Remortgage expert advice

Key takeaways:

• Remortgaging could save you over £300 every month*

• Start considering your remortgage 6 months before your current deal expires

• Use a mortgage broker who can scour the market, compare deals, and offer advice

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

In this guide:

• How remortgaging works

• Should I remortgage to a new deal or do a product transfer?

• You were on a "golden era" rate of 1.5% from 5 years ago, and current rates are much higher

• You have more equity in your home

• You plan to sell your house in the next 3 to 6 months

• You think rates will fall soon but you want a safety net for now

• You’ve slipped into the lender’s SVR and want to move to a new deal

• When should I remortgage?

• Getting ready to remortgage

• Expert broker remortgage advice

How remortgaging works

Remortgaging is essentially taking out a new loan to pay off your old one, typically to lock in a better interest rate or to borrow more money. And, it can be easy and quick – done online, working with an expert mortgage broker. 

With Mojo Mortgages, remortgaging is simple:

• Get in touch to speak to a broker

We’ll ask you about your current balance, end date, and if there are any ERCs (early repayment charges).

• Decide your next move Usually, you have two paths: product transfer (stay with your current lender) or remortgage (to a new deal). If you’re not sure what’s best for you, we can help discuss your options.

• Apply for your mortgage Once you pick a deal, we apply. We’ll help with the paperwork and chasing. And if your bank statements or income documents are needed, we’ll let you know.

• About Rate Check Promise Through our Rate Check Promise, if you're eligible, we monitor your chosen mortgage deal daily until completion and notify you if the lender lowers the rate on that product. Your advisor will confirm on the call whether this service is available for your circumstances.

• Conveyancing If you switch lenders, a solicitor will handle the legal side of the paperwork. Most remortgage packages include free legal work, meaning the bank pays for it so you don’t have to.

• Complete On completion day (usually the day after your old deal ends), your old mortgage account closes and your new one opens. Your first payment to the new lender typically goes out a month later.

Should I remortgage to a new deal or do a product transfer?

Choosing to remortgage to a new deal or stick with your current lender requires laying out your options, and assessing your goals, timing, and budget. A new deal means hunting for rates from different lenders, while a product transfer remains with your current lender, switching to a new deal that they have on offer.

Work with your mortgage broker to decide what’s best for you, as the market moves fast, and rates are always changing.

Quickly compare the differences of a full remortgage or product transfer with the table below.

Generally speaking, it’s a good idea to start looking into your options 6 months before your deal comes to an end, as moving to a new deal takes longer than a product transfer. 

If you’ve changed jobs lately or may struggle with eligibility on a new remortgage deal, then doing a product transfer is a good move (unless you want to borrow more). 

If your property value has soared thanks to rising home prices and your loving improvements, talk to your mortgage advisor. If you have more equity in your home, a lender might put you in a lower LTV (loan-to-value) band. A new valuation could drop you from a 75% LTV to a 60%, unlocking cheaper rates.

Remortgage scenarios:

At Mojo, we’ve seen and heard it all. To help you in your remortgage decisions, here are some steps to take in real-world scenarios.

Scenario:

You were on a "golden era" rate of 1.5% from 5 years ago, and current rates are much higher.

Jumping from 1.5% to today’s current interest rates can be a shock. So, to keep your monthly payments affordable, you could look to extend the mortgage term. Let’s see how that plays out: if you took out a £200,000 mortgage 5 years ago, and you now move to a 4.74% deal and extend your term to 25 years.

In the 25 year deal, you’d be paying more in interest, though your monthly repayments are kept near what you were paying at 1.5%.

If the monthly amount felt comfortable and you’re not able to stretch to the higher figure for a shorter term (in this example, £1,206), then extending your term to keep monthly payments lower could be an option. And, as you can see, extending the term makes a difference, even when the interest rate is the same.

All being well (if rates drop), you could move to a shorter-term deal once your 5-year term ends to catch up with your original timeline. And if you have spare cash or get a bonus, you could also have the option of overpaying (typically up to 10% per year without penalty, depending on your lender) to shorten the time of your mortgage and, therefore, pay less interest.

15 years Representative Example for 4.74% 5-Year Fixed Rate: A mortgage of £155,479 payable over 15 years on a fixed rate. Initial rate 4.74% for 62 months, then 6.24%. 62 monthly payments of £1,206.98 followed by 118 payments of £1,281.97. Fees: £999 product fees. Representative APRC: 5.80%. Rates correct as of 19/05/2026. This is an example and the actual rate and payments will depend on your personal circumstances.

25 years Representative Example for 4.74% 5-Year Fixed Rate: A mortgage of £155,479 payable over 25 years on a fixed rate. Initial rate 4.74% for 62 months, then 6.24%. 62 monthly payments of £884.64 followed by 238 payments of £1,000.08. Fees: £999 product fees. Representative APRC: 5.80%. Rates correct as of 19/05/2026. This is an example and the actual rate and payments will depend on your personal circumstances.

You have more equity in your home

Say you bought your home with a 10% deposit 5 years ago, but thanks to your savvy overpayments and rising local house prices, you now have 25% equity.

To remortgage, you may consider moving from a high LTV (loan-to-value) bracket to a lower one to access competitive interest rates.

In April 2026, an average 5-year fixed rate with a 75% LTV is 5.18%, while at 90% LTV, the average remortgage rate available on a 5-year fixed deal is 5.39%.

Average 5-year fixed remortgage rates (April 2026)

Figures accurate as of April 2026. 

You plan to sell your house in the next 3 to 6 months

If you’re coming up to a remortgage but know you’ll be moving within the next few months, you have some options.

In 2026, if your sale is already under offer, staying on the SVR for a short amount of time is often the safest move to avoid fees. If you’re thinking about or just about to list your home, a no-ERC tracker mortgage could be the sweet spot between saving money and having flexible options.

You think rates will fall soon but you want a safety net for now

If this is you, you may consider moving to a short 2-year fixed rate. You may pay a slightly higher rate now for the reassurance of fixing a deal, but keep it short term, so you can remortgage again quickly if (hopefully) the lower rates are available. This is a reminder that there’s no guarantee rates will be more favourable in 2 years time.

Or, you may also consider a tracker mortgage that follows the Bank of England base rate, plus a set margin. If the government decides to cut the base rate, your monthly payments will drop immediately.

While no one has a crystal ball – and can’t advise a complete safety net – you can talk it over with your mortgage broker to decide what suits your budget and needs.

You’ve slipped into the lender’s SVR and want to move to a new deal

If your fixed term has ended and you haven’t picked a new deal, now may be a good time to remortgage to a lower rate. Many homeowners accidentally slip onto their lender's standard variable rate (SVR), which can be as high as 8% or 9%. In May 2026, the average SVR was 7.35%.

Let’s compare a mortgage of £200,000 for 25 years with 7.49% interest on a SVR†, versus an 5.45% interest.

† Figures accurate as of 1st April 2026.

In May 2026, we found that 3.2% of people enquiring about a mortgage had slipped onto their lender’s SVR**, showing that savings is key for most of us.

Representative Example for 5.45% 5-Year Fixed Rate: A mortgage of £200,000 payable over 25 years on a fixed rate. Initial rate 5.45% for 60 months, then 6.49%. 60 monthly payments of £1,222.21 followed by 240 payments of £1,329.11. Fees: £999 product fees. Representative APRC: 6.30%. Rates correct as of 20/05/2026. This is an example and the actual rate and payments will depend on your personal circumstances.

When should I remortgage?

Moving, borrowing, market, and equity. There are many reasons why mortgages may be on your mind.

Timing and the current market

Can I lock in a rate before the end of my current deal?

Yes, most lenders allow you to secure a new rate 6 months before your current deal ends, and indeed you should allow yourself enough time to shop around and assess options. 

Preparing ahead of time allows you to switch to a new rate the day after your current deal ends so you don’t have to drop onto your lender’s standard variable rate (SVR), which typically has higher, more expensive rates.

Can I remortgage in the middle of my current mortgage deal?

While you can remortgage at any time, doing so in the middle of a deal can come with penalty fees. If you want to break your mortgage, talk it through with your mortgage broker, who can help you work out if the savings from a new, lower interest rate could outweigh the exit fees from your current one. 

Should I remortgage now?

If your current mortgage deal ends in the next 6 months, then you can start the remortgage process. It can’t hurt to speak to a fee-free mortgage broker to get your options and lock in a rate. Plus, we’ll keep an eye on mortgage rates to see if a better one comes up before you switch. 

Should I remortgage when rates are rising?

The short answer is usually remortgage even if rates are rising, so you secure a fixed rate before they increase further. Acting early (up to 6 months before your current deal expires) gives you time to shop around, assess your options, and switch and save. And, if a better deal comes along before your deal ends, you can usually arrange to move onto it – here at Mojo, we call that the Rate Check Promise.

Remortgaging helps to save you from dropping onto the lender’s SVR, which typically is more expensive (at time of writing (May 2026), the average SVR was 7.35%).

Should I remortgage when rates are falling?

If the rates seem to be on the decline, remortgaging can help you save money. But waiting for the “lowest” rate can be a gamble, so give yourself enough time to work with your mortgage broker to explore options. 

If your current deal ends within the next 6 months, don’t wait. Locking in a rate now can secure the deal, and if rates continue to fall before your new deal starts, you may be able to switch to the newer, cheaper deal beforehand – here at Mojo, we call that the Rate Check Promise.

Financial strategy

What happens if I do nothing?

Remortgaging could save you a great chunk of cash, because if you wait and do nothing, your mortgage will roll onto the lender’s SVR, which is almost always the most expensive interest rate they offer. Moving from a 4% fixed rate to a 7.35% SVR could increase your monthly payment by a couple of hundred pounds each month. SVRs aren’t fixed either, so your lender could raise them at any time (even if the Bank of England rate doesn’t increase).

Now, if you remortgage to a new deal, you can lock in a lower interest rate (at least lower than the SVR) for a set period of time, giving your budget some certainty, no matter what the interest rates do. If the rates suddenly spike, you’re protected by the offer you’ve already locked in. And if the rate drops before you start the new deal, you can usually switch over to the better offer. 

Should I remortgage to pay off debts?

To remortgage to pay off debts, you take out a new mortgage on your current home which includes the remaining debt of the previous mortgage, plus the equity you want to release. You’d then take this extra money to settle your debts. In theory, it works if you have high-interest, short-term debt. 

If you have low equity in your home or are close to paying off your mortgage, you may want to look into different options. Remortgaging to pay off debt can involve penalties to switch deals before your current deal ends, as well as product and legal fees for taking out a new mortgage. It’s a good idea to talk to a mortgage broker to talk through options available to you and weigh up the numbers.

Think carefully before securing other debts against your home. Consolidating unsecured debts into a mortgage will extend the repayment period and may increase the total amount of interest you pay.

Can I remortgage if I'm self-employed or my income has dropped?

You can still remortgage if you’re self-employed or if you have lower income, though the process may be different. 

Lenders typically look for 1-2 years of self-employment accounts (SA302 forms) to prove your income. Or, if you’re now on a lower income with smaller affordability, you’ll still need to prove your income. 

Depending on your situation, you may choose to remortgage to a product transfer, which won’t require any additional affordability checks. To assess your options and shape your application for the best chance of success, work with a mortgage advisor.

For more details, we’ve rounded up some tips on remortgaging if you’re recently self-employed or facing lower income.

Home equity 

Should I remortgage when I’ve built up equity?

Whether it’s been the rising house prices or your stunning renovation work, you may find your home value has shot up. So, with more equity in your property, is it worth remortgaging? Doing so can release cash for home improvements, paying down other debts, or for large purchases – but it will increase your total debt, monthly payments, and it risks your home if you don’t keep up with payments. 

It’s generally advised to wait until your current fixed-rate deal ends before remortgaging to avoid early repayment fees. If you need funds sooner, you can take out a second charge mortgage, rather than changing your current mortgage. 

Whether you should or not depends on your situation. To talk it through with an expert, reach out to a mortgage broker. 

Should I remortgage to buy another property?

Through remortgaging, you can release equity to buy another property, using that money as a deposit. Whether your next place is a holiday home or buy-to-let, you’ll need to apply for the mortgage, where lenders typically expect to see how you will afford both mortgages, especially if your income changes or if the interest rates rise. 

While taking this step can improve wealth, income, and flexibility, it will increase your debt, reduce your current equity in the property, and it risks repossession if you can’t manage both repayments. Again, talk to a mortgage expert who can help assess the mortgage application and give you real-world numbers to work with.

Costs and fees

What are the early repayment charges (ERCs)? Usually early repayment fees are 1-5% of the loan balance if you leave your current deal early. They are a percentage of the outstanding loan amount, which often decreases as the deal term nears its end.

For a 2-year fix, it’s often 2% ERC for the first year, and 1% for the final year of the deal.

To find your exact ERCs, review your mortgage documents.

What are the upfront fees of remortgaging?

Remortgaging can involve upfront costs, the most significant being the arrangement fee (often around £999), which can either be paid immediately or added to the loan. 

You may also face legal fees (£300-£750) and valuation fees, though many lenders now offer them for free as an incentive. If you’re leaving a deal before it expires, you may also face ERCs. 

And if you’re using a mortgage broker who charges for advice, you’ll need to pay that cost upfront too. Here at Mojo, we’re fee-free – here’s how we make our money.

Getting ready to remortgage

In 2026, you may face remortgage anxiety over rising rates in the UK mortgage market. In this situation, what you can control is to lock in a rate up to 6 months early to create a safety net. With Mojo’s Rate Check Promise, if a better deal comes up, you can switch it before the start date. 

Disclaimer: Every effort is made to provide accurate information as of the publishing date. However, given the fast-moving nature of the mortgage market, products or rates may have changed since this was written.

Sources:

*  Based on average monthly savings of Mojo Mortgages customers who remortgaged in 2025, compared to their lender's SVR. Average saving was around £330 per month. Individual savings will vary. Data from Mojo Mortgages' internal customer records.

** Data show is from Mojo Mortgages’ own customer queries in May 2026 in a percentage of how many had remortgaged when they were on a lenders Standard Variable Rate.