🔄 UK Remortgage Guide
Is it time to
remortgage?
Your current deal won't last forever. Here's everything you need to know to switch to a better rate — and when to start.
£300+
avg monthly saving when switching
6mo
before your deal ends — start here
SVR
the expensive rate you want to avoid
The Case for Switching
Why people remortgage
There are four main reasons to switch — the best time to act depends on which applies to you.
💸
Get a Better Rate
Your fixed deal is ending and you want to avoid drifting onto the expensive Standard Variable Rate.
🏗️
Release Equity
Your home has increased in value. Unlock equity for home improvements, deposits, or other large purchases.
📦
Consolidate Debt
Roll unsecured debts into your mortgage at a lower rate. Only suitable in specific circumstances — always take advice.
🔄
Change Terms
Switch from interest-only to repayment, extend or reduce the term, or change from a joint to sole mortgage.
⚠ Debt Consolidation Risk Warning: Consolidating debt may reduce your outgoings now, but you may end up paying more overall. Your home may be repossessed if you do not keep up repayments on your mortgage.
Timing Is Everything
Start 6 months before your deal ends
Most mortgage offers are valid for 3–6 months — locking in a rate early protects you from market movement.
6 months
Start now. Speak to a broker, review the market, get your documents ready.
4–5 months
Apply for your new deal. Rate is reserved — if rates fall, you can often switch to a better offer.
2–3 months
Conveyancing begins (if switching lenders). Valuations and legal checks are completed.
1 month
Final checks. Confirm completion date aligns with your current deal end date.
Day 0
Deal ends → SVR kicks in. Every month here costs significantly more. Don't wait.
Equity & Rates
More equity =
better rates
As your loan-to-value falls, lenders reward you with lower rates. Rising house prices help even if you haven't overpaid.
≤60% LTV
Most competitive rates
40%+ equity
75% LTV
Great rates
25% equity
85% LTV
Good rates
15% equity
90% LTV
Higher rates
10% equity
95% LTV
Highest rates
5% equity
💡 Ask your broker to check if your home's current value moves you into a better LTV band
Your Options
Product transfer or
full remortgage?
Product Transfer
Stay with your existing lender
No new affordability assessment (usually)
No legal or valuation fees
Faster — can complete in days
Limited to your lender's product range
Best if you can't change borrowing amount
Full Remortgage
Switch to a new lender
Access rates from our comprehensive lender panel
Can borrow more or change terms
Release equity from property
Legal & valuation fees apply (often free)
Takes 4–8 weeks to complete
Step by Step
The remortgage journey
From first conversation to new rate — a typical timeline runs 6–10 weeks.
01
Review & Prep
Check deal end date, gather docs
→
02
Speak to Broker
Comprehensive lender panel search
→
03
Reserve Rate
Lock in offer (3–6 months)
→
04
Application
Lender affordability check
→
05
Valuation
Desktop or physical
→
06
Legal Work
Solicitor completes transfer
→
07
Completion
New rate begins 🎉
Affordability
What lenders will
check this time
Even as an existing homeowner, lenders re-assess your finances. Your situation may have changed since your first mortgage.
💼
Income & Employment
3 months payslips or 2 years SA302s if self-employed. Changes to employment type matter.
📊
Credit Score
Any missed payments, CCJs or defaults since your original mortgage will be scrutinised.
🏡
Property Valuation
Lender values the property — desktop or physical. Affects LTV band and rate offered.
📉
Existing Commitments
Loans, credit cards, childcare, pension contributions — all factor into the stress test.
Know Your Numbers
Costs to factor in
Remortgaging can save thousands — but weigh these costs first, especially if you're leaving a deal early.
⚠️ Early Repayment Charge
1–5% of loan balance
🏦 New Lender Arrangement Fee
£0 – £2,000 (can add to loan)
⚖️ Legal / Conveyancing Fees
£0 – £1,500 (often covered by the lender)
🔍 Valuation Fee
£0 – £600 (often covered by the lender)
🏠 Broker Fee
£0 – £500
❌ Exit Fee (to existing lender)
£0 – £300
💡 Typical cost (outside ERC period)
Often £0 – £1,000
The MakeMyMortgage Advantage
Why use a broker?
Going direct to one lender means seeing one set of rates. A broker with access to a comprehensive lender panel sees the full picture.
🌐
Comprehensive Panel Access
We work from a comprehensive panel which is representative of the whole of the market — finding the most suitable rate for your exact circumstances.
🔍
Thorough Document Review
We review all your documents and flag any lender concerns before you apply — reducing delays and improving your chances of a smooth approval.
🛡️
Regulated Advice
Our regulated advisers recommend the right product for your circumstances — not just the cheapest headline rate.
✅
Completion
Your new rate
starts today.
Your new lender pays off the old mortgage, and your new monthly payment begins. Here's what to do next.
✓
Confirm new Direct Debit date
✓
Note your next deal end date
✓
Consider overpaying to build equity
📅 Set a reminder for 6 months before your new deal ends — and do this again!
The MakeMyMortgage Difference
A broker does what
a bank never will.
🌐
80+ Lenders Searched
Your bank shows you one set of deals. We work from a comprehensive panel which is representative of the whole of the market — finding the most suitable rate for your exact circumstances.
💰
Broker-Only Rates Available
Some of the most competitive remortgage rates on the market are only available through brokers — not direct to consumers.
🔍
Proactive Document Checks
We thoroughly review all your documents before they reach the lender — catching potential issues early and giving your application the best possible start.
🎯
We Know Who'll Say Yes
Income changes, credit blips, complex situations — we know which lenders accept which profiles, and apply once with confidence.
📋
We Handle Everything
We manage the whole remortgage process from rate search to legal completion — you get a better deal without the hassle.
🛡️
Regulated, Expert Advice
Providing regulated advice and working entirely for you. We have no incentive to favour any lender — only to find you the best outcome.
Get Started Today
Ready to find a better rate?
No obligation. No jargon. Just clear, expert advice that could save you hundreds every month.
makemymortgage.co.uk →
Regulatory Information
Your Rights & Our Status
⚠️ Important Risk Warning
Your home may be repossessed if you do not keep up repayments on your mortgage.
🏛️ Our Regulatory Status
MakeMyMortgage is an Appointed Representative of PRIMIS Mortgage Network, a trading name of Personal Touch Financial Services Ltd. Personal Touch Financial Services Ltd is authorised and regulated by the Financial Conduct Authority.
💷 Fee Information
Our typical fee is £299 but this can vary depending on the complexity of your mortgage needs. Our fee will be discussed and agreed with you before any work begins.
📞 Contact Us
MakeMyMortgage · makemymortgage.co.uk · This guide is for information purposes only and does not constitute personal mortgage advice. Information was correct at time of publication and is subject to change.
We offer mortgage advice based on a comprehensive panel of lenders representative of the whole of the market. We do not offer advice across all available products from all lenders. Personalised mortgage advice is available on request. The guidance contained within this document is subject to the UK regulatory regime and is therefore primarily targeted at consumers based in the UK.