Mortgage deal ending
Start reviewing your options before your fixed-rate mortgage ends, so you have time to understand what happens next.
Remortgage advice for your next deal
Compare your current lender with other mortgage options, understand the costs and plan ahead before your current deal ends.
Remortgage advice based on your circumstances
Your current deal, income, property value and future plans all affect the options available. A remortgage advisor can help you compare the whole picture rather than focusing on an advertised rate alone.
A different type of mortgage
Explore whether a different rate or mortgage type could give you more payment certainty or flexibility.
Borrowing more
Consider additional borrowing for a defined purpose, subject to affordability, LTV and lender criteria.
Changing circumstances
Income, employment or household changes may affect how a lender assesses your application.
What is remortgaging?
Remortgaging normally means replacing your existing mortgage with a new mortgage, often with a different lender. The new mortgage is used to repay the old one, and you then make repayments under the new agreement.
Remortgage to another lender
Taking a new mortgage with another provider may give you access to a wider range of products, but you will need to meet that lender’s affordability and eligibility criteria.
Product transfer with your existing lender
A product transfer means moving to another deal with the lender you already use. It can be simpler, but it may not show the full range of alternatives available elsewhere.
The choice between a product transfer and remortgage depends on your goals, costs, timing and circumstances. Read our product transfer versus remortgage guide, then compare the new deal, total cost, timing, lender choice and any early repayment charge.
Why might you remortgage?
People consider remortgaging for different reasons. A remortgage broker or advisor can help you work out which, if any, are relevant to you.
Your fixed-rate mortgage is ending
Review your options before you move onto your lender’s follow-on rate, which may not be the most suitable option for your plans.
A more suitable mortgage deal
You may want to compare a different interest rate, term or repayment structure as your needs change.
Changing mortgage type
Your priorities may have changed since you took out your current mortgage, including how much payment certainty you want.
Remortgage to release equity
Some homeowners increase their borrowing against the property to access funds, subject to lender checks and affordability.
Remortgage for home improvements
Additional borrowing may help fund an extension, loft conversion, kitchen, renovation or energy-efficiency work.
Consolidating borrowing
Debt consolidation needs careful advice. Spreading unsecured borrowing over a longer mortgage term can increase the total repaid and makes the debt secured against your home.
Changes in income or household
A new job, self-employment, separation or a growing family may mean your current mortgage no longer fits as well.
Greater payment certainty
You may prefer to review your rate and term so your repayments are easier to plan.
Is your fixed-rate mortgage ending?
If your mortgage deal is ending soon, review the available routes early. A product transfer with your current lender or a remortgage to another lender may be suitable, depending on your circumstances, costs and timing.
Mortgage deal ending soon? Review your optionsRemortgage or stay with your current lender?
A product transfer and a remortgage are different routes. Neither is universally better: the right choice depends on affordability, fees, timing, the rate available and whether you need additional borrowing.
| Factor | Product transfer | Remortgage |
|---|---|---|
| Lender choice | Usually limited to your existing lender’s products. | May give you access to products from other lenders that accept your circumstances. |
| Affordability checks | May involve a lighter assessment, depending on the lender and whether you change the borrowing. | Normally includes a full affordability, credit and income assessment. |
| Property valuation | Often no new valuation is needed, although this varies. | A valuation may be required by the new lender. |
| Fees | Can be simpler, but product fees may still apply. | May involve product, legal, valuation, broker and early repayment costs. |
| Available rates | Limited to your current lender’s range. | May provide a wider comparison, subject to lender criteria. |
| Additional borrowing | May be possible with the current lender if affordability allows. | May be possible with a new lender if the application supports it. |
| Convenience | Can be more straightforward where no full application is needed. | Usually involves a new application and legal completion. |
When should you start looking at remortgage options?
Many borrowers begin reviewing options several months before their fixed period ends. That gives time to check the mortgage balance, understand any early repayment charge and compare a product transfer against a new mortgage.
Can you remortgage before your fixed rate ends?
Possibly, but remortgaging early can trigger an early repayment charge or other costs. Check your mortgage offer and ask for an up-to-date redemption figure before making a decision.
How early can you remortgage?
Lenders set their own rules and mortgage offers have their own validity periods. Timing depends on the product, lender and whether you are paying an existing deal early.
When should I remortgage? There is no universal date. The useful comparison is the total cost of each route, including fees and any charge for leaving your current deal.
Can you remortgage to release equity?
You may be able to increase your mortgage borrowing against the value of your home and release some of the difference as funds. A lender will consider affordability, income, credit history, property value and your remortgage LTV before deciding what may be available.
Reasons people borrow more on a mortgage
- Home improvements or renovation
- Energy-efficiency improvements
- Major planned purchases
- Helping family
- Purchasing another property
Additional borrowing is not automatic
Remortgage to release money only after considering the new monthly payment, total cost, term and risks. Lender criteria and the amount of equity available will vary.
Standard remortgaging is different from regulated later-life equity release products such as lifetime mortgages. See the existing Equity Release section for a separate starting point.
Remortgage for home improvements
An extension, loft conversion, new kitchen, renovation or energy-efficiency project may be a reason to consider additional borrowing. The amount a lender may consider depends on affordability, property value, LTV, credit profile and its criteria.
Plan the project
Set out the purpose and estimated cost of the work, allowing for changes and professional fees where relevant.
Check the long-term cost
Compare the extra borrowing, monthly payment and total repayment over the mortgage term rather than looking only at the immediate funds.
How much equity do I have?
Approximate equity is the value of your property minus the outstanding mortgage balance.
Example: £300,000 property value − £180,000 mortgage = approximately £120,000 equity.
Example: £180,000 ÷ £300,000 × 100 = 60% LTV. LTV can affect the products and pricing a lender may consider.
A lender may use its own valuation rather than your estimate, so the final LTV can differ. Use our LTV calculator for an illustration. For later-life equity release information, see the existing Equity Release section.
How much does it cost to remortgage?
Possible remortgage costs include:
Mortgage and advisor costs
- Arrangement or product fees
- Broker or advisor fees, where applicable
- Early repayment charges
- Exit or administration fees, where applicable
Property and legal costs
- Valuation fees
- Legal or conveyancing fees
- Additional property or lender requirements
Some products include incentives such as a valuation or legal assistance, but this varies. The lowest interest rate is not necessarily the cheapest mortgage overall: compare the rate, fees, incentives, term and total cost.
Can I remortgage with bad credit?
Previous credit problems do not automatically make remortgaging impossible, but your options, pricing and lender criteria may be different. A lender may consider the type, age and severity of issues such as defaults, a CCJ or other adverse credit, alongside your current affordability.
Remortgage with defaults or a CCJ
Be open about your credit history and check your credit reports before applying. Different lenders use different criteria, and an application should not be treated as guaranteed.
Prepare before applying
Keep repayments up to date, reduce avoidable commitments where possible and gather accurate information about your income, debts and current mortgage.
The questions above provide an initial overview; an advisor can explain how the current lender criteria apply to your circumstances.
Can I remortgage if I’m self-employed?
Sole traders, contractors and limited company directors can all be assessed for a self-employed remortgage, but lenders may assess income differently. They may ask for accounts, tax documents, company information or evidence of contracts and retained profit.
Income evidence
Requirements vary, but may include accounts, tax calculations, tax year overviews, payslips, bank statements and details of your business.
Changes since your current mortgage
If you moved from employed work to self-employment, became a company director or started contracting, explain the change clearly and provide the available evidence.
Read the Self-employed mortgages page for related guidance. Lender criteria and evidence requirements can change.
How the remortgage process works
Review your current mortgage
Check the balance, rate, deal end date and any early repayment charge.
Review your goals
Decide whether you want to reduce payments, change mortgage type or borrow more.
Assess affordability and LTV
Consider income, commitments, credit profile and the property value.
Explore mortgage options
Compare your current lender against alternative lenders where appropriate.
Apply
Complete the application, underwriting and valuation process.
Legal completion
The existing mortgage is repaid and replaced by the new mortgage.
What documents might be needed?
Requirements vary by lender and your circumstances, but an advisor may ask for:
- Proof of income
- Recent bank statements
- Identification
- Address history
- Details of your existing mortgage
- Property information
- Evidence of bonuses or overtime, where relevant
- Accounts and tax documents for self-employed applicants
Remortgage FAQs
What is a remortgage?
A remortgage replaces your existing mortgage with a new mortgage, often with another lender, to repay the original borrowing. Compare this with a product transfer with your current lender. A product transfer with your current lender is a separate route.
When should I remortgage?
Review your options several months before your deal ends where possible. See our product transfer versus remortgage guide when comparing routes. Timing depends on the lender, product, offer period and any early repayment charge.
Can I remortgage before my fixed rate ends?
You may be able to, but leaving early can trigger an early repayment charge. Check your mortgage terms and request a redemption figure before deciding.
What happens when my fixed-rate mortgage ends?
Your fixed period ends and your mortgage normally moves to the lender’s follow-on rate unless you arrange another deal. Review your options before the end date.
Should I remortgage or take a product transfer?
A product transfer may be simpler; a remortgage may offer wider lender choice. Compare cost, timing, criteria and any additional borrowing.
Can I remortgage to release equity?
Possibly. Increasing your mortgage to release equity is subject to affordability, property value, LTV and the new lender’s criteria.
Can I borrow more when I remortgage?
Additional borrowing may be available for a suitable purpose, but the lender will assess affordability, credit history, LTV and the overall application.
Can I remortgage with bad credit?
Previous defaults, a CCJ or other credit problems do not automatically rule out a remortgage, but available lenders and pricing may be different and approval is not guaranteed.
Can I remortgage if I’m self-employed?
Yes, self-employed applicants can be considered. Lenders may request accounts, tax documents, bank statements and other evidence to assess income.
How much does it cost to remortgage?
Costs can include product, valuation, legal, advisor or broker, early repayment and administration fees. Incentives vary, so compare the total cost rather than the rate alone.
Do I need a solicitor to remortgage?
Usually legal work is needed to replace the mortgage, although some products include free standard legal assistance. Confirm what is included with the lender or advisor.
How long does a remortgage take?
Timescales vary with the lender, valuation, application complexity and legal work. Starting early gives more time to deal with questions or delays.
Can I remortgage with the same lender?
Yes. Moving to a new deal with your existing lender is usually called a product transfer, but compare it with other suitable options before choosing.
Does remortgaging affect my credit score?
A full application may involve a hard credit search and a new account, which can affect your credit file temporarily. The impact varies by lender and your wider credit history.
Take the next step
Ready to review your remortgage options?
An advisor can review your current mortgage, objectives and circumstances, then explain potentially suitable routes. Rates, products and lender criteria can change, so advice should be based on your current information.