Remortgage guide

Remortgaging is the most common reason to use a mortgage broker after your first purchase. The key is knowing when your current deal ends and what it will cost to leave early.

Last checked 13 September 2026.

Eight sections. Each anchored to a first-party source, checked 13 September 2026.

1. When to start looking

Start researching your options about three months before your current deal ends. Some lenders let you lock in a rate up to six months ahead, so if rates look favourable you can secure a product before your deal expires and switch again if a better rate appears before completion. The critical date is not when the fixed rate ends but when the early repayment charge drops to zero, which may be the same day or a few months before.

2. Product transfer versus switching lender

A product transfer is a new rate deal with your existing lender; remortgaging is moving the whole mortgage to a new lender. Product transfers are faster and cheaper (no valuation, usually no legal work) and your current lender may not need a fresh full affordability assessment for a like-for-like amount. The FCA allows lenders to apply a modified affordability check when the new mortgage is no larger than the existing one and the term is not extended (FCA PS19/27, October 2019). Switching lender may offer a better rate but requires a full application. A broker can compare both options for you.

3. Early repayment charges

If you leave before the ERC period ends, the lender is entitled to charge a fee, typically 1–5% of the outstanding loan. The FCA Handbook requires lenders to set out the conditions under which an ERC applies and how it is calculated in the mortgage offer (MCOB 12). Your current mortgage offer document states the percentage and the end date. If the ERC outweighs the saving from switching, wait.

4. What happens if you do nothing

Most fixed-rate mortgages revert to the lender's Standard Variable Rate (SVR) when the fixed period ends. SVRs are set by each lender and can change at any time; they have historically been materially higher than competitive new fixed rates. Even a short period on an SVR before you complete a remortgage adds to the total cost.

5. What remortgaging costs

Product transfer: usually free or a small product fee (£0–£999). Switching lender: arrangement fee (often £500–£1,500, sometimes zero with a higher rate), valuation (many lenders waive this on remortgage), conveyancing (often provided free by a lender-panel solicitor on a standard remortgage). Use the repayment calculator to compare the total cost across the product period, not just the headline rate.

6. When remortgaging may not make sense

If you have very little equity (under 10%), the rate improvement from switching lender may be small or zero. If you are very close to paying off the mortgage, fees may outweigh the saving. If you have had recent credit problems, check your options with a broker before applying, because a declined remortgage application leaves a hard search on your credit file.

7. Stamp duty on a remortgage

Remortgaging the property you already own does not trigger Stamp Duty Land Tax in England and Northern Ireland, Land Transaction Tax in Wales, or Land and Buildings Transaction Tax in Scotland. No new purchase is taking place. The only exception is a transfer of equity (adding or removing someone from the title), where a stamp duty liability may arise depending on the equity transferred (GOV.UK — Stamp Duty Land Tax).

8. What to ask your broker

Ask whether they can access product transfers with your current lender as well as remortgage products from new lenders, as some brokers arrange only new-lender applications. At the first conversation the broker must tell you the range of lenders it can access and any fee it charges (MCOB 4.4A.1R and 4.4A.8R). If you are self-employed or have had any adverse credit since your last mortgage, say so early.

Brokers whose website mentions remortgage

926 firms in our directory mention remortgage on their own website. That's what they say about themselves, not an assessment by us, so check that a firm handles your situation and look it up on the FCA Register before taking advice.

More guides

• How to choose a mortgage broker
• Mortgage declined
• Cifas markers and mortgages
• Mortgages with bad credit
• Mortgages for the self-employed
• First-time buyer mortgages
• Buy-to-let mortgages
• Contractor mortgages
• Agreement in Principle
• Credit score and mortgages
• Mortgage broker fees
• Divorce and mortgages
• Gifted deposit
• Should you use the estate agent's recommended broker?
• Documents for a mortgage application
• What happens at a mortgage fact-find
• New build mortgages

General information, not advice. Mortgage Brokers List is a directory and a set of free tools. Only an FCA-authorised adviser can recommend a mortgage for your circumstances. See our editorial standards.