Remortgage Guide UK: What to Do Before Your Mortgage Rate Ends
If your current mortgage deal is ending soon, this remortgage guide explains what to check, when to act, and how to find a mortgage adviser who can help you compare your options.
A remortgage is when you move your existing mortgage to a new deal. This may be with your current lender or a different lender. You are not moving home, but you are reviewing the mortgage secured against your property.
You may want to remortgage to:
- Avoid moving onto your lender’s standard variable rate
- Find a new fixed or tracker rate
- Reduce monthly repayments where suitable
- Release equity from your home
- Borrow more for home improvements
- Review your mortgage after a change in income
- Consolidate debts, where appropriate
- Change your mortgage term
- Move to a lender that better fits your circumstances
The right option depends on your mortgage balance, property value, income, credit profile, current deal, fees, and future plans.
Your home may be repossessed if you do not keep up repayments on your mortgage or any loan secured on it.
What is remortgaging?
Remortgaging means replacing your current mortgage deal with a new one.
This can happen in two main ways:
- You stay with your current lender and switch to a new product
- You move to a different lender with a new mortgage offer
A remortgage is different from moving home. You remain in the same property, but your mortgage terms may change.
People often remortgage when their fixed rate ends. Others remortgage because their income has changed, their property has increased in value, or they want to borrow more.
The aim is not always to find the lowest rate. The aim is to find a mortgage that suits your circumstances, budget, and plans.Why timing matters when remortgaging
Timing is one of the most important parts of remortgaging.
Many lenders allow you to secure a new mortgage deal several months before your current deal ends. Starting early gives you more time to compare options, gather documents, check fees, and avoid being rushed into a decision.
A good time to start reviewing your mortgage is around six months before your fixed or tracker rate ends.
This gives you time to:
- Check when your current deal ends
- Review any early repayment charge
- Compare new mortgage options
- Understand whether a product transfer or full remortgage may be suitable
- Prepare income and bank documents
- Speak with an adviser before your lender moves you onto SVR
If your deal has already ended, you may still be able to review your options. Acting sooner can help you determine whether staying with your lender or switching is more suitable.
What is a standard variable rate?
A standard variable rate, often called SVR, is the rate your lender may move you onto when your fixed, tracker, or discount mortgage deal ends.
SVR can be higher than the rate you were paying before. It can also change at the lender’s discretion. This means your monthly payments may rise or fall.
You may be on SVR if:
- Your fixed rate has ended
- Your tracker deal has ended
- You have not arranged a new mortgage product
- You stayed with your lender after your initial deal expired
Being on SVR is not always wrong, especially if you need flexibility. However, it is often worth reviewing your options, as a new deal may offer greater certainty or a more suitable rate.
When should you consider remortgaging?
You may want to consider remortgaging if:
- Your current mortgage rate ends within the next six months
- You are already on your lender’s standard variable rate
- Your property value has increased
- Your income has changed
- You have become self-employed
- Your household costs have changed
- You want to release equity
- You want to borrow more
- You want to reduce or extend your mortgage term
- You want to move from interest-only to repayment
- You want to review your mortgage after separation, marriage, or a change in ownership
- You have credit issues and need specialist lender support
A remortgage should be reviewed carefully. A lower rate does not always mean the lowest total cost. Fees, early repayment charges, legal work, valuation costs, and the length of the new deal all matter.
How lenders assess buy-to-let affordability
Buy-to-let affordability is usually based on the expected rent and the lender’s rental stress test.
A lender may check whether the rent covers a certain percentage of the mortgage interest. This is commonly known as the rental coverage ratio or interest coverage ratio.
The required level can vary by lender and by application type. Some lenders may use different calculations for:
- Basic-rate taxpayers
- Higher-rate taxpayers
- Limited company applications
- Five-year fixed products
- Shorter fixed products
- HMO properties
- Portfolio landlords
For example, if the monthly mortgage interest is £700, a lender may want the expected rent to cover more than that amount. The exact figure depends on the lender’s calculation.
A mortgage adviser can help you understand whether the expected rent supports the loan amount you want.
Common reasons to remortgage
To avoid your lender’s standard variable rate
Many homeowners remortgage because their current deal is ending and they want to avoid moving onto SVR.
A new mortgage deal may give you more certainty over your monthly payments. This can be helpful if you want to budget clearly or protect yourself against future rate changes.
To fix your monthly payments
A fixed-rate mortgage keeps your interest rate the same for a set period. This can make budgeting easier because your monthly mortgage payment will not change during the fixed term, unless something else changes on the mortgage.
This may suit homeowners who prefer payment certainty.
To release equity from your home
If your property has increased in value or your mortgage balance has reduced, you may have built up equity.
Some homeowners remortgage to release part of that equity. This could be used for home improvements, family support, or another major expense.
Borrowing more will increase the amount secured against your property. It may also increase your monthly payments or extend the time it takes to repay your mortgage.
To fund home improvements
Remortgaging can sometimes be used to raise funds for renovations, extensions, repairs, or energy-efficiency improvements.
An adviser can help you compare whether a remortgage, a further advance, a second-charge mortgage, or another option may be more suitable.
For some homeowners, a second charge mortgage guide may be useful if they want to keep their existing first mortgage in place.
To consolidate debts
Some homeowners consider remortgaging to consolidate debts, such as loans or credit cards.
This can reduce monthly outgoings in some cases, but it can also mean paying more interest over the full mortgage term. It may also turn unsecured borrowing into debt secured against your home.
Debt consolidation through a mortgage should always be considered carefully with professional advice.
To add or remove someone from the mortgage
Changes in relationships, ownership, or family circumstances can lead to a mortgage review.
You may need advice if you want to add a partner, remove a former partner, or update ownership arrangements. Lenders will assess affordability and legal requirements before agreeing.
To move to a specialist lender
Your circumstances may have changed since you first took out your mortgage.
You may need a specialist lender if you are now self-employed, have complex income, have credit issues, own multiple properties, or need a more flexible approach.
If your income has changed because you work for yourself, you can use Connect Experts to find a self-employed mortgage adviser.
If you have missed payments, defaults, or other credit concerns, you can search for a mortgage adviser to address them.
Product transfer or remortgage: what is the difference?
A product transfer is when you stay with your current lender and move to a new mortgage deal.
A remortgage usually means switching to a new lender, although people often use the term remortgage to refer to both situations.
A product transfer may be quicker because the lender already knows you. It may involve fewer checks, although this depends on the lender and whether you are borrowing more.
A full remortgage may give you access to a wider range of lenders. It may also be useful if your current lender is not offering a suitable option.
An adviser can help compare both routes so you understand the total cost, not just the headline rate
What lenders check when you remortgage
Even though you already own the property, lenders still need to assess risk and affordability.
They may review:
- Your income
- Your employment status
- Your outgoings
- Existing debts
- Credit history
- Mortgage balance
- Property value
- Loan-to-value
- Mortgage term
- Reason for remortgaging
- Whether you want to borrow more
If you are borrowing more, lenders may ask more questions about the purpose of the extra borrowing.
Documents you may need for a remortgage
The documents needed can vary by lender, but you may be asked for:
- Proof of identity
- Proof of address
- Recent payslips
- Bank statements
- Latest mortgage statement
- Evidence of bonuses, overtime, or commission
- Accounts or tax calculations if self-employed
- Details of credit commitments
- Information about the property
- Evidence for the purpose of extra borrowing
Having documents ready can help avoid delays.
Types of mortgage deals available when remortgaging
Fixed-rate mortgage
Your interest rate stays the same for a set period. This gives payment certainty.
Tracker mortgage
Your interest rate follows a tracked rate, usually linked to the Bank of England base rate. Payments can rise or fall.
Discount mortgage
Your rate is linked to the lender’s standard variable rate, with a discount applied for a set period.
Interest-only mortgage
You pay the interest each month, but the mortgage balance is not repaid during the term. You need a credible repayment strategy.
The right product depends on your budget, risk appetite, equity, plans, and lender eligibility.
Remortgaging to release equity
Releasing equity through a remortgage means increasing your mortgage or changing your borrowing to access some of the value in your home.
This may be considered for:
- Home improvements
- Renovations
- Family support
- Buying another property
- Paying for high planned costs
- Debt consolidation, where suitable
You should consider whether the extra borrowing is affordable now and in the future. You should also check whether the purpose of the borrowing is acceptable to the lender.
If you are an older borrower considering later-life borrowing, you may also want to read the equity release mortgage guide.
Can you remortgage before your fixed rate ends?
You may be able to remortgage before your fixed rate ends, but you should check whether an early repayment charge applies.
An early repayment charge can reduce or remove the benefit of switching early. In some cases, it may be better to secure a new deal in advance and complete when your current deal ends.
Before acting, check:
- Your current deal end date
- Any early repayment charge
- Exit fees
- New product fees
- Legal fees
- Valuation costs
- Whether the new offer can be reserved in advance
- Whether rates may change before completion
Costs to check before remortgaging
Remortgaging can involve several costs. These may include:
- Product fee
- Valuation fee
- Legal fee
- Broker fee
- Exit fee
- Early repayment charge
- Higher lending charge, where applicable
Some remortgage deals include free valuation or legal work. Others may offer cashback. You should compare the total cost over the deal period, not just the interest rate.
Remortgage checklist
Before you speak with an adviser, it helps to gather the key details.
Use this checklist:
- Current lender
- Current mortgage balance
- Current interest rate
- Monthly payment
- Deal end date
- Early repayment charge
- Remaining mortgage term
- Estimated property value
- Income details
- Employment status
- Credit commitments
- Reason for remortgaging
- Whether you want to borrow more
- Preferred monthly budget
- Future plans, such as moving home or retiring
If you may move soon, read the moving home guide before committing to a new deal with early repayment charges.
Should you use a mortgage adviser for a remortgage?
You can speak directly to your current lender, but this may only show you that lender’s own products.
A mortgage adviser can help you compare a wider range of options and understand which lenders may suit your circumstances.
An adviser may help with:
- Comparing product transfers and remortgages
- Checking affordability
- Reviewing early repayment charges
- Explaining fees
- Preparing documents
- Finding lenders for complex income
- Supporting self-employed applicants
- Helping borrowers with credit issues
- Managing the application process
Connect Experts helps you find a mortgage adviser based on your needs. You can search by location, language, gender, and area of expertise.
Best for
This guide is for homeowners who:
- Have a fixed or tracker rate ending soon
- Are already on their lender’s standard variable rate
- Want to review monthly mortgage payments
- Want to borrow more against their home
- Need advice because income, credit, or circumstances have changed
- Want to compare lenders with support from a mortgage adviser
How Connect Experts can help
Connect Experts is a mortgage adviser directory and matching platform.
We do not provide mortgage advice directly. Advice is provided by the adviser or firm you choose.
The platform helps you search for advisers who may be better matched to your situation. This can be helpful if your current mortgage rate is ending, you need advice in a specific language, or you want someone who understands your type of mortgage need.
You can use Connect Experts to:
- Find advisers who support remortgage clients
- Search by location
- Search by preferred language
- Choose gender preferences where relevant
- Review adviser profiles
- Contact an adviser directly
- Start with the mortgage type that matches your situation
If your current mortgage rate is ending soon, start here:
If you need wider residential mortgage support, you can also search for a residential mortgage adviser.
People Also Browse These Guides
FAQ: Remortgage Guide UK
In summary, remortgaging may help you review your mortgage rate, avoid SVR, release equity, or change your mortgage terms. The right choice depends on affordability, fees, early repayment charges, property value, income, and future plans. Connect Experts helps users find mortgage advisers by location, language, gender, and mortgage need.
| Question | Answer | CTA / Internal link |
|---|---|---|
| What is a remortgage? | A remortgage is when you change the mortgage deal on a property you already own. You may move to a new lender or switch to a new product with your current lender. | |
| When should I start looking at remortgage options? | A common time to start is around six months before your current deal ends. This gives you time to compare deals and avoid being rushed. | |
| Can I remortgage with my current lender? | Yes. This is often called a product transfer. It may be quicker, but it is still worth comparing wider options. | |
| Can I remortgage to release equity? | Yes, subject to lender criteria, affordability, property value, and your reason for borrowing more. | |
| Can I remortgage if I am self-employed? | Yes, but lenders may ask for tax calculations, accounts, bank statements, or other income evidence. A specialist adviser may help. | |
| Can I remortgage with bad credit? | It may be possible, depending on the type, date, and severity of the credit issue. Some advisers specialise in helping people with credit concerns. | |
| Is the lowest rate always the best remortgage? | Not always. Fees, flexibility, early repayment charges, product length, and your future plans all affect whether a deal is suitable. | |
| Do I need a solicitor for a remortgage? | A solicitor or conveyancer may be needed if you move to a new lender. Some lenders include legal work as part of the deal. | |
| How long does a remortgage take? | Timescales vary. The process can be quicker if documents are ready and the case is straightforward. More complex income, property, or borrowing needs may take longer. | |
| Where can I find a remortgage adviser? | You can use Connect Experts to search for an adviser who matches your mortgage need, location, preferred language, and other preferences. | Find a remortgage adviser |