What are my remortgage options?

When your mortgage deal is coming to an end, you usually have several options. The right remortgage option depends on what you want to achieve, whether that’s securing a new interest rate, changing your monthly payment, borrowing more, or paying off other debts.

This guide sets out the main remortgage options available to UK homeowners and explains the key considerations to help you decide what’s most suitable.

For the full explainer—what remortgaging is, how the process works, and what it costs—see:

• Remortgaging explained

The main remortgage routes

Stay with your current lender

AKA Product Transfer or Rate Switch

If you’re happy with your lender and your circumstances haven’t changed significantly, you may be able to move onto a new mortgage product with the same provider. This is often called a product transfer.

Why people choose it

• It can be simpler than switching lenders.
• You may be able to keep things moving without a full affordability assessment (this depends on the lender and your situation).

What to consider

• The range of deals may be narrower than what’s available through the wider market.
• If you miss the handover to a new product, you may be moved onto your lender’s standard variable rate (or similar), which is often more expensive.

Remortgage to a new lender

Remortgaging to a different lender can be a good option if you want to compare options across the market, or if your current lender’s options aren’t competitive for your circumstances.

What changes when you switch

• Your new mortgage will be assessed under the new lender’s criteria.
• You may be able to select a new repayment strategy and term.
• You’ll typically need to complete the usual remortgage process (application, underwriting, and valuation where required).

What to consider

• Your credit profile, income and spending can affect what’s available.
• If you’re borrowing extra, affordability and loan-to-value (LTV) will matter.

How do I decide if switching lenders is worth it?

Consider switching if one or more of the following apply:

• Your current lender’s renewal options don’t look competitive compared with the wider market.
• Your circumstances have changed since you took the mortgage (for example, income, household composition, or credit profile).
• You want a different deal structure—such as a different fixed term length or a product with features that better match your plans.
• You’re looking to borrow additional funds (for home improvements, a major purchase, or other reasons).
• You want to release equity, subject to affordability and lending criteria.

Even if you’re tempted to stay put, it’s often helpful to compare because the “best” option can vary from borrower to borrower.

Remortgage early or wait until your deal ends

You can sometimes remortgage before the end of your current fixed or discounted period. Whether it’s sensible depends on the costs and your goals.

Potential reasons to do it early

• You want to borrow additional funds.
• You need to restructure your mortgage because your current lender won’t support the change.
• You’re planning a home extension and need funding.

Key costs to factor in

• Early repayment charges (ERCs): many fixed-rate mortgages include an ERC if you leave early.
• The cost of moving: remortgaging can involve fees and legal costs, depending on the deal.

A common approach is to compare the total cost of leaving early (including any ERC) against the benefit you’d gain from switching sooner.

What costs should I think about when remortgaging?

Remortgaging costs can vary depending on your situation and the deal you choose. When comparing options, it’s useful to look beyond the monthly payment and consider:

• Any arrangement fees and whether they’re added to the mortgage or paid upfront.
• Valuation and legal costs, where applicable.
• Early repayment charges (if you’re switching before the end of a deal).
• Product-specific costs that may affect the overall value of the deal.

A broker comparison can help you understand how the different options stack up in total cost, not just the initial rate.

Product choices within a remortgage

Rate type: fixed, tracker or variable

Your remortgage options also include the rate type you choose for the new deal.

Fixed-rate mortgages

A fixed rate sets your interest rate for a defined period. Many borrowers choose fixed deals to improve certainty for budgeting.

Common choices are Shorter fixes (often around 2 years) or Longer fixes (often 3 or 5 years).

What to consider

• If rates fall after you remortgage, you may not benefit until the fix ends.
• Leaving a fixed deal early can trigger an ERC.

When should I fix my mortgage rate?

The “right” time to fix depends on your personal circumstances and how comfortable you are with interest rate changes. Market conditions can shift, so it’s usually more helpful to focus on your objectives (for example, budgeting certainty) and the options available to you at the time of review.

Variable-rate mortgages

Variable rates can change over time. They may be linked to the lender’s standard variable rate or other benchmarks.

What to consider

• Your monthly payments could rise or fall.
• Variable rates can be harder to predict for long-term budgeting.

Repayment type: repayment or interest-only

Most homeowners remortgage to secure a better rate while keeping the same overall repayment approach. However, some borrowers consider changing how the mortgage works.

Extending your mortgage term

Extending the term can reduce monthly payments, but it may increase the total interest paid over the life of the loan.

What lenders typically look at

• The maximum age limits used by lenders.
• Whether the term extension is consistent with your expected retirement plans.

Interest-only considerations

Some borrowers explore interest-only options, but this is not a simple swap and usually comes with additional requirements and risk. It’s important to understand how you’ll repay the capital at the end of the interest-only period.

Borrowing amount: keep the same balance or raise extra

Some remortgages are designed to raise additional funds—often for home improvements, renovations, or other property-related spending.

When borrowing more, lenders will typically assess:

• Your affordability based on income and outgoings
• The loan-to-value (LTV) based on the property’s value
• Your credit profile

Common reasons people remortgage

Avoid a standard variable rate or get a better rate

If you miss the handover to a new product, you may be moved onto your lender’s standard variable rate (or similar), which is often more expensive. Your current lender’s renewal options may also be less competitive than the wider market.

Reduce monthly payments

Extending the term can reduce monthly payments, but it may increase the total interest paid over the life of the loan.

Fund home improvements

Some remortgages are designed to raise additional funds—often for home improvements, renovations, or other property-related spending.

Consolidate debts

A common reason for remortgaging is to consolidate other debts—such as credit cards or personal loans—into the mortgage.

You use the additional borrowing to clear other debts. You then repay everything through your mortgage payments.

Consolidating can reduce the number of payments you manage. It may reduce monthly outgoings, but it can also extend the time it takes to repay the debt.

Repay a Help to Buy equity loan

If you have a Help to Buy loan, remortgaging can sometimes be used to repay it. The process typically involves understanding how valuations and repayment amounts work.

Common practical points

• There may be more than one valuation involved (for the Help to Buy position and the new lender).
• If you have sufficient equity, it may be possible to borrow from the new mortgage to clear the Help to Buy balance.

Because Help to Buy arrangements can be specific, it’s important to consider the details of your agreement when planning a remortgage.

Change your mortgage because your circumstances have changed

Your circumstances may have changed since you took the mortgage (for example, income, household composition, or credit profile).

Matching a reason to an option

Repaying a Help to Buy equity loan is a goal, not a separate mortgage product. The option that may achieve it is a capital-raising remortgage, subject to sufficient equity, affordability and the lender’s criteria. The process may also involve additional valuation steps.

Timing: when to start planning your remortgage

Timing can make a significant difference to how smoothly the remortgage completes.

Many borrowers benefit from starting the process well before their current deal ends. This can help reduce the risk of being moved onto an expensive rate if there’s any delay. We typically advise talking to our mortgage adviser team six months before your current rate ends.

How long can remortgaging take? The timeline varies depending on complexity, but we recommend you start the remortgage process six months before the end of your initial rate. This is extra time to get everything ready for completion.