Remortgaging Explained

If your current mortgage deal is coming to an end, it is worth reviewing your options before you move onto your lender’s standard variable rate.

This page explains how remortgaging works, when to start looking, and whether staying with your current lender or moving to a new lender may be more suitable.

Is Your Current Mortgage Deal Coming to an End?

Book a mortgage review call and we can check your current deal, compare your options, and help you understand whether a product transfer or remortgage may be the right next step.

What Happens During Your Remortgage Review Call?

A remortgage review is a relaxed conversation about your current mortgage, when your deal ends, and what options may be available before you move onto your lender’s standard variable rate.

 

  • We’ll check your current mortgage balance and deal end date
  • We’ll compare staying with your current lender against moving elsewhere
  • We’ll look at whether your income, credit position or circumstances have changed
  • We’ll discuss whether you want to borrow more, reduce payments or change your mortgage term
  • I’ll explain what the next steps would look like if you decide to proceed

what this guide covers

Product Transfer vs Remortgage

Understand the difference between staying with your current lender or moving your mortgage to a new lender.

View Guide

When to Review Your Deal

Find out when to start reviewing your options before your current mortgage rate ends, so you are not leaving things too late.

View Guide

Borrowing More

Learn how additional borrowing, changing your mortgage term, or reviewing repayment options could work.

View Guide

How The Remortgage Process Works

Remortgaging can feel confusing at first, especially when you are trying to compare rates, fees, product transfers, new lenders and the timing of your current deal ending.

The good news is that the process is much easier to manage once it is broken down into clear stages.

Below is a straightforward overview of how the remortgage process typically works.

1. Mortgage Review Call

The first step is a relaxed conversation about your current mortgage, when your deal ends, your property value, your income and what you want to achieve.

This helps us understand whether you may be better staying with your current lender, moving to a new lender, or making changes to your mortgage.

2. Review Your Current Deal

We will look at your current mortgage balance, interest rate, monthly payment, deal end date and whether any early repayment charges apply.

This helps us work out when a new deal could start and whether there are any costs to consider before making changes.

3. Compare Product Transfer and Remortgage Options

A product transfer means staying with your current lender and switching onto a new deal.

A remortgage means moving your mortgage to a new lender. This may give access to different rates, criteria or options, but usually involves a fuller application process.

We will compare both routes where possible, so you can understand which option may be more suitable.

4. Check Affordability and Criteria

If moving to a new lender may be suitable, the lender will usually need to assess your income, commitments, credit profile and property details.

This is especially important if your circumstances have changed since you last arranged your mortgage.

5. Submit the Application

Once a suitable option has been agreed, the application can be submitted to the lender.

The lender may ask for documents such as proof of income, bank statements, ID, proof of address and details of any additional borrowing required.

6. Valuation, Legal Work and Mortgage Offer

For a full remortgage, the lender will usually arrange a valuation and there may be legal work involved.

If the lender is satisfied with the application, valuation and checks, they will issue a mortgage offer.

7. Completion of the New Deal

Once everything is ready, the new mortgage completes. If you are moving lender, the new lender repays the old mortgage and your new deal begins.

If you are staying with your current lender on a product transfer, the new rate usually starts from the agreed switch date.

What Is a Remortgage?

A remortgage is when you move your mortgage from one lender to another, usually to secure a new deal, review your monthly payments, raise additional funds, or make changes to your mortgage.

This is different from a product transfer, where you stay with your existing lender and simply switch onto a new rate with them.

The right option depends on your mortgage balance, property value, income, credit profile, current lender options, fees, and whether your circumstances have changed.

The main choice is usually whether to stay with your current lender or move your mortgage elsewhere.

Product Transfer

Stay with your existing lender and switch to a new deal.

This can sometimes be quicker and simpler, but your options are limited to what your current lender is prepared to offer.

Remortgage

Move your mortgage to a new lender.

This may give you access to different rates, criteria or options, but it usually involves a new application, valuation and legal process.

When Is the Best Time to Review Your Mortgage?

It is usually sensible to start reviewing your mortgage several months before your current deal ends.

This gives you time to compare your current lender’s product transfer options against remortgaging to a new lender. It also gives time for affordability checks, documents, valuation and legal work where needed.

A common approach is to start looking around six months before your current deal ends, then keep the options under review as you get closer to the switch date.

Around 6 Months Before Your Deal Ends

Start reviewing your options and checking what your current lender may be able to offer.

This is also a good time to look at whether your circumstances have changed since you last arranged your mortgage.

Around 3 to 4 Months Before Your Deal Ends

At this stage, you may be able to secure a new deal if the options available are suitable.

This can help avoid leaving things until the last minute, especially if a full remortgage application is needed.

As Your Current Deal End Date Gets Closer

Before the new deal completes, it may be worth checking whether a better option has become available.

This will depend on the lender, the product selected, and how close you are to completion.

Important Note

If you do nothing when your current mortgage deal ends, you may move onto your lender’s standard variable rate. This could mean your monthly payments increase, so it is usually worth reviewing your options before your current rate ends.

Can You Borrow More When Remortgaging?

When reviewing your mortgage, you may also want to consider whether to borrow additional funds or make changes to your existing mortgage.

This could be for home improvements, debt consolidation, buying out another party, or changing your mortgage term or repayment type.

Whether this is possible will depend on your property value, mortgage balance, loan-to-value, income, credit profile, affordability and the lender’s criteria.

Home Improvements

You may be able to raise additional funds for work on your property, such as renovations, repairs or improvements.

Lenders will usually want to understand the reason for the borrowing and whether the new mortgage remains affordable.

Debt
Consolidation

Some clients look to consolidate unsecured debts into their mortgage to reduce monthly payments.

This needs careful consideration, as it may increase the total amount repaid and means the debt is secured against your home.

Changing Your Mortgage

A remortgage review can also be a good time to consider whether your mortgage term, repayment type or monthly payment structure still suits your plans.

This may include reviewing repayment, interest-only or the length of time remaining on your mortgage.

Important Note

Consolidating unsecured debts into your mortgage may reduce your monthly payments, but it can increase the total amount you repay overall. Your home may be repossessed if you do not keep up repayments on your mortgage.

What I Check During Your Remortgage Review

A remortgage review is not just about finding the lowest interest rate. The right option needs to fit your current mortgage, your income, your property value, your future plans and whether your circumstances have changed.

I will compare the options available with your existing lender against what may be available from other lenders, so you can understand whether a product transfer or full remortgage may be more suitable.

Your Review May Include

  • Current mortgage balance
  • Existing rate and payment
  • Deal end date
  • Early repayment charges
  • Product transfer options
  • Remortgage options
  • Property value and loan-to-value
  • Income and affordability
  • Credit profile and lender criteria
  • Additional borrowing needs
  • Term and repayment type
  • Fees, valuation and legal costs

The cheapest rate is not always the most suitable option once fees, criteria, affordability and your wider plans are considered.

What Documents Might Be Needed?

The documents needed will depend on whether you are staying with your current lender or moving your mortgage to a new lender.

A product transfer can sometimes be more straightforward, while a full remortgage usually involves a new lender assessing your income, commitments, credit profile and property details.

Product Transfer

If you stay with your existing lender, the process may be simpler because they already hold details of your current mortgage.

They may still need to check the product you want, any changes being made, product fees, and whether additional borrowing is required.

May include:

  • Current mortgage details
  • Existing lender product options
  • Confirmation of your preferred new deal
  • Details of any requested changes
  • Additional borrowing details, if applicable
  • Review of any product fees
  • Confirmation of switch date

Remortgage

If you move your mortgage to a new lender, the new lender will usually need to assess the application in more detail.

This can include checking your income, affordability, credit commitments, property value and the reason for any additional borrowing.

May include:

  • Proof of income
  • Recent bank statements
  • Proof of ID and address
  • Current mortgage details
  • Credit commitments
  • Property details
  • Additional borrowing purpose, if applicable

Important Note

You do not need to have everything ready before booking a review call. The first step is to understand your position, then I can explain which documents are likely to be needed based on the route you choose.

Common Remortgage Questions

Common questions about reviewing your mortgage, switching deals, borrowing more and deciding whether to stay with your current lender or move elsewhere.

Many lenders allow you to secure a new rate several months before your current fixed rate ends. The exact timing depends on your lender and whether you are staying with them or moving to a new lender.

It is usually sensible to review your options well before the end date (often 6 months) , so you have time to compare rates and avoid moving onto your lender’s standard variable rate unnecessarily.

That depends on your circumstances. A product transfer can be simpler because you stay with your existing lender, but a remortgage to a new lender may sometimes offer better rates, more flexibility, or the ability to make changes. A lot also depends on whether you are looking to borrow extra for home improvements, holidays, or possibly to consolidate debts to make your overall finances more efficient.

The right option depends on affordability, property value, current balance, fees, early repayment charges, income, credit status and your future plans.

A product transfer is when you stay with your existing lender and switch onto a new mortgage deal with them.

This can sometimes be quicker than moving to a new lender, but your options are limited to what your current lender is prepared to offer.

Possibly. Additional borrowing may be available depending on your property value, mortgage balance, income, credit profile, affordability and the reason for the borrowing.

Common reasons include home improvements, debt consolidation, buying out another party or making changes to your mortgage.

Possibly. Changes such as reduced income, self-employment, new credit commitments, maternity leave, credit issues, or a change in property value can all affect your options.

A review can help establish whether a remortgage, product transfer, or staying with your current lender is likely to be most suitable.

Possibly, but this will depend on the lender’s affordability assessment. If your income has reduced, become more variable, or you have become self-employed, some lenders may be more suitable than others.

A product transfer with your current lender may also be worth comparing, depending on your situation.

Possibly. This depends on the type of credit issue, when it happened, whether it has been resolved, and how your wider credit profile looks now.

It is important to check this carefully before applying, as different lenders treat credit issues differently.

If you do nothing, you may move onto your lender’s standard variable rate. This could mean your monthly payments increase.

Reviewing your options before your current deal ends can help you understand whether a new deal may be available.

If you move your mortgage to a new lender, legal work is usually needed. Some lenders offer assisted legal services or cashback towards legal costs, depending on the product.

If you stay with your existing lender through a product transfer, legal work is often not needed unless you are making wider changes.