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What Is a Remortgage?

A remortgage is when you move your existing mortgage from one lender to another. Your new deal replaces your current one and everything continues as normal with your home. Many people choose to remortgage when they want a better rate or their circumstances have changed.

You might think about a remortgage if you are coming to the end of your current deal, want to make changes to your mortgage or plan to borrow a bit more against your property.

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Things to Think About Before You Remortgage

Costs

There can be fees involved when switching to a new lender, so it helps to understand these before you go ahead. Knowing the full picture early on means there are no surprises later.

Timescales

A remortgage is usually quicker than buying a home, but it still takes a little time to complete. Most people find the process fairly smooth, especially with the right support.

Legal Work

Even though you are not moving house, a remortgage does include some legal steps. Some lenders will appoint a conveyancer for you. Others let you choose your own. Your adviser can guide you through what to expect.

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What Costs Should You Expect?

When you move your mortgage to a new lender, you might come across some or all of the following fees.

Booking or application fees
Some lenders charge a fee when you apply for a new mortgage product.

Valuation fees
Your new lender may need to value your property. Sometimes this is free, sometimes there is a charge.

Conveyancing costs
A solicitor or conveyancer will handle the legal side of your remortgage. Costs vary depending on the firm and the complexity of your case.

Early repayment charges
If you are still tied into your existing mortgage deal, your lender may charge you a fee to leave early. These can be one of the most important costs to check.

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How Long Does a Remortgage Take?

Most remortgages take around four to six weeks from start to finish. The exact timing depends on your personal situation and how quickly documents are provided. If you respond promptly to your conveyancer and lender, the process usually moves much faster and feels very straightforward.

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What Are Early Repayment Charges?

An Early Repayment Charge, often called an ERC, is a fee you might pay if you leave your mortgage deal before it officially ends. For example, coming out of a five year fixed rate after only two years.

The cost is normally based on a percentage of your outstanding mortgage balance. Many lenders reduce the percentage each year, for example 3 percent in year one, 2 percent in year two and so on. Every lender has their own rules, so it is always worth checking your original mortgage offer or asking your adviser to confirm the exact terms for you.