When Should You Start Looking at Remortgage Options?
If your current mortgage deal is approaching its end, it's worth reviewing your options several months before the expiry date.
This can give you time to understand what your existing lender offers, explore alternatives and consider any costs involved in changing your mortgage.
You might also want to review your mortgage if:
- Your current fixed-rate or introductory deal is ending.
- You're considering borrowing additional money against your property.
- You want to change your mortgage term or repayment arrangements.
- Your financial circumstances have changed.
- You want to compare your existing mortgage with products available elsewhere.
Important: If you leave your existing mortgage deal early, you may have to pay an early repayment charge. Check your mortgage terms before making any changes.
A mortgage adviser can discuss your circumstances and explain the options available through the lenders they can access.
Moving home rather than staying put? See our page on finding a mortgage adviser when moving home. Remortgaging a rental property? See buy-to-let mortgage advisers.
Should You Remortgage or Stay With Your Existing Lender?
One of the main decisions homeowners face is whether to arrange another deal with their current lender or switch to a different lender.
Both approaches have potential advantages and costs.
Option 1: Stay With Your Existing Lender
Changing to another mortgage product with your current lender is commonly called a product transfer.
Depending on the lender and your circumstances, this may involve:
- A simpler application process.
- Fewer affordability or documentation requirements.
- Less legal work.
- Access to the lender's existing-customer mortgage products.
However, you'll generally be choosing from products offered by that lender rather than comparing the wider market.
Option 2: Switch to a Different Lender
Remortgaging usually means replacing your existing mortgage with one from another lender.
This allows you to explore mortgage products offered elsewhere.
The process may involve:
- Affordability and credit assessments.
- A property valuation.
- Legal or conveyancing work.
- Mortgage arrangement or product fees.
- Potential early repayment charges from your existing lender.
The costs and requirements depend on the lender, mortgage product and your circumstances.
Which Option Is Right for You?
There isn't a single answer that applies to everyone.
A lower interest rate doesn't automatically mean a lower overall cost.
Mortgage fees, repayment terms, early repayment charges and the total amount payable all matter.
An appropriately authorised mortgage adviser can assess your circumstances and recommend suitable options from the lenders and products available to them.
Find Someone to Discuss Your Remortgage
Local Advisors can introduce you to a mortgage adviser who covers your area.
Free matching service · Free initial consultation · No obligation to proceed
What Costs Should You Consider When Remortgaging?
It's important to understand the potential costs before deciding whether to change your mortgage.
Early repayment charges. Some mortgage deals include charges for leaving before an agreed date. These can be significant, so check your existing mortgage agreement.
Mortgage product fees. Some mortgage products have arrangement or product fees. A product with a lower interest rate but a higher fee may not always offer the lowest overall cost.
Property valuation. A new lender may require a valuation of your property. Some mortgage products include a valuation without a separate charge.
Legal fees. Switching lenders may involve legal or conveyancing work. Some lenders offer legal-fee incentives, although terms and eligibility vary.
Mortgage adviser fees. Some mortgage advisers charge customers directly. Others receive commission from lenders, and some receive both. Ask the adviser to explain their charges and when any fees would become payable.
Remember: Local Advisors' introduction service is free. Any subsequent mortgage-advice fees are separate arrangements between you and the adviser.
What Should You Have Ready Before Speaking to a Remortgage Adviser?
You don't necessarily need every document before making an initial enquiry, but having a few details available can make the conversation more productive.
Your existing mortgage: current lender; approximate outstanding balance; current interest rate, if known; the date your deal ends; any early repayment charges.
Your property: approximate current value; address and postcode.
Your financial circumstances: employment status and approximate income; any significant changes to your circumstances; whether you want to borrow additional money; whether you're considering changing your mortgage term.
These details can help an adviser understand your requirements and explain what information may be needed next.
You don't need to make a mortgage decision before speaking to an adviser.
How Can a Remortgage Adviser Help?
A mortgage adviser can help you understand the available options and the implications of changing your mortgage.
Depending on their service, an adviser may:
- Review your existing mortgage arrangements.
- Discuss your financial circumstances and requirements.
- Compare mortgage products from lenders they can access.
- Explain mortgage fees and other potential costs.
- Recommend a suitable mortgage where appropriate.
- Help prepare and submit a mortgage application.
- Communicate with the lender during the application process.
Not all advisers have access to the same lenders or products.
It's worth asking which lenders they can consider, how they charge and what assistance they provide.
The adviser is responsible for providing any regulated mortgage advice and recommendations.
How Local Advisors Helps You Find a Remortgage Adviser
Finding a mortgage adviser doesn't have to mean contacting several businesses yourself. Our free introduction service connects people looking for mortgage advice with advisers who cover their area.
Step 1: Tell us about your requirements. Complete our short online enquiry for your remortgage. We ask for some basic information so we can look for an adviser who can discuss it.
Step 2: We look for an adviser covering your area. We use the information you provide to identify an adviser who can discuss your enquiry. Availability depends on your area and on the advisers taking enquiries at the time. Before accepting adviser businesses onto our platform, we carry out checks covering FCA status, business websites, wider online presence, Google Business Profiles, customer reviews and ICO registration. These checks help us assess the businesses we work with. They do not replace your own checks or guarantee the suitability of any particular adviser.
Step 3: Discuss your options. The adviser you're introduced to can discuss your circumstances, explain their service and help you understand your mortgage options. The initial consultation is free, and you're under no obligation to proceed. Local Advisors does not provide mortgage advice or recommend mortgage products. Any regulated mortgage advice is provided by the adviser you're introduced to.
Questions Worth Asking a Remortgage Adviser
An initial conversation is a useful opportunity to understand how an adviser works.
Consider asking:
- Which mortgage lenders can you consider?
- Can you compare a product transfer with switching lenders?
- What fees might I need to pay?
- Could my existing mortgage have an early repayment charge?
- How do the overall costs of different mortgage options compare?
- What documents will I need?
- How long might the application process take?
- What support will you provide during the application?
You should feel comfortable asking questions and requesting clarification before deciding whether to proceed. Our guide to 10 questions to ask a mortgage advisor has a fuller checklist.
Helpful Mortgage Adviser Guides
Choosing an adviser involves more than comparing mortgage rates. Our guides explain what to look for, how adviser fees work and how to check regulatory status.
How to Choose a Mortgage Advisor
How to compare advisers, check credentials and assess the services they offer.
How Much Does a Mortgage Advisor Cost?
Common charging arrangements and questions to ask about fees.
How to Check if a Mortgage Advisor Is FCA Authorised
How to check a firm's regulatory status and permissions.
Frequently Asked Questions
What is remortgaging?
Remortgaging generally means replacing your existing mortgage with a new mortgage from a different lender, without moving home. People may consider remortgaging when an existing deal ends, when reviewing borrowing arrangements or when exploring products available from other lenders.
Do I need a mortgage adviser to remortgage?
Not necessarily. You may be able to arrange a new mortgage directly with a lender. However, an adviser can help you understand available options, compare relevant costs and navigate the application process.
Can I remortgage before my current deal ends?
It may be possible, but leaving your current deal early could trigger an early repayment charge. Check your mortgage terms and discuss the implications with an appropriately authorised adviser.
Can I remortgage with the same lender?
If you stay with your existing lender and change to another mortgage product, this is generally called a product transfer.
Does remortgaging always reduce monthly payments?
No. Monthly payments depend on factors including the interest rate, outstanding mortgage balance, repayment term and mortgage arrangements. Payments could increase or decrease.
How long does remortgaging take?
Timescales vary depending on the lender, application requirements, property valuation and legal work involved. An adviser can explain the likely process and timescale for your circumstances.
Is Local Advisors free to use?
Yes. Our mortgage-adviser matching service is free, and the advisers we introduce offer a free initial consultation. Any subsequent mortgage-advice fees are agreed separately with the adviser. Local Advisors receives payment from participating adviser businesses for introductions.
Does Local Advisors provide mortgage advice?
No. Local Advisors is a mortgage-adviser introduction service. We connect customers with mortgage advisers who can discuss their requirements. Any regulated mortgage advice or personalised mortgage recommendations are provided by the appropriately authorised adviser.
Other mortgage situations
Looking for an adviser in a particular area? Browse mortgage advisers by location.
Ready to Explore Your Remortgage Options?
Find a remortgage adviser who covers your area.
Whether your current mortgage deal is ending or you're considering your options, Local Advisors can help you connect with an adviser who can discuss your requirements.
- ✓ Free matching service
- ✓ Free initial consultation
- ✓ No obligation to proceed
Start our remortgage enquiry process. There's no obligation to proceed.