How to Remortgage: A Step-by-Step Guide for UK Homeowners

Remortgaging — switching your mortgage to a new deal — is one of the easiest ways to save money. If you're on your lender's Standard Variable Rate (SVR), you're almost certainly overpaying. This guide walks you through the process.

When to Remortgage

The most common trigger is the end of a fixed-rate period. When your 2, 5, or 10-year fix ends, you revert to the SVR — typically 2-4% higher than the best fixed deals. Start shopping for a new deal 3-6 months before your fix ends, so the new mortgage starts the day after the old one ends.

Other triggers: your property has increased in value (lower LTV = better rates); you want to overpay more than your current deal allows; you want to borrow more for home improvements; or you're unhappy with your current lender's service. If you're still in a fixed period, check the ERCs before switching — they can wipe out the saving.

How to Remortgage

Step 1: Check your current deal. What rate are you on? When does it end? Is there an ERC? Contact your lender or check your mortgage statement.

Step 2: Get quotes. Use a whole-of-market broker (London & Country, Habito, L&C) to compare deals from every lender. Their service is usually free. Or compare directly on comparison sites.

Step 3: Apply. Once you've chosen a deal, submit the application. The new lender will value your property (many include a free basic valuation) and assess your affordability. Most remortgages complete in 4-8 weeks.

Step 4: Complete. The new lender pays off your old mortgage and sets up the new one. Your monthly payment changes to the new rate. Most remortgages include free legal work, so you don't need to hire a conveyancer.

How Much Can You Save?

On a £200,000 mortgage over 25 years, the difference between an SVR of 7.99% and a 5-year fix at 4.99% is about £380/month — £22,800 over 5 years. Even after a £999 product fee, the saving is £21,800. If you're on an SVR and haven't remortgaged, you're leaving thousands of pounds on the table. Use our Remortgage Calculator to see your exact saving.