Mortgage repayments are likely to be one of your biggest monthly expenses. If you’re looking to save money or switch to a better deal, remortgaging your property could be a smart move—potentially saving you thousands over the life of your loan.

What Does Remortgaging Mean?

Remortgaging means switching your existing mortgage to a new deal, either with your current lender or a different provider. It can help reduce your monthly repayments, release equity from your home, or better suit your changing financial situation.

We have created this guide on understanding the remortgaging process here.

Why Should I Remortgage?

The most common reason to remortgage is to save money. When your fixed or discounted mortgage deal ends, you’re usually moved onto your lender’s standard variable rate (SVR)—which tends to be higher. Remortgaging before this happens allows you to avoid increased repayments.

You might also want to remortgage in order to:

  • Switch to a different type of mortgage e.g. from variable to fixed, or to an offset mortgage
  • Reduce or extend your mortgage term
  • Borrow more to fund home improvements or consolidate debt
  • Access better deals if your home’s value has increased, improving your loan-to-value (LTV) ratio

For a detailed breakdown of options, check out our guide to the different types of mortgages.

When Is the Best Time to Remortgage?

You should start shopping for a new mortgage 2–4 months before your current deal ends. This gives you enough time to compare offers, apply, and complete the process—minimising time spent on a potentially expensive SVR.

How Long Does Remortgaging Take?

If you’re switching to a new lender, remortgaging typically takes around 8 weeks, as it involves property valuations and legal work.

However, if you stay with the same lender (known as a product transfer), the process is usually faster and simpler.

What Should I Consider Before Remortgaging?

Before deciding to remortgage, it’s important to weigh up the pros and cons:

Can work in your favour:

  • You’ve built up more equity in your home
  • Your credit score is strong
  • The value of your property has risen
  • Interest rates are lower than when you first took out your mortgage

⚠️ Watch Out For

  • Early repayment charges or exit fees on your current mortgage
  • Changes in your circumstances (e.g. becoming self-employed or a drop in income) that might affect your eligibility
  • Valuation or legal fees on the new deal

Learn more about repayment vs interest-only mortgages to see how your repayment type affects your remortgage options by speaking to our trusted mortgage experts.

Is Remortgaging Always Worth It?

Not always. If you’re locked into a fixed deal with a high early repayment charge, it might be best to wait until your deal ends. That said, in some cases, the long-term savings outweigh the cost of switching, even with fees. If you’re unsure, it’s worth getting personalised advice before making any decisions.

How Can OneDome Help?

At OneDome, we simplify the remortgage process by bringing everything together online. With access to 90+ lenders and over 12,000 mortgage products, our expert advisors can help you:

  • Understand whether remortgaging is right for you
  • Compare deals based on your personal circumstances
  • Apply quickly and easily—all in one place

Explore our full range of mortgage and remortgage services or speak to an advisor by calling 01489 555 080  or try our Mortgage Passport tool to get started with a personalised Mortgage in Principle.

Final Word

Remortgaging your property can be a savvy move—but only if it’s done at the right time and with the right advice. Whether you’re looking to save money, access equity, or change your mortgage type, it pays to explore your options.

Reminder: You may have to pay an early repayment charge to your existing lender if you remortgage.

Your home may be repossessed if you do not keep up repayments on your mortgage.