Last reviewed: October 2026 · By the MortgageCompass Editorial Team · How we research
Remortgaging means replacing your current mortgage deal with a new one, usually when a fixed or tracker rate ends. If you do nothing, most lenders move you onto their standard variable rate (SVR), which averaged about 7.13% in September 2026 according to Moneyfacts, against roughly 5.97% for an average two-year fix in October. On a typical balance that gap costs well over £100 a month. The good news: avoiding it is mostly a matter of timing. This guide is built as a countdown to your deal end date.
Two ways to switch
You can stay with your current lender (a product transfer) or move to a new one (a remortgage). Both avoid the SVR. The right choice depends on the rates on offer and how much your circumstances have changed.
| Product transfer | Remortgage to a new lender | |
|---|---|---|
| Affordability check | Usually none if you are up to date and not borrowing more | Full check, like a new mortgage |
| Credit check | Usually none | Yes |
| Time to arrange | Days | Four to eight weeks |
| Legal work and valuation | Not needed | Needed, often free with the deal |
| Choice of rates | Your lender’s range only | The whole market |
| Borrow more | Possible, with a new assessment | Possible, with a new assessment |
Under the government’s Mortgage Charter, most residential borrowers who are up to date with payments can move to a new deal with their existing lender without a new affordability check, as long as they are not borrowing more or changing the term or repayment type. That makes a product transfer the safety net if your income has fallen or your credit has slipped since you last borrowed.
Build your countdown
Put in your deal end date to see each step on a calendar. The tool also shows what one month on the SVR would cost you.
Your remortgage countdown
Enter the date your current deal ends. You get a personal calendar of what to do and when, and what drifting onto the standard variable rate would cost you.
Dates are a guide based on the UK Mortgage Charter and typical lender timescales; your lender may differ. Default rates are Moneyfacts averages (SVR, September 2026; two-year fix, October 2026). Repayment mortgages only. Not financial advice.
The countdown, step by step
Find the exact end date in your mortgage offer, annual statement or lender app. Check whether an early repayment charge (ERC) applies until that date. ERCs are often between 1% and 5% of the balance, so on £200,000 a 2% charge is £4,000. Leaving even a few weeks early can cost more than the new rate saves.
Most lenders let you secure a new deal up to six months before your current one ends, and the Mortgage Charter commits signatory lenders to offering this. A mortgage offer from a new lender is usually valid for around six months too. Locking in early protects you if rates rise, and because you can still swap before the deal starts, it rarely costs you anything if rates fall. Get a product transfer quote from your lender and compare it with the wider market, directly or through a broker. Our guide to the best mortgage rates in the UK shows where averages stand this month.
This is also the time to decide on the deal type. A two-year fix gives you another chance to switch sooner; a five-year fix gives longer certainty. Trackers follow Bank Rate up and down. See fixed vs tracker mortgages for the trade-offs.
A full remortgage needs a valuation, underwriting and legal work, which usually takes four to eight weeks and can take longer. Have recent payslips (or two years of accounts if you are self-employed), three months of bank statements and ID ready. If you are staying with your lender, a product transfer can be done in days, but do not leave it to the last week.
The Mortgage Charter says your rate is finalised two weeks before the new term starts. Until then, you can ask your lender for a better like-for-like deal if one has appeared. Compare one last time.
The new deal should take over as soon as the old one ends. Check your first payment matches the offer. If you missed the deadline, you will be on the SVR, but there is usually no exit fee on an SVR, so you can switch as soon as you have a new deal arranged.
What remortgaging costs
- Arrangement fee: often around £1,000, sometimes zero. A no-fee deal at a slightly higher rate can be cheaper on a smaller balance, so compare the total cost over the fixed period.
- Valuation and legal fees: many remortgage deals include these free. If not, budget a few hundred pounds each.
- Broker fee: some brokers charge, many are paid by the lender. Ask before you start.
- Early repayment charge: only if you leave before your current deal ends.
There is no Stamp Duty on a remortgage, because you are not buying the property.
Remortgaging to borrow more
You can raise extra money when you remortgage, for example for home improvements. The lender will reassess affordability, and borrowing more raises your loan-to-value, which can push you into a higher rate tier. Consolidating debts into a mortgage can lower the monthly payment but usually costs more in total, because the debt is spread over many more years. Think carefully before securing other debts against your home. If your circumstances are complicated, compare specialists in our guide to the best mortgage lenders in the UK.
Four mistakes that cost borrowers money
- Only looking at the rate. A 0.2-point lower rate with a £1,500 fee saves only about £400 a year in interest on a £200,000 balance, so over two years it costs more than a fee-free deal. Compare total cost over the deal period.
- Assuming your lender will remind you in time. Lenders send a letter, but often only a few months ahead. Put the dates in your own calendar.
- Forgetting your loan-to-value. If your home has gone up in value or you have paid down the loan, you may now qualify for a cheaper tier. Ask for a new valuation estimate.
- Fixing for too long without a plan. If you might move or sell in the next few years, check whether the deal is portable and what the exit fees are before choosing a five-year fix.
Sources
This guide is for informational purposes only and is not financial advice. Your home may be repossessed if you do not keep up repayments on your mortgage. Rates and fees change often; check the latest offers and your own mortgage terms before you decide.