Remortgaging to a better deal can save you money every month. Compare mortgage deals or speak to one of our expert mortgage brokers to find the right remortgage deal for you.
What does remortgage mean?
Remortgaging means switching mortgage deals while you remain living in the same property.
You can either seek a new mortgage deal with your existing lender or move to a new lender. You’ll pay off your existing mortgage with a new one.
Most homeowners choose to remortgage when their fixed-rate mortgage deal runs out to avoid being moved onto their lender's standard variable rate, which is typically more expensive.
Why would you want to remortgage?
How does a remortgage work?
The remortgaging process is similar to the process of taking out a mortgage; you’ll need to pay many of the same fees and will need to complete an application, undergo affordability and creditworthiness checks and have your home valued again.
Here’s an overview of the remortgage application process:
Get a mortgage in principle - When you remortgage, you’ll need to get a new mortgage in principle. Getting a mortgage in principle, allows you to check if a provider is willing to lend you the money you need to pay off your current mortgage and move to a new deal.
Check how much remortgaging will cost - When you research remortgaging, you’ll need to work out how much it will cost you. There can be a number of remortgage costs, and moving to a better deal isn’t always the cheapest option, especially if you’re in the middle of a fixed period. So make sure you do your sums before applying.
Fill out the application for your new mortgage - Once you’re sure you’ve found the right mortgage product to move to, it’s time to apply. An application for a remortgage will be similar to the one you did when you originally got your mortgage. Your new lender will assess your affordability and credit history and the current value of your home. You’ll need a solicitor to manage your remortgage unless you’re sticking with the same lender.
Start repaying your mortgage deal - As long as the application goes smoothly, you’ll move to your new mortgage deal and start making repayments to your new lender.
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Our expert says…
"There could be many reasons why you’re looking to remortgage, but finding the right deal can be challenging. Using a mortgage broker like Better.co.uk will help make the process simple. Our expert mortgage advisers can take away the hassle of researching dozens of lenders and find a remortgage deal that suits your needs."
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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 £506 is based on Better.co.uk remortgage customers in December 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 Better.co.uk'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, Better.co.uk 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.