Should I remortgage with the same lender or switch?

When your mortgage is up for renewal, you're faced with one of two decisions: remortgage to a new lender or switch to a new mortgage rate with your existing lender. Which is right?

Is it better to refinance with the same lender?

Think of your mortgage as a long-term relationship with your lender. Over time, circumstances change, and you might wonder: is it time to reignite the flame or find a new partner?

Refinancing with the same lender can offer several advantages. Firstly, they already know you. This familiarity can sometimes lead to smoother transactions and possibly even faster approval processes. You’ve built a track record with them which can be leveraged for better deals or reduced fees. However, loyalty doesn't always guarantee the best rates.

Sometimes, the most enticing offers are reserved for new customers to attract them. Always check if your existing lender is willing to match or beat competitive rates from other institutions.

Staying loyal can have its perks, but it's essential to ensure you're still getting the best deal. Always be open to negotiations, and always compare the market.

Do I need a solicitor to remortgage with the same lender?

Just as you'd consult with an expert before making any significant life decisions, remortgaging, too, comes with its set of expert opinions.

In most instances, if you're remortgaging with the same lender and not adding anyone else to the mortgage, you may not need a solicitor. This is commonly known as a "product transfer." However, if you’re making substantial changes, such as borrowing more money, refinancing to a new lender, or changing the property's ownership, a solicitor's guidance might be beneficial. They ensure that all legalities are correctly handled and that you’re making informed decisions.

You may find that a new lender will sweeten the deal by offering free legal advice via their own in-house panel of solicitors. Or, they might offer a cash allowance to choose an external solicitor of your choice. If you do switch mortgage lenders, make sure to ask your mortgage broker if the deal comes with legal perks such as these.

Keep it simple! If you're merely switching mortgage products with the same lender, you might save on solicitor fees. However, for more complicated changes, professional advice can be priceless.

Is it worth switching mortgage lenders?

Is the grass always greener on the other side? When it comes to mortgages, it could be.

Switching mortgage lenders might sound daunting, but it can have its advantages. A new mortgage lender might offer you better interest rates, more flexible terms, or perks that your current lender doesn't provide. Moreover, a change can cater to your evolving financial situation better than sticking with the status quo. But, switching might also come with costs such as early repayment charges from your current lender or fees from the new one. Always weigh the potential savings against these costs to determine if the switch truly benefits you.

Exploring new horizons can be beneficial. If you find a deal that better suits your needs, switching might be the smart financial move. That's why we always recommend speaking to a mortgage broker.

What happens when you remortgage with a different lender?

Imagine moving to a new city. It’s a mix of exciting opportunities and the logistics of the shift. Similarly, remortgaging with a new lender brings prospects and processes.

If you decide to remortgage with a different lender, you’ll repay your current mortgage with the loan from the new lender. The application process will be similar to when you got your first mortgage: expect credit checks, affordability assessments, and property valuations. While this may seem repetitive, remember that this is a new lender, and they need to assess the risks associated with lending to you. Once approved, the new lender will handle most of the switch's logistics, but always keep yourself informed and involved.

While the process might sound tedious, the potential benefits of a better deal, more flexibility, or improved financial conditions can make the transition worth it.

Remortgaging might seem complex, but it's really just about finding the right fit for your financial needs. Whether you choose to stick with your current mortgage provider or venture out to explore new options, always prioritise what's best for your financial health and long-term goals. Remember, it’s not just about the now; it’s about securing a comfortable future.

To compare the latest mortgage deals, you can utilise our free mortgage comparison tool. Similarly, if you're not quite ready to apply for a new mortgage just yet, sign up for our free Mortgage Rate Tracker. You'll receive fortnightly emails highlighting the average and best mortgage deals for people with similar loan-to-values (LTV) as you.

Important info & marketing claims

You may have to pay an early repayment charge to your existing lender if you remortgage. Your savings will depend on personal circumstances.

Your home may be repossessed if you do not keep up repayments on your mortgage.

*The savings figure of £420 is based on remortgage customers in October 2023. Read more on our marketing claims page.

We can't always guarantee we will be able to help you with your mortgage application depending on your credit history and circumstances.

Average mortgage decision and approval times are based on's historic data for lenders we submit applications to.

Tracker rates are identified after comparing over 12,000 mortgage products from over 100 mortgage lenders.

As of January 2023, has access to over 100 lenders. This number is subject to change.

For buy-to-let landlords, there's no guarantee that it will be possible to arrange continuous letting of a property, nor that rental income will be sufficient to meet the cost of the mortgage.