Remortgaging

Why people remortgage

When a fixed or discounted deal ends, you typically roll onto the lender’s standard variable rate (SVR), which is often higher. Remortgaging onto a new deal at that point can reduce your monthly payments. People also remortgage to fix their rate for certainty, to change their term, or sometimes to borrow more against the property.

It is not always the right move. If you are locked into a deal, an early repayment charge could outweigh any saving, so it is worth checking the numbers — including all fees — before switching.

Switching lender or a product transfer

You can move your mortgage to a different lender, which usually involves a fresh affordability check and valuation, or you can take a new deal with your existing lender — known as a product transfer — which is often quicker and needs less paperwork.

• Switching lender — may unlock a better rate but involves a new application and checks
• Product transfer — simpler and faster, but you only see your current lender’s deals
• A regulated mortgage broker can compare options across the market for you

Costs to weigh up

Compare the total cost, not just the headline rate. Watch for early repayment charges on your current deal, any exit or deeds-release fee, and arrangement or product fees on the new deal. In July 2025 the FCA made changes intended to make it easier and cheaper to remortgage with a new lender, but the maths still depends on your own figures.