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Remortgage
Switching mortgage lenders usually takes 4-8 weeks from application to completion, while staying with your current lender on a new rate can take as little as a few days. Here's what happens at each stage, what it costs, and how to avoid the delays that catch people out.
The remortgage process is the sequence of steps you go through to replace your current mortgage, either by switching to a new lender or moving onto a new deal with your existing one. Which path applies to you changes how long it takes and what's involved.
Most homeowners start looking 4-6 months before their current deal ends, since many lenders let you lock in a new rate that far ahead with no obligation to proceed. Costs vary by lender and can include an early repayment charge, a valuation fee, and legal fees - an advisor can map these against your own timeline before you commit to anything.
Before you start the remortgage process, it helps to know which path you're on, because it changes everything that follows. If you're just weighing up whether remortgaging is right for you at all, our remortgage guide is a good place to start. There are two routes from here: a product transfer with your current lender, or a full remortgage to a new one.
A product transfer means staying with your existing lender and simply moving onto a new rate when your current deal ends. There's no new lender to satisfy, no legal work, and often no new affordability assessment, which is why it can complete in as little as a few days.
A full remortgage means switching mortgage lenders entirely. This opens up a wider range of deals rather than just your current lender's options, but it involves a fresh application, a valuation, underwriting, and legal work, typically taking 4-8 weeks from start to finish. Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it.
Most homeowners are eligible for both routes when their deal ends, so it's worth comparing what's available before deciding. If you're switching mortgage lenders purely to get a better rate, a full remortgage is usually the only way to see options beyond your current lender.
Not sure which route to take
Tell an advisor about your current deal and what you're hoping to achieve, and they'll explain which route is likely to work out better for your circumstances.
Once you know which path applies to you, a full remortgage follows seven main stages from start to completion. Here's what happens at each one, including the documents and costs that come up along the way.
If you're remortgaging a rental property rather than your own home, the sequence is broadly similar, though lenders apply different affordability rules - see our buy-to-let remortgage process guide for the differences.
A broker who compares a wide range of lenders can often access deals you won't find by going direct, and can coordinate the solicitor, valuer, and lender on your behalf so you're not left chasing three different parties. That coordination is where most of the day-to-day hassle of remortgaging actually gets absorbed.
How it works
Review your current mortgage (4-6 months before your deal ends)
Check your current rate, your lender's standard variable rate, your deal end date, and your remaining balance. If you're still within your fixed or tracker term, work out your early repayment charge (ERC) - usually a percentage of your outstanding balance. For example, a 2% ERC on a £180,000 balance would cost £3,600. Starting early matters: most lenders let you lock in a new rate up to 6 months before your current deal ends, so there's rarely a reason to wait.
Work out your loan-to-value (LTV)
Divide your outstanding mortgage balance by your property's current value to get your LTV percentage. Property values move over time, so your LTV may have improved even if you haven't overpaid. Crossing a threshold, typically around 85%, 75%, or 60% LTV, can unlock a better rate tier, so it's worth checking whether a small overpayment could tip you into the next band before you apply.
Compare deals and get an Agreement in Principle
An Agreement in Principle (AiP) is a lender's initial indication of how much they'd lend you, usually based on a soft credit check that doesn't affect your credit score. Most AiPs are valid for 60-90 days. A mortgage advisor who compares a wide range of lenders can identify options a price comparison site won't show you, and can often secure your rate up to 6 months ahead of your start date with no obligation to proceed.
Submit your full application
Once you've chosen a deal, you submit a full application with supporting documents. What you need depends on how you're employed - see the document checklist below. The lender uses these documents to assess affordability formally, rather than relying on the estimate given at the Agreement in Principle stage.
Valuation and underwriting
The lender arranges a valuation, which might be a desktop or automated valuation, a drive-by inspection, or a full physical survey, depending on the lender and loan size. At the same time, an underwriter reviews your application in detail. A down-valuation, where the surveyor values your property lower than expected, is one of the most common causes of delay at this stage, because it can change your LTV and the rate you're offered.
Receive your mortgage offer
Once underwriting is complete, the lender issues a formal mortgage offer, typically valid for 3-6 months. Check the rate, term, and any overpayment conditions carefully before accepting - this is your last chance to query anything before you're committed. Your solicitor's work usually starts running in parallel from this point to avoid losing time.
Legal work and completion
A solicitor or conveyancer checks the title, updates the Land Registry, and arranges repayment of your old mortgage. Some lenders include a conveyancer as part of the deal; others require you to instruct and pay for your own. Completion is the point where your new mortgage funds are released, your old mortgage is repaid in full, and your new direct debit is set up.
Step 4 in detail
A full remortgage typically takes 4-8 weeks from application to completion, while a product transfer with your current lender can complete in as little as 1-5 days. The table below breaks down how long each stage usually takes and what tends to cause delays.
These are typical ranges rather than guarantees. A straightforward application with a clean credit file and no leasehold complications can move through faster; a down-valuation or an underwriter requesting further documents can add weeks. Speak to an advisor early so there's time to fix anything that could slow things down, or compare remortgage deals now to see what's available before your current deal ends.
Remortgage fees vary by lender and by how you apply, but most full remortgages involve a similar set of charges spread across the process. You may have to pay an early repayment charge to your existing lender if you remortgage before your current deal ends, so it's worth checking this before you commit to a new one.
Many lenders offer cashback or include legal work as part of their remortgage deal, which can offset some of these costs, though the headline rate isn't always the cheapest option once fees are accounted for. An advisor comparing a wide range of lenders can weigh the total cost, not just the rate, against your circumstances. Some homeowners use a remortgage to release equity and pay off other borrowing - see our guide to remortgage to consolidate debt if that's part of your plan. Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it.
Before paying an early repayment charge to leave your current deal, work out the break-even point: compare what the ERC will cost against what you'd save by moving to a new rate sooner. Sometimes waiting a few weeks for your deal to end naturally is cheaper; sometimes the new deal saves enough to justify paying the charge. An advisor can run this comparison for you.
We compare a wide range of lenders and manage the legal coordination so you're not chasing three different parties yourself.
Most remortgage delays come from a small, predictable set of causes. Knowing them in advance means you can head most of them off before they cost you weeks.
If your credit history includes missed payments, defaults, or a CCJ, underwriting can take longer regardless of how well-prepared your documents are, and you may need a specialist lender rather than a mainstream one - see our guide to remortgage with bad credit for what to expect.
Common causes
This guide is for information only and does not constitute financial advice. Speak to an advisor before making any decisions about your mortgage, since your rate, ERC, and options will depend on your specific circumstances.
Any advisor you speak to should be authorised by the Financial Conduct Authority - you can check this on the public register. If you're struggling with mortgage payments or feel unsure about a decision, MoneyHelper offers free, impartial guidance backed by the government at moneyhelper.org.uk or on 0800 138 7777.
Common questions
Yes, but check the early repayment charge (ERC) first. In some cases, paying a small ERC is worth it if the saving from moving to a new rate sooner outweighs the charge. An advisor can calculate the break-even point for your specific balance and ERC percentage before you decide.
Applying for a remortgage involves a hard credit search, which can cause a small, temporary dip in your credit score. This is generally minor and short-lived, and shouldn't put you off remortgaging if it's the right move for you.
Yes, many homeowners with defaults, CCJs or a debt management plan can still remortgage through specialist lenders, particularly if they have reasonable equity. See our full guide to <a href='/mortgages/adverse-credit-mortgages/remortgage-bad-credit/'>remortgaging with bad credit</a> for the options available.
Usually, yes, if you're moving to a new lender. Your new lender will need a solicitor or licensed conveyancer to handle the legal work, including registering the new mortgage against your property. If you're doing a product transfer and staying with your existing lender, you may not need a solicitor, as there's no change of legal charge to register.
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