Remortgaging means replacing your current mortgage with a new one. You can remortgage with the same lender (often called a product transfer) or switch to a different lender entirely. The property stays the same — you are simply changing the terms of your borrowing.
Why people remortgage
The most common reason is that your fixed rate or tracker deal is ending. When a deal expires, your mortgage reverts to the lender's SVR, which is almost always higher. Remortgaging onto a new deal avoids this rate increase and can save hundreds of pounds per month.
Other common reasons include releasing equity from your home (borrowing more than your current balance to fund home improvements or other expenses), consolidating debts into your mortgage, or simply finding a better rate with a different lender even before your current deal ends. If you remortgage before your deal ends, check for early repayment charges — the saving from a better rate needs to outweigh the penalty.
The remortgage process
Remortgaging is simpler than buying a property. There is no chain, no estate agent, and no exchange of contracts. You apply to the new lender (or request a product transfer from your current lender), they assess your affordability, value the property, and if approved, the new mortgage replaces the old one. Most remortgages complete within 4 to 8 weeks. Many lenders allow you to start the process up to 6 months before your current deal ends, locking in a rate early.
For a deeper look at remortgage affordability and how to maximise your options, see our remortgage affordability guide.
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Check Your AffordabilityLast updated: April 2026
