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When your current mortgage deal ends, you have more choices than many people realise. Here is what each option means and how to pick the right one for your situation.
When your fixed or tracker rate expires, your mortgage automatically rolls onto your lender's Standard Variable Rate, or SVR. SVRs are almost always higher than the deals available elsewhere, so sitting on one quietly costs you money every month. You are not stuck there. You can remortgage to a new rate either with your existing lender or with a completely different one.
The most common route is switching to a better rate. This might be a new fixed deal that locks your payments in for two or five years, a tracker that follows the Bank of England base rate, or a shorter deal if you are planning to move soon. As a whole-of-market broker, we compare every suitable lender on your behalf, not just the handful with high street branches.
Remortgaging is also how most people access the equity that has built up in their home. If your property is worth more than when you bought it, you may be able to borrow a larger amount and take the difference as cash. Many homeowners use this for home improvements, helping family with a deposit, or paying off other debts. We cover this in detail on our remortgage to release equity page.
Some people use a remortgage to change their term. If you want to clear the debt sooner, shortening the term reduces your total interest bill even if it raises your monthly payment. If you need to lower your monthly outgoings, extending the term spreads the cost. We show you exactly what each option means in pounds and pence before you commit.
If you have a Help to Buy equity loan on your property, remortgaging works slightly differently. The equity loan sits alongside your mortgage and must be considered when switching lender. Our dedicated Help to Buy remortgage guide covers exactly how this works.
For most homeowners the process is straightforward. We handle the research, the paperwork, and the lender negotiations. Because we are fee free on mortgages over £100,000, there is no cost to you for our advice at any point.
Start looking at your options around three to six months before your current deal ends. This gives you time to find the right product and get everything in place before the SVR kicks in.
Many people assume their existing lender is the easiest option. Sometimes that is true. Your lender may offer you a product transfer, which can be completed quickly with minimal paperwork. But your lender only has access to their own range. We have access to the whole market, which frequently uncovers a meaningfully better rate or a more suitable product. We will always tell you honestly whether switching or staying put is the better deal for you.
To get your remortgage started, it helps to have the following ready:
Your latest mortgage statement showing your current balance and remaining term
Proof of income, usually payslips from the last two to three months and a recent P60, or two years of accounts if you are self-employed
Bank statements from the last three months
Proof of identity and address
Details of any other financial commitments such as loans, credit cards, or hire purchase agreements
