Introduction
If your mortgage deal is expiring or you feel you’re paying too much, remortgaging can help you find a better rate — possibly saving you thousands over the life of the loan. In 2025’s shifting interest-rate environment, it’s more important than ever to reassess your mortgage deal.
What is remortgaging?
Remortgaging means replacing your existing mortgage with a new one, either with the same lender or a new one. You might do it to get a lower rate, change the mortgage type (fixed vs variable), or release equity.
Why remortgage now
- Interest rates might drop or better deals emerge
- Your current deal expiry
- Your financial situation improved (higher income, better credit)
- Need cash release (for home improvements, consolidation)
When’s the right time?
- A few months before your current deal ends
- When penalties are low
- When market rates are favourable
Process & paperwork
You’ll need:
- Recent pay slips, P60
- Bank statements
- Valuation / survey
- Credit history
- Details of current mortgage
Costs to watch
- Early repayment charges / exit fees
- Valuation / surveyor fees
- Legal / solicitor costs
- Arrangement fees
How to evaluate offers
- Compare interest rate and overall cost
- Fixed vs variable / tracker
- Flexibility (overpayments, payment holidays)
- Lender reliability & reputation
Tips & mistakes to avoid
- Don’t wait too late
- Don’t shift to the lowest rate without reading the fine print
- Don’t forget the extra costs
- Talk to a mortgage advisor to get tailored advice
Conclusion & call to action
Remortgaging can be a smart move — but only if done at the right time and with care. If you want help navigating your options, Mortgage Bazaar’s team is ready to assist you with a free review of your current mortgage.