What is Remortgaging?

Find out what remortgaging means and if it’s right for you. 

Remortgaging is getting a new mortgage deal on your home from a new lender. You’ll need a mortgage in place already to be able to remortgage.

Usually, you’ll do this at the end of your current mortgage deal. But there are times where you might remortgage sooner.

If you already have a mortgage with Halifax, find out what options are available to you.

How does remortgaging work?

Remortgaging can be quite simple. It usually takes a lot less time and effort than sorting out your first mortgage.

It might be worth checking what deals are available with your existing lender, before remortgaging with a new one. Changing to a new mortgage deal with your existing lender is usually called a product transfer or rate switch.

There are a few stages to remortgaging. Here are some tips to help with the process:

  • Do your research into available deals to find out whether it’s worth remortgaging.
  • Work out how much you can afford to spend by looking at your monthly incomings and outgoings.
  • Find a deal that best suits you, your budget and your needs. It might be worth looking into independent advice to help you make a decision.
  • Make sure it’s the right time for you to remortgage. If you’re still tied into your current mortgage deal, you might face early repayment charges for switching.
  • Plan so you can arrange for your new deal to start as soon as your current deal ends.

Once you’ve decided which mortgage deal you’d like, you’ll need to submit your application to the lender. Your application will then be checked and the lender will decide whether to offer you the deal you’re looking for.

Why remortgage?

There are lots of reasons you might look to remortgage, such as:

  • Your current deal is about to end. When this happens, your lender may move you on to the Standard Variable Rate (SVR) which can be more expensive.
  • The monthly payments are cheaper. Some mortgage deals will offer lower monthly repayments, so you can pay less.
  • Your house value has increased. If your house is worth more now than when you first bought it, you might be able to get a better deal.

Remember, before deciding to remortgage, check the terms of your current deal. You may be charged an early repayment charge for remortgaging before the end of your existing deal.

  • Do you need a solicitor to remortgage? 

    You will need a solicitor or conveyancer to remortgage. This should cost less than it did when you arranged your first mortgage. Some lenders may offer to pay your solicitor fees, so be sure to check before going ahead. 

    Your solicitor may conduct ID checks and property searches. They’ll also collect the funds from your new lender and repay your existing lender.  

    How soon can you remortgage? 

    This often depends on your current lender and the type of mortgage you have. 

    If you have a fixed term mortgage, check your terms and conditions before deciding to look for a new deal. Some lenders may apply an early repayment charge if you leave before the end of your contract. 

    Most mortgage offers are valid for up to six months after they’re made. This means you may be able to get a new deal and arrange for it to start once your current deal ends. This way you might be able to avoid paying an early repayment charge. 

    How long does remortgaging take? 

    Remortgaging usually takes between six to eight weeks. This gives time for your conveyancer to carry out searches and sort out the legal paperwork.

The content on this page is for reference and does not constitute financial advice. For impartial financial advice, we recommend government bodies like MoneyHelper.

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