How does a remortgage work? Good question.

Let us explain everything you'll need to know, from reviewing your current mortgage to securing a new deal and completing your remortgage.

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Why remortgage

There are many reasons to remortgage, from reducing your monthly payments to securing a better rate. Whatever your goal, our expert advisers can compare thousands of mortgage deals and help you find the right remortgage for your circumstances, saving you time and effort.

1. Get a mortgage in principle

A Mortgage in Principle helps you understand whether you're likely to be accepted for the borrowing needed to remortgage to a new deal.

2. Check the costs of remortgaging

Before switching deals, make sure you understand any fees involved. If you're still within a fixed-rate period, early repayment charges could apply, so it's important to weigh up the costs against any potential savings.

3. Apply for your new mortgage

After choosing a remortgage deal, you'll submit an application and your lender will assess your affordability, credit history and property value before completing the switch.

4. Start your new mortgage deal

Once your remortgage is approved and completed, you'll begin making repayments under the terms of your new mortgage

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Remortgage FAQs

Remortgaging means replacing your current mortgage with a new one, either with your existing lender or a different lender, while staying in the same property. It's often done to secure a better deal or meet changing financial needs.

Homeowners choose to remortgage for many reasons, including reducing monthly payments, securing a lower interest rate, releasing equity from their home, consolidating debts, or avoiding their lender's Standard Variable Rate (SVR).

Potentially, yes. If you're able to secure a lower interest rate than your current deal, you could reduce your monthly repayments and the overall cost of your mortgage. Any savings will depend on your circumstances and the fees involved.

Yes. If your property has increased in value or you've built up equity through repayments, you may be able to borrow additional funds for home improvements, debt consolidation, or other major expenses.

A GHL Direct mortgage broker can compare deals from multiple UK lenders, explain your options and handle much of the application process, helping you find a suitable remortgage with less hassle

You can remortgage at any time, but the most cost-effective time is usually 1 to 6 months before your current fixed or tracker deal expires. This allows you to lock in a new rate and avoid penalty fees as well as the costly jump to a lender’s Standard Variable Rate (SVR)

Ready to remortgage?

Want to switch to a better mortgage deal? Let our friendly mortgage brokers do the hard work.

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YOUR HOME OR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.