Remortgage Advice: Stay With Your Lender or Switch?

Your two main options when a mortgage deal ends

If you do nothing when an introductory deal ends, you will usually move onto your lender’s standard variable rate (SVR). Before that happens, compare these two routes:

What to compare before you stay or switch

• Deal end date: confirm when your current rate ends and when any early repayment charge stops.
• Current balance and rate: use the latest mortgage statement rather than an estimate.
• Property value and LTV: divide the mortgage balance by the property value; the lender’s valuation will determine the final band.
• Early repayment charge: check the amount and date it reduces or ends before leaving early.
• Product, valuation and legal costs: include fees even where they can be added to the loan, and account for cashback or fee-assisted legal work.
• Total cost over your intended deal period: compare payments, interest and fees over the time you expect to keep the product, not only the headline rate.

Use the remortgage calculator for an indicative payment comparison, then book free initial advice for a recommendation based on your circumstances.

What is a remortgage and how does it work?

A remortgage is a new mortgage taken out on a property you already own, used to pay off the existing mortgage on that same property. You don’t move home; you move your loan. Once the new mortgage completes, your monthly payments are made to the new lender, under the new terms.

A typical switch to a new lender involves reviewing your goals and documents, comparing suitable products, submitting an application, completing the lender’s valuation and underwriting, and carrying out the legal work needed to replace the lender’s charge. The timing depends on the lender, property, legal work and complexity of the application.

What is not a standard remortgage?

• Further advance: extra borrowing from your current lender alongside your existing mortgage.
• Porting: taking an existing mortgage product to a different property when you move home. Read our porting guide.
• Unencumbered mortgage: borrowing against a property that is owned outright; lender criteria can differ from a standard remortgage.

Common reasons to review your mortgage

You may want to avoid moving onto the SVR, change the mortgage term or features, borrow more, or use a lower LTV after repaying the loan or an increase in property value. If you plan to release equity, consider whether the purpose justifies a larger mortgage and potentially more interest over time.

Documents you may need

Requirements vary by lender and case, but preparing the following can prevent avoidable delays:

• Proof of identity and address.
• Recent payslips and a P60 if employed, or the accounts and tax documents requested if self-employed.
• Recent bank statements.
• Your latest mortgage statement showing the balance, rate, deal end date and ERC.
• Details of debts, committed expenditure and regular outgoings.

Self-employed applicants may be asked for accounts, tax calculations, tax year overviews and business bank statements. The evidence and way income is assessed differ between lenders; our self-employed mortgage guide explains the main approaches.

What does it cost to remortgage?

The fees that apply depend on your current mortgage, the new product and whether you stay or switch. This table identifies who charges each cost; the homeowner is the person who pays where the fee applies.

Our fees: Your initial mortgage consultation is free. If you proceed, a broker fee may apply depending on case complexity — typically £199–£299, capped at 1% of the loan amount or £650 (whichever is lower). Any fee is disclosed at research stage, agreed in writing before you apply, payable only at application stage and non-refundable once the application is submitted. Separately, lenders usually pay us a procuration fee on completion; that is paid by the lender and is not added to your loan.

For more detail, read our guide to remortgage costs. Compare each option on total cost over the intended deal period, not rate alone.

When should you start?

Start by checking your current deal end date and asking when your lender will show you its product-transfer options. Reservation windows, offer validity and processing times vary, so avoid relying on a universal deadline. Starting before the deal ends gives you time to compare, prepare documents and deal with valuation or legal questions without rushing.

If an ERC still applies, compare the charge against the potential benefit of leaving early. Our guides explain early remortgaging and what can affect the timeline.

Related remortgage guidance

Deeper guides on specific remortgage scenarios:

• Remortgaging to release equity.
• Remortgaging for home improvements.
• Debt consolidation mortgages.
• Remortgaging with bad credit.
• When remortgaging may or may not be suitable.

Get remortgage advice

Our opening hours are Monday to Friday 09:00–18:00, Saturday 10:00–14:00. Book free initial advice or send us an enquiry to ask us to compare staying with your lender against switching.

This information is a guide, not a personal recommendation. Mortgage availability depends on the lender’s affordability, credit, property and eligibility checks. An adviser will assess your needs and circumstances before recommending a mortgage.