Compare remortgage deals today with experts at Mortgage Advice Bureau.
Apply for a remortgage dealIt's a question that a lot of first-time buyers ask when they come to the end of their current deal. A remortgage lets you replace your current mortgage with a new one. The new lender pays off your existing balance and you start a new deal. A typical remortgage can take between 4-8 weeks, but this can vary between lenders.
Try out our mortgage repayment calculator to understand what your monthly mortgage payments might be.
Use our quick and easy-to-use tool to get a clearer idea of your mortgage borrowing potential based on your current financial income.
We've broken down the jargon and put it in plain English to help you navigate through the maze of mortgage slang.
You should consider remortgaging if:
Remortgaging doesn’t mean you are moving house, it means you’re changing the paperwork behind the scenes to make your mortgage work better for your needs. You are switching providers for your home loan, just like you might do for your phone or energy supplier to get a better deal.
Read more about how remortgaging works.
Before comparing deals, understand exactly where you stand. Check:
Understanding these factors helps you calculate your potential savings and avoid unnecessary fees.
Once you’ve chosen a deal, you’ll formally apply. Expect to provide:
The lender will run credit checks and assess your affordability based on their current criteria, which may have changed since your original mortgage.
This stage ensures the property is suitable security for the loan and there are no legal issues affecting the remortgage.
Once approved:
You’ll then make payments to your new lender under the new agreement.
If you have a Nottingham Building Society Mortgage, find out more about how you can switch your mortgage deal.
Switching deals
Typically 4-8 weeks from application to completion. Timelines can depend on:
Some straightforward cases complete in as little as 2-3 weeks, while more complex remortgages can take longer.
Homeowners often save by switching before hitting an SVR, which can be substantially higher than the rates offered on other products.
Your saving depends on:
Fixed-rate remortgage
Predictable monthly payments for 2, 3, 5 or 10 years.
Tracker remortgage
Rate usually follows the Bank of England base rate but it could track another external reference rate, depending on your deal.
Discount variable remortgage
Short-term discounted rate below lender’s (SVR).
Offset remortgage
Link savings to your mortgage to reduce interest.
Yes, this is called additional borrowing or equity release through remortgaging. Different lenders have different rules about what you can borrow more money for, so it’s worth checking first, but you can usually use this for:
Lenders will assess affordability and check your updated property value.
Lenders typically look at:
Normally, you'll be asked for:
Most people start the process 3-6 months before their current deal ends.
This gives enough time to lock in a new rate and avoid paying the standard variable rate.
You may also benefit from remortgaging early if:
Yes - you can remortgage early, but you may have to pay early repayment charges (ERCs).
If you’re still within a fixed or discounted deal, your lender may apply for an ERC, typically a percentage of your remaining mortgage balance. Some lenders also charge exit fees. It’s still worth checking whether switching early could save you money overall, especially if your rate is due to rise.
Usually yes, lenders sometimes include free legal work as part of the remortgage package.
A solicitor or conveyancer is needed to handle the legal transfer of your mortgage from one lender to another. When you select a remortgage deal, the lender often covers the basic legal work, meaning you may not have to pay anything unless extra services are required.
Read more on remortgaging costs and fees.
Yes. While a lower credit score might mean you have fewer deals to choose from, it’s rarely a "no" across the board. The mortgage market is huge, and there are many different types of lenders out there.
How lenders look at you
When you apply, lenders look for things like missed phone bills, credit card defaults, or more serious marks like CCJs (County Court Judgments). However, they don't just look at the what, they also look at the when.
What you might need
To help your application along, you might find that:
Top tip: use a broker
This is the best time to speak to a mortgage adviser. A broker knows which lenders are "credit-friendly" and which ones will likely decline your application. They can save you from applying to the wrong places, which helps protect your credit score from even more marks!
It’s possible, but a lower property value may increase your loan-to-value (LTV), which can restrict the deals you qualify for.
If your LTV rises above a lender’s threshold, you may be offered fewer products or higher interest rates. In cases where the value drop is significant, you may fall into “negative equity,” making it harder to switch lenders until your equity improves.