How Does Remortgaging Work?

Remortgaging essentially means that you want to replace your current mortgage deal with a new one. Similar to how you secured your first mortgage, you will need to follow certain protocols, consider a range of options and assess your situation wisely.

Remortgaging doesn’t necessarily mean you have to change lender but that’s not to say you shouldn’t seek another option, if it makes sense financially.

The remortgage process:

1. Assess Yourself

After checking your current mortgage arrangements (when it expires, the rate you & terms you’re on etc.), it’s time to start arranging all of your documentation and paperwork.

2. Shop Around

Take advantage of free mortgage calculators and shop around for the best deal by working out the total cost of the loan you are considering. Naturally, this will vary depending on sort of mortgage product you opt for (fixed, tracker, discounted etc.). Don’t forget that calculators cannot predict changes in interest rates or any fees for any legal work, for example, so factor these in.

3. Compare & Cost

Work out the costs on your existing mortgage and compare. Again, consider possible fluctuation in rates and any fees. For instance, early repayments can result in significant charges. It’s important that you can afford to keep up with repayments.

4. Find a Lender

Approach a lender or mortgage broker to help advise you about different remortgaging products and rates.

5. Legal Services

Appoint a legal team, if the lender doesn’t provide this service, as you will need one to iron out and complete the deal.

6. Wait

Remortgaging tends to be a lot quicker than buying a house and applying for a typical mortgage but don’t stand around in the meantime, get yourself organised. Remortgaging can take between 4-8 weeks and longer if you’re switching lenders.

7. Seal the Deal

Upon completion, your old mortgage should be paid off and you will begin your new one on the new terms agreed.

8. Update Your Bank

Make sure to speak to your bank and arrange any payments that need to be set-up or cancelled.

9. Compile the Paperwork

Ensure you have received all relevant documentation and store it away somewhere safe. This should include both your new mortgage and your old one – just in case.


Hopefully, we’ve answered the common question about ‘how does remortgaging work’ but if you’re still unsure, or would like to speak to one of our friendly advisors for some free and impartial advice, just get in touch. Alternatively, visit our Remortgages page for more details.

Start your Remortgaging enquiry now.

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