The short answer
What is remortgaging?
Remortgaging means replacing the mortgage on your current home with a mortgage from a different lender. Staying with the same lender on a new product is usually called a product transfer.1
Before choosing, define the objective and compare the rate, fees, early repayment charge, term, monthly payment, total amount payable and flexibility of each available route. A lower payment may result from a longer term and can therefore increase total interest.12
A full new-lender application remains subject to affordability and property assessment. Certain eligible switches without additional borrowing may be treated differently under FCA rules, but that does not guarantee that a particular borrower or route qualifies.34
Step 1 · Start before the current deal ends
Give the review enough time
Starting early creates time to collect current figures, compare the existing lender with the wider market and coordinate any valuation or legal work without automatically completing before an ERC ends.
- Review
Define the objective
Identify what needs to change and the intended timeframe.
- Collect
Obtain current figures
Balance, ERC, deal end date, follow-on rate and current-lender options.
- Compare
Test the available routes
Use the same balance and term to compare cost, payment and flexibility.
- Complete
Coordinate the switch date
Progress any underwriting, valuation and legal work for the intended date.
A useful mortgage review
Compare the complete position, not a headline rate
The right route depends on the current mortgage, future plans and the cost of making the change.- Use the actual ERC and redemption figures.
- Compare payment, term, fees and total amount payable.
- Consider a likely move or need for future flexibility.
Step 2 · Test the objective
When changing the mortgage may be worth exploring
A useful mortgage review identifies the objective first, then compares written options on the same balance and timeframe.
- The current deal is ending and a different lender's complete proposition is suitable after costs.
- A needed change cannot be achieved through an appropriate current-lender route.
- The borrower and property can meet the new lender's assessment, subject to application.
- The new term, payment structure and features support the intended timeframe and plans.
Step 3 · Prepare the comparison
Information worth gathering
Accurate current-lender figures prevent a headline rate from disguising an ERC, fee or term change. Contact us even if something is missing and we can explain how to obtain it.
- Latest mortgage statement and current product details
- Redemption statement including ERC and exit fees
- Current-lender product-transfer options
- Income, expenditure and credit-commitment evidence
- Details of the property and any additional borrowing purpose
Step 4 · Compare and coordinate
Product transfer or a new lender?
- 01
Define the objective
Identify whether the aim is a new deal, different features, a term change, borrower change or additional funds.
- 02
Collect current figures
Obtain the balance, redemption statement, ERC, product end date, follow-on rate and current-lender options.
- 03
Compare like with like
Review the same balance and timeframe across rate, fees, term, payment, total amount payable and flexibility.
- 04
Apply and coordinate
If changing lender, complete underwriting, valuation and legal work so the switch occurs at the intended date.
Balance · remaining term · ERC · deal end date · follow-on rate
Step 5 · Check the complete cost
The details that can change the answer
The most suitable option can change when the completion date, term, fees or future plans change. Keep the written comparison current until the decision is made.
Early repayment costs
The completion date can determine whether an ERC applies, so use the lender's actual redemption statement.
Term and total cost
A lower payment caused by a longer term can increase total interest even when the rate is lower.
Fees and incentives
Product, valuation, legal and advice costs, together with any cashback or included services, change the comparison.
Future flexibility
Consider overpayments, portability, product end date and the implications of moving or repaying early.
Illustrative comparison
Use the same balance and timeframe
A homeowner obtains a redemption statement, a product-transfer option and a remortgage illustration. They compare both using the same mortgage balance and intended review period.
- 1Include the ERC at the actual switch date, all fees and any incentives.
- 2Compare monthly payment, remaining term, product end date and total amount payable.
- 3Show the cost on the original remaining term if one payment is lower because its term is longer.
Alternatives
Other routes to compare
Product transfer
Ask the existing lender about available products and compare them with the complete cost and features of changing lender.
Overpay within the terms
Where affordable, permitted overpayments may reduce the balance without changing product; retain a suitable cash reserve and check charges.
Separate additional borrowing
For a defined extra need, compare a further advance, second charge and affordable unsecured option without assuming a full remortgage is best.
FAQs
Remortgaging questions
Remortgaging replaces the mortgage with one from a different lender. A product transfer selects a new product with the existing lender.
Sources
Sources used for this guide
- 1Remortgaging to get the best deal
MoneyHelper · Remortgage and product-transfer definitions, costs, ERCs, term and comparison principles.
- 2Understanding mortgages and interest rates
MoneyHelper · Product features, fees, early repayment and planned-move considerations.
- 3MCOB 11.6: Responsible lending and financing
Financial Conduct Authority · Responsible-lending affordability framework where a full assessment applies.
- 4MCOB 11.9: Remortgaging with no additional borrowing
Financial Conduct Authority · Regulatory context for certain same- or different-lender switches without additional borrowing.
Reviewed by Charles Frank Finance Limited on 31 July 2026. Lender criteria can change independently of this guide.