Your remortgage questions answered

Ask your adviser – your top remortgage questions answered!

According to the Bank of England, 3.6 million mortgages are set to be renegotiated over the next three years, amounting to 41% of all outstanding home loans. If you are one of those set to review your options, it’s likely you’ll have plenty of questions and may not even know where to start.

Not only are interest rates and mortgage deals changing all the time, but in recent years, significant shifts in the economy and economic conditions have changed the mortgage landscape. For those coming off a five-year fixed rate – or even a two-year fix – it’s likely that the rates and options available to you will look considerably different. It can make the process really overwhelming and difficult to know if you’re making the right decision.

Fear not! With the help of qualified mortgage adviser, you do not have to complete this process on your own. An adviser will be able to look at your current situation and explore the options available to you – all while simplifying the process.

Below, we’ve pulled together some of the top remortgage questions to give you a head start before speaking to an adviser.

What exactly is a remortgage?

Remortgaging is where you switch to a new mortgage deal on your current property, usually with a different mortgage lender. By replacing your old mortgage with a new one, you might be able to access a better interest rate or lower your monthly payment. It is also a way to avoid moving onto a lender’s Standard Variable Rate (SVR), which starts when your initial fixed-rate period finishes. It can often be a much higher rate than otherwise available, and therefore more expensive.

When is the right time to remortgage?

Leave it too late and your risk rolling onto your lender’s SVR, which will be considerably higher than rates otherwise available through a new two or five-year fixed rate mortgage deal. Acting early gives you the best opportunity to secure the right deal for you.  

How long does a remortgage take?

According to Halifax, the remortgage process can take between four and eight weeks to complete, from the moment that you apply. Alongside the application itself, there will be legal work to complete and in some cases a property valuation may be required. For anyone undertaking a remortgage, it’s really important to ensure you have all the correct and up to date information, and you respond promptly to any questions or queries from your conveyancer (solicitor).

Can I remortgage too early?

Completing a remortgage before your current deal expires is likely to incur an early repayment charge (ERC) from your lender. This is the penalty you will pay if you overpay your mortgage above their specified amount, or remortgage during your fixed-rate period. While all lenders have different ERCs, they can all still be quite hefty penalties to pay so timing is really important. A qualified mortgage adviser will be able to match your remortgage with the expiry of your current deal, or advise if there is any benefit to exiting your existing deal early.

Other fees to consider during your remortgage are any product or arrangement fees, any valuation fees or legal costs.

Is loan-to-value (LTV) still important when remortgaging?

LTV still plays a critical role in your remortgage as it helps determine what rate you will be offered by a lender. A lower LTV means your outstanding mortgage balance is less than the value of the property, which means less risk for the lender. Because there is less risk, a lender is more likely to offer better remortgage deals.

As long as your house holds its value (or it increases), your LTV will naturally improve as you pay off your mortgage. This may open up new options that were perhaps not available to you when you first took out your mortgage.

What happens if my home has dropped in value?

While house prices overall have remained fairly robust, there is the chance that a property may drop in value between the purchase and the remortgage. In some cases, this can mean that you owe more than the property is worth. While remortgaging is not always as straightforward for those in negative equity, that’s not to say that options don’t exist. It certainly requires expert advice to navigate the potential options and the lenders who be willing to support an applicant in negative equity.

Do I always need to move to a new lender?

Not necessarily. Similar to a remortgage is a product transfer (PT) where you switch to a new mortgage deal with your existing mortgage lender. This is a popular option as it can be very quick to complete and doesn’t always require fresh credit or income checks. You may miss out on better rates or deals offered by competitors though. If you’re not sure which is the right option for you, your mortgage adviser will be able to run through both options with you.

As you approach the end of your current deal, your existing lender may look to reach out directly to discuss a new deal. A mortgage adviser will be able to look at this offer and compare it against other lenders, banks and building societies. Remember that an adviser will have access to a much broader range of lenders and products (including exclusive options) compared to your existing bank or lender who will only have access to their own offering.

Is it possible to borrow more money when I remortgage?

As part of the remortgage process, many people will look at the possibility of borrowing more money by increasing their mortgage. This can then be put towards home improvements for example, while others may look to consolidate other debts such as personal loans or credit card bills, or borrow additional funds for other needs.

If this is of interest, it is important to discuss this with your mortgage adviser. It is also worth remembering that increasing your mortgage also increases the debt against your home, which comes with potential risks and higher costs.

Turn confusion into clarity

It quickly becomes clear that as you approach remortgaging, there is much to consider. Whether you’re looking for a straight remortgage, a product transfer or the opportunity to borrow additional funds, there are plenty of options available for all circumstances and situations. With the help of a qualified mortgage adviser, this doesn’t have to be a painful or laborious process.

Using this this list of FAQs, you will already be ahead of the game as your approach your remortgage. Working with your adviser will help simplify this process further, ensuring you are well prepared to navigate your new mortgage deal.

Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.

Approved by The Openwork Partnership on 16/09/25.