What is remortgaging?

You may want to remortgage if you’re:    

Yes, you can stay with your current lender. Moving to another deal with them is usually called a rate switch rather than a remortgage. A rate switch often involves less legal work and paperwork than moving your mortgage to a different lender, which can make it a quicker, simpler option.

Before you decide, it's worth comparing your options. Weigh up the rates, fees, features, and terms your existing lender offers against remortgage deals from other lenders, so you can choose the one that suits you best.

See our guide on switching mortgage rates for more information.

If you’re an existing HSBC customer there is more information on managing your mortgage available to you. 

Remortgaging follows 7 key steps, from reviewing your options through to completion. Here’s what each stage involves.

There are many mortgage deals on the market, and it can help to shop around to find the right one. This includes asking your current lender what rates they can offer and whether you can switch to a new mortgage rate with them before looking elsewhere.

Support and advice are available to help you decide whether it’s the right time to remortgage and which mortgage rates suits you.

Moving your mortgage to a new lender can come with costs, so take time to work out whether it’s worthwhile. Calculate your new mortgage repayments to see if the benefits of remortgaging outweigh any costs involved in doing so.

These costs can include:

A Decision in Principle – also known as an Agreement in Principle – gives you a clear idea of how much you could borrow based on your circumstances. 

Getting a Decision in Principle doesn't commit you to anything. And it's not a guarantee that your mortgage application will be accepted. It involves a soft credit check to look at your credit history, and this won't affect your credit score. 

Explore: Get a Decision in Principle

If you're happy with the Decision in Principle, you can apply for your new mortgage. This can be done online, in a branch, or over the phone. 

Your application will involve a hard credit check and you will be asked to provide a number of supporting documents.

Even though you're not buying a new property, remortgaging does involve some legal work. Some lenders will appoint a solicitor or licensed conveyancer for you, or you may be able to choose your own.

You’ll need to use a solicitor or a licensed conveyancer to remortgage with a different lender. They’ll manage the paperwork and any transfer of funds. They’ll also check that your new mortgage amount is enough to pay off your existing lender and send you the legal documents to read and accept. 

Explore: What to expect in the remortgaging conveyancing process

Your new lender will need to arrange a valuation of your property to check that it’s suitable for mortgage purposes. Once this is completed and your lender has approved your application, they’ll send you an offer for you to review and accept.

When your new mortgage is set up and the legal work has been done, you’re ready for completion. The completion date is when your new mortgage starts, and your old mortgage is repaid. Your new lender will then let you know the date and amount of your first new mortgage payment.

Remortgaging typically takes 4 to 8 weeks after applying. The exact time depends on your circumstances and remortgage needs.

You can help speed things up by providing clear, accurate, and relevant documents when they’re needed, such as proof of your earnings.

When you apply to remortgage, your lender will usually assess your income, regular spending, existing debts, credit history, and the value of your property.

To this, they may ask you for:

• Proof of identity and address
• Recent payslips or evidence of other income
• Bank statements
• Details of any loans and other credit commitments
• Information about your existing mortgage
• Details of the property

Having these ready before you apply can help keep things moving smoothly. 

You can remortgage anytime. However, to avoid potential early repayment charges, people tend to consider remortgaging towards the end of their existing mortgage deal.

If you choose not to review your mortgage rate before it ends, you’ll likely move onto your lender’s standard variable rate (SVR) and potentially pay more. The SVR is usually higher than your previous rate. 

If you’re not coming to the end of your existing mortgage rate, you’ll need to check whether there’s an early repayment charge or fee for exiting your current mortgage.

Think carefully before securing other debts against your home.

Your home may be repossessed if you do not keep up repayments on your mortgage.

Article updated 15/09/2026