Remortgaging: when and how to switch your mortgage
Your fixed rate is about to end - now what? Remortgaging can save you hundreds a month. Here’s when to switch, what it costs, and the process in five steps.
2 min read · Updated 7 August 2026 · By Dwellmark Editorial
A remortgage is switching your mortgage to a new deal - either with your current lender or a different one. For most people it happens every 2–5 years when a fixed rate ends, and it is one of the fastest ways to cut your monthly costs: moving from a 5.5% rate to 4.2% on a £200,000 mortgage saves roughly £160 a month.
When to remortgage
- Your fixed rate is ending - this is the big one. When it ends you roll onto the lender’s standard variable rate (SVR), which is usually the most expensive rate they offer
- Your loan-to-value has dropped - as you pay the mortgage down and the home rises in value, you can qualify for cheaper rate bands (e.g. 90% → 80% LTV)
- You want to release equity - for home improvements or debt consolidation (get advice; this increases your debt)
Product transfer vs full remortgage
| Product transfer | Full remortgage | |
|---|---|---|
| Lender | Same lender | Any lender |
| Cost | Usually £0 | Arrangement fee (£0–£1,500) + valuation |
| Credit check | Often soft | Full affordability assessment |
| Time | Days | 4–8 weeks |
| Best for | Quick, no-fee switch | Best rate across the market |
A full remortgage to a new lender usually finds the best rate - that’s where the biggest savings are. A product transfer is faster and cheaper but only shows you your current lender’s deals.
What it costs
| Cost | Typical |
|---|---|
| Arrangement fee | £0 – £1,500 (often added to the loan) |
| Valuation fee | £0 – £300 (often free or paid by lender) |
| Legal work | £150 – £500 (some deals include it) |
| Early repayment charge | 1 – 5% if outside your deal window |
The process in five steps
- Check your rate end date and your current balance - find them on your annual statement
- Compare deals across the market (a whole-of-market broker does this for you, usually free)
- Apply - a full remortgage means a fresh affordability check, so have payslips and bank statements ready
- Valuation - the new lender checks the home is worth what you’re borrowing
- Complete - funds transfer on the chosen day; you start paying the new rate
Start 3–4 months before your fixed rate ends. Mortgage offers are valid for a few months, so you can secure today’s rate and switch the day your current deal ends - no overlap, no SVR, no panic.
Source: Financial Conduct Authority - mortgages — Guidance checked August 2026
Mortgage affordability: how much can you borrow?Understand what lenders look at before you apply.Stamp Duty calculatorBudget the tax if your remortgage funds a new home.
Sources
- Financial Conduct Authority - mortgages — Guidance checked August 2026
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