortgage take to complete?
For a full remortgage (switching lenders), the average timescale is 4 to 8 weeks from start to finish. Product transfers can be done much faster, sometimes within a few days.
Here’s a rough timeline:
- Research and get advice: 1 - 2 weeks
- Apply and submit the paperwork: 1 week
- Valuation and checks: 2 - 3 weeks
- Legal work and completion: 4 - 8 weeks
Questions to ask before you remortgage
Here are some helpful questions to think about (or ask your L&C mortgage adviser):
- Is now the right time to remortgage?
- Will the savings outweigh the fees?
- Am I better off staying with my lender or switching?
- Should I fix my rate, and if so, for how long?
- Can I borrow more if I need to?
- What happens if the valuation comes in low?
- What’s the impact on my credit score?
Everyone’s situation is different. A quick chat with an adviser at L&C can help you feel confident in your next steps.
Remortgaging is something most homeowners do at some point, and it can save you thousands over time. The key is to start early, understand your options, and get the right advice. With L&C mortgage advisers on hand to guide you through, it’s a fairly straightforward process and one that could make a big difference to your monthly budget.
And because L&C’s advice is fee-free, it won’t cost you anything to find out if you could be getting a better deal.
