Why Remortgage?
Remortgaging means switching your existing mortgage to a new deal, either with your current lender (a product transfer) or with a different lender. The primary reason most people remortgage is to save money by moving to a lower interest rate. When your initial fixed or tracker rate ends, you typically move onto your lender's Standard Variable Rate (SVR), which is usually significantly higher than the best available deals.
Other reasons to remortgage include releasing equity (borrowing more against your property's value), consolidating debts, funding home improvements, or changing your mortgage terms. Whatever your reason, comparing remortgage options regularly ensures you're not paying more than necessary.
When Should You Remortgage?
The best time to start looking for a new remortgage deal is around 6 months before your current rate ends. This gives you time to compare options, submit applications, and complete the process before you fall onto the SVR. Many mortgage offers are valid for 3-6 months, so you can secure a rate early and let it start when your current deal ends.
If you're already on your lender's SVR, you're likely overpaying and should consider remortgaging immediately. Even small rate reductions can save hundreds of pounds per month. There's no need to wait for a specific date - the sooner you switch, the sooner you start saving.
How Much Could You Save?
Savings depend on your current rate versus available deals, plus your mortgage balance. Someone on a 7% SVR switching to a 4.5% fix on a £250,000 mortgage could save over £500 per month - more than £6,000 per year. Even a 0.5% improvement makes a meaningful difference.
Use our free service to compare rates and get a personalised quote showing exactly how much you could save. Our brokers search deals from over 100 lenders, including exclusive rates not available directly.
The Remortgage Process Step by Step
Remortgaging is straightforward with broker assistance. First, we'll assess your situation and search for the best deals. Once you choose a product, we'll submit your application with all necessary documents. The new lender will value your property (often free for remortgages) and complete their underwriting. Finally, solicitors handle the legal transfer - many remortgage deals include free legal services.
The process typically takes 4-8 weeks from application to completion. Throughout, your broker manages communications with lenders and solicitors, keeping the process moving and updating you on progress.
Start Comparing Remortgage Deals Today
Don't wait until you're paying unnecessary interest on your lender's SVR. Complete our simple form to get free, personalised remortgage quotes from across the market. Our FCA-regulated brokers will explain your options clearly and help you choose the best deal for your circumstances - with no obligation to proceed.