Your home may be repossessed if you do not keep up repayments on a mortgage or remortgage. Your total repayable amount may increase if you extend your mortgage term.
Quick answer
Remortgaging means moving your existing mortgage to a new deal - either with your current lender or a new one. The most common reason is to secure a lower interest rate when an existing fixed or tracker deal ends. You can also remortgage to release equity, fund home improvements, or consolidate debts - but each carries specific costs and risks that must be understood first.
Why Do People Remortgage?
There are three main reasons UK homeowners remortgage:
- To get a better rate: When a fixed or tracker deal ends, moving to a new competitive deal can save hundreds per month
- To release equity: Increasing the loan amount to access funds built up in the property value
- To consolidate debts: Adding other debts to the mortgage - though this requires careful consideration of long-term costs
How Remortgaging Works
A plain-English walkthrough of the remortgage process from start to finish.
Learn more →Remortgage to Cut Costs
Switch to a lower rate when your current deal ends and reduce your monthly payments.
Learn more →Remortgage for Home Improvements
Release equity to fund extensions, renovations, or energy improvements.
Learn more →Remortgage for Debt Consolidation
Merge other debts into your mortgage - but understand the long-term cost first.
Learn more →Product Transfer vs Remortgage
Stay with your lender on a new deal, or switch entirely? Understand the difference.
Learn more →Can't Remortgage? What Next
Options if you've been declined for a remortgage or are stuck on your current deal.
Learn more →Remortgaging vs a Second Charge Mortgage
If you need to raise funds but are mid-deal with early repayment charges (ERCs), a second charge mortgage may be an alternative worth exploring. A second charge mortgage sits alongside your existing mortgage as a separate product, avoiding ERCs. The right route depends on the size of the ERCs, the amount you need to borrow, and current rates available. Always compare both options before committing.
Approaching the end of your current deal?
Start comparing remortgage options 3–6 months before your deal ends to give yourself time to secure the best rate. Read how to remortgage to cut your costs.
Frequently Asked Questions
Remortgaging means switching your existing mortgage deal - either to a new deal with your current lender (called a product transfer) or to a completely new lender. The purpose can be to get a lower interest rate when your current deal ends, to release equity for a large purchase or home improvement, or to consolidate other debts into your mortgage.
The best time to start the remortgage process is typically 3–6 months before your current deal ends. This is because mortgage offers are usually valid for 3–6 months, allowing you to secure a rate now for when your current deal expires. If you remortgage before your deal ends, you may face early repayment charges (ERCs), so always check your current terms first.
Remortgaging has associated costs you should factor in: early repayment charges (if leaving a deal early), new lender arrangement or product fees, legal/solicitor costs, and a property valuation fee. Some lenders offer fee-free remortgage deals. Consider the total cost over the new deal term, not just the headline rate. Learn more about cutting costs through remortgaging.
Yes, in some cases. Specialist lenders consider remortgage applications from borrowers with imperfect credit histories. Your options depend on the nature and age of any adverse credit, your level of equity, and your current income. Being declined by one lender does not mean all lenders will decline you. If you are struggling to remortgage, our guide on what to do when you can't remortgage explains your options.
No. A further advance means borrowing additional money from your existing lender on top of your current mortgage balance, often at a different interest rate. A remortgage replaces your existing deal entirely. Both can be used to release equity, but they work differently. Speak to an FCA-authorised mortgage adviser to understand which is more suitable for your circumstances.
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