Remortgaging

Remortgaging is the process of replacing your current mortgage with another without moving property. This can be switching your current fixed rate to a better deal, changing lenders or borrowing more money from your current lender.

The best time to think about remortgaging is around three to six months before your current deal is about to expire. Once your current deal has ended, you’ll be on the lender’s Standard Variable Rate (SVR), which is unlikely to be the best or cheapest option. 

While savings can be made and is often the reason to remortgage, the costs involved can vary. You will need to check if there are any early repayment or exit fees from your current lender, if the valuation fee is included when switching lenders, what the arrangement fee to set up the new rate is and consider the effect the new rate set will have on your monthly payments. 

You will need details of your current mortgage, including the amount still left to pay, the number of years left and the current rate. 

As well as this you will be asked to provide proof of identity, income and address. It may be useful to find the following documents before you apply to remortgage. 

• Your last three months' bank statement

• Your last three months' pay slips

• Your last two to three years' accounts/tax returns if self-employed 

• Your latest P60 tax form (showing income and tax paid from each tax year)

• Passport or driving licence

• Proof of address, through utility/council tax bills