What is a remortgage, and when does it make sense?

A remortgage is when you move your existing mortgage to a new deal, either with your current lender or a different one. This is usually done to secure better terms, adjust how the mortgage works, or respond to changes in your financial situation.

Many homeowners remortgage when their fixed or introductory rate is coming to an end, particularly to avoid being moved onto a higher standard variable rate. However, remortgaging is not limited to rate changes alone. It can also be used to release equity from your property, consolidate debts, fund home improvements, or restructure your mortgage term to better suit your long-term plans.

Remortgaging may also make sense if your circumstances have changed since you took out your original mortgage. Changes such as a new job, self-employment, improved credit history, or increased property value can open up new options that were not previously available.

How a remortgage broker can help you secure the right deal

A remortgage broker does more than search for available products. The role is to understand your current mortgage, assess your wider financial position, and guide you through the process so the remortgage is suitable, affordable, and completed smoothly.

By combining market access with expert knowledge of lender criteria, a broker helps you avoid unsuitable deals, unnecessary costs, and delays that can arise when switching a mortgage without professional support.

Step 1: Assess your current mortgage and goals

We start by quickly gathering a small set of key details, such as your income, current lender, mortgage balance, and interest rate. This allows us to understand your position without unnecessary back-and-forth or lengthy paperwork.

At the same time, your adviser will confirm what you want to achieve by remortgaging, whether that is reducing monthly payments, releasing equity, or adjusting your mortgage term. By combining this information, we can rapidly compare suitable options against your current lender and explain whether switching is likely to offer a genuine benefit.

Step 2: Match you to suitable lenders and criteria

Every lender applies different rules when assessing remortgage applications. These can vary significantly depending on income type, credit history, property details, and affordability calculations.

A remortgage broker uses their knowledge of lender criteria to match your circumstances to lenders most likely to accept your application. This avoids unnecessary credit checks and reduces the risk of declines, while ensuring the deal recommended is appropriate for your situation rather than just competitive on paper.

Mortgage Brokers also have access to mortgage rates and products that are unavailable to customers when going straight to a lender.

Step 3: Manage the application from start to finish

Once a suitable remortgage option has been identified, your broker manages the application process on your behalf. This includes preparing documentation, liaising with the lender, arranging valuations, and working with solicitors where required.

Having a mortgage adviser oversee the process helps keep your remortgage on track, minimises delays, and ensures any issues are addressed quickly. This support is particularly valuable if time is tight or your case has additional complexities.

Common reasons people choose to remortgage

Homeowners remortgage for a wide range of reasons, and the right approach depends on what you want to achieve and how your circumstances have changed since taking out your original mortgage.

Below are some of the most common reasons people choose to remortgage. Each scenario comes with different considerations around lender criteria, affordability, and costs, which is why speaking to a remortgage broker can help ensure you take the right route.

Remortgage for additional borrowing

Some homeowners choose to remortgage to borrow additional funds against the value in their property. This is often used to support larger expenses, such as purchasing another property, covering major life costs, or consolidating finances into a single monthly payment.

Whether additional borrowing is possible depends on factors such as your property value, outstanding mortgage balance, income, and lender criteria. A remortgage broker can help you understand how much you may be able to borrow and whether remortgaging is the most suitable option compared to alternatives.

Learn more about remortgaging for additional borrowing

Remortgage for home improvements

Some homeowners remortgage to fund home improvements, such as extensions, renovations, or energy efficiency upgrades. Using a remortgage can allow you to spread the cost of improvements over a longer period, often at a lower interest rate than other forms of borrowing.

Whether this is a suitable option depends on your available equity, affordability, and the impact of any early repayment charges. A remortgage broker can help you explore whether borrowing through your mortgage is the right approach and which lenders are most likely to support this type of borrowing.

Explore remortgage options for home improvements

Remortgage options for more complex situations

Not all remortgage applications are straightforward. Factors such as credit history, property type, income structure, or age can affect which lenders are available and how a remortgage is assessed.

In more complex situations, specialist advice becomes particularly important. A remortgage broker understands which lenders are more flexible in specific scenarios and can help you navigate the process with clarity, avoiding unnecessary declines or delays.

Buy-to-let remortgage

Landlords may choose to remortgage a buy-to-let property to secure a better deal, release equity, or restructure their borrowing. Buy-to-let remortgaging is assessed differently from residential mortgages, with lenders placing greater emphasis on rental income, property type, and portfolio size.

Criteria can vary significantly between lenders, particularly for limited companies, portfolio landlords, or properties with non-standard features. A remortgage broker helps identify suitable lenders and ensures the remortgage is structured in line with your investment goals and tax considerations.

Get expert buy-to-let remortgage advice

Later life remortgage

Some homeowners consider remortgaging later in life to reduce monthly commitments, release equity, or adapt their mortgage to suit retirement plans. Later life remortgaging can involve different considerations around income, age limits, and affordability, which vary between lenders.

A remortgage broker can help explore whether a standard remortgage is suitable or whether alternative later life lending options may be more appropriate. Specialist advice is particularly important to ensure the long-term implications are clearly understood.

Speak to a specialist about later life remortgaging

How much does it cost to remortgage?

The cost of remortgaging can vary depending on your current mortgage, the lender you move to, and the type of deal you choose. While some remortgages can be completed with minimal upfront costs, others may involve fees that need to be weighed against any potential savings.

Understanding the full cost of remortgaging is an important part of deciding whether switching makes sense. A remortgage broker can help you assess both the short-term costs and the long-term impact, so you can make a decision based on overall value rather than headline rates alone.

Your mortgage broker can search mortgage rates for FREE, advise on overall costs and compare the right mortgage solution for your needs. The Mortgage Broker does not charge any fee for any access, advice or guidance if you decide that the mortgage is not right for you. There is a no mortgage, no fee guarantee.

Typical remortgage fees to consider

When remortgaging, you may encounter some or all of the following fees:

• Arrangement fees charged by the new lender for setting up the mortgage
• Valuation fees to confirm the value of your property
• Legal fees for conveyancing, which are sometimes included as part of the deal
• Broker fees, depending on the service provided

Not all remortgages involve every fee, and some lenders offer deals with incentives such as free valuations or legal work. A remortgage broker will explain which costs apply to your situation and help you compare options on a like-for-like basis.

Early repayment charges explained

Early repayment charges, often referred to as ERCs, are fees that some lenders apply if you leave your current mortgage deal before it ends. These charges are most common on fixed-rate mortgages and are usually highest in the earlier years of the deal.

The cost of an early repayment charge depends on your lender and how far through your current mortgage term you are. In some cases, the charge may outweigh any savings from switching, while in others it may still be worthwhile to remortgage, particularly if a significantly better deal is available.

A remortgage broker will check whether an early repayment charge applies and help you understand how it affects the overall value of switching. This ensures you have a clear picture before making any decisions.

Estimate Your Remortgage Payments

Use our mortgage repayments calculator to get a rough idea of how your monthly payments could change if you remortgage.

This tool is for guidance only. Your actual remortgage options will depend on factors such as lender criteria, fees, and your personal circumstances. Speaking to a remortgage adviser will help confirm what is realistically available to you.

Why choose the mortgage broker for your remortgage?

Choosing the right remortgage broker can make a significant difference to both the outcome of your remortgage and how smoothly the process runs. At The Mortgage Broker, we focus on clear advice, practical support, and solutions that are genuinely suited to your circumstances.

Rather than offering one-size-fits-all recommendations, our advisers take the time to understand your situation and guide you through the options available. This ensures your remortgage is not only competitive, but also sustainable and aligned with your long-term plans.

Comprehensive access to 130+ lenders

We have access to over 130 UK mortgage lenders, including high-street banks and specialist providers. This allows us to explore a wide range of remortgage options and identify lenders whose criteria match your circumstances, rather than limiting you to a narrow selection of deals.

Having wide access to the market is particularly valuable if your case is more complex or falls outside standard lending criteria.

Specialist advice for complex cases

Our advisers regularly help clients with non-standard situations, such as self-employment, variable income, credit history issues, or specialist property types. We understand how different lenders assess risk and can advise on the most appropriate route forward.

This specialist knowledge helps reduce the risk of declined applications and ensures your remortgage is handled correctly from the outset.

Dedicated support from enquiry to completion

From your initial enquiry through to completion, you will have the support of an experienced mortgage advisers. We manage the process, liaise with lenders and solicitors where required, and keep you informed at every stage.

Having a single point of contact helps minimise delays, reduces stress, and ensures your remortgage stays on track.

Speak to a specialist mortgage adviser

Real mortgage outcomes from real clients

We regularly help borrowers secure the right mortgage in situations where lender criteria, property details, or personal circumstances require careful handling.

For example, we recently supported a buyer purchasing a flat in a challenging location, where lender appetite was limited. By matching the case to the right lender and presenting the application clearly, the mortgage was accepted quickly and without unnecessary delays.