Getting Ready to Remortgage: A Step-by-Step UK Guide
Remortgaging your home is one of the smartest financial decisions you can make—when done at the right time and with careful preparation. Whether you’re approaching the end of a fixed-rate deal or looking to release equity, getting your paperwork, finances, and goals in order can save you time, stress, and potentially thousands of pounds.
This guide walks you through exactly how to prepare for a remortgage in the UK, from when to start to what documents you’ll need and how to boost your chances of approval.
Why Preparation Matters Before You Remortgage
Remortgaging may seem simple, but it’s not just about comparing interest rates. Every lender has different affordability checks, product criteria, and timing windows. Being organised from the start can help you:
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Secure a lower rate
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Avoid paying your lender’s standard variable rate (SVR)
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Access exclusive remortgage deals
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Minimise delays and paperwork issues
With proper planning, you’ll avoid common mistakes like triggering early repayment charges or missing out on the best offers.
When Should You Start Preparing to Remortgage?
Ideally, you should begin the process 3 to 6 months before your current mortgage deal ends. This gives you time to:
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Review your current mortgage terms
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Improve your credit score (if needed)
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Compare lenders and products
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Arrange legal and valuation requirements
If you leave it too late, you risk defaulting onto your lender’s SVR—often 2–3% higher than fixed deals.
Example:
Your current 2-year fix with Santander ends on 1st December. You should start researching deals no later than August and ideally apply by early October to avoid delays.
Know Your Goals: What Are You Hoping to Achieve?
Before diving into the admin, ask yourself what you want from your new mortgage:
| Goal | Remortgaging Strategy |
|---|---|
| Lower monthly repayments | Look for fixed or tracker rates below your current interest rate |
| Release equity | Borrow more than your current mortgage amount |
| Pay off sooner | Reduce your term (e.g., from 25 to 20 years) |
| Add flexibility | Choose a deal with overpayment or offset features |
Clarifying your priorities helps filter out unsuitable products early in the process.
What Documents Will You Need to Remortgage?
Lenders require specific documentation to assess your affordability and risk. Being ready with these can accelerate the process:
| Document Type | Examples |
|---|---|
| Identity | Passport or driving licence |
| Proof of address | Recent utility bill or council tax letter |
| Proof of income | Payslips (last 3 months) or SA302s (if self-employed) |
| Employment verification | Employer reference or contract (if required) |
| Mortgage statement | From your current lender (within the last 12 months) |
| Bank statements | Last 3 to 6 months showing income and expenses |
| Credit commitments | Loan or credit card statements |
Make sure all documents are up to date and match your application information exactly.
Boosting Your Remortgage Eligibility
Even if you’ve kept up with payments, improving your financial profile before remortgaging can unlock better deals.
1. Check and Improve Your Credit Score
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Review your file with agencies like Experian or Equifax
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Dispute any errors
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Register on the electoral roll
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Clear unused credit accounts
2. Reduce Unnecessary Spending
Lenders examine your recent bank statements. Try to cut down on non-essential outgoings (like takeaways or gambling) 2–3 months before applying.
3. Pay Down Debts Where Possible
Reducing credit card balances or personal loans can boost your affordability ratio.
4. Avoid New Credit Applications
Too many recent credit checks can make you appear risky. Avoid applying for loans or credit cards close to your remortgage.
Should You Use a Mortgage Broker?
A good mortgage broker can:
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Access exclusive remortgage products not available to the public
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Recommend lenders who are more flexible with credit or income
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Handle paperwork, admin, and applications
Many brokers are fee-free for remortgages, as they are paid commission by lenders. Banks such as Barclays and HSBC also have in-house mortgage advisers, but they will only recommend their own products.
Comparing Deals from UK Lenders
Different banks offer different incentives for remortgaging customers. Here’s a quick comparison:
| Lender | Typical Remortgage Features |
|---|---|
| Halifax | Free legal work, fixed and tracker deals, online application |
| NatWest | Remortgage cashback on some deals, free valuation included |
| Santander | Offers overpayment options and competitive 2-year fixes |
| Nationwide | Loyalty rate discounts for existing customers |
| Virgin Money | Flexible lending criteria for self-employed applicants |
These features can vary monthly, so use comparison sites and brokers for up-to-date information.
Understanding the Costs of Remortgaging
While remortgaging can reduce your payments, there may be upfront costs. Always factor these into your decision:
| Fee | Description |
|---|---|
| Arrangement Fee | Charged by the new lender (can be added to loan) |
| Legal Fees | Usually covered by lender in remortgage deals |
| Valuation Fee | Often waived, but may apply to high-value properties |
| Early Repayment Charge | From current lender if exiting before deal ends |
| Deeds/Exit Fee | Admin fee from existing lender to close your mortgage |
Note: Some lenders offer “free legals” or cashback incentives that can offset these costs.
Timeline: What to Expect When You Remortgage
| Week | What Happens |
|---|---|
| 1–2 | Compare deals, check credit, gather documents |
| 2–3 | Submit application, soft credit check, AIP (Agreement in Principle) issued |
| 3–4 | Valuation and legal checks done by lender or solicitor |
| 5–6 | Mortgage offer received, legal documents signed |
| 6–8 | Completion – new lender pays off old mortgage, new repayments begin |
This can vary based on lender speed and how prepared you are. Delays usually happen due to missing paperwork.
Common Mistakes to Avoid
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Leaving It Too Late
You could end up on the SVR, which costs significantly more. -
Overlooking the ERC
Check your current deal for early repayment charges before applying. -
Not Comparing Total Costs
Focus on the total cost over the term—not just the interest rate. -
Applying Without Improving Your Credit
Even a few simple credit file fixes can unlock better deals.
Final Word: Preparation Pays Off
Getting ready to remortgage isn’t just about shopping for interest rates. It’s about understanding your goals, reviewing your financial health, preparing the right documents, and acting early.
The best deals go to the most prepared borrowers. So, don’t rush the process. Start planning several months in advance and give yourself the strongest possible chance of success.
To start comparing deals, you can use the MoneyHelper mortgage comparison tool for guidance.