What is a remortgage? Everything you should know.

By Georgia Galloway | Friday 17th May | 20 minute read

A remortgage replaces your existing mortgage with a new one, either with your current lender or a different one. Remortgaging financially affects property owners. A solid understanding of the implications of remortgaging helps you access the financial benefits.

A remortgage replaces your existing mortgage with a new one, either with your current lender or a different one. Your motivation to remortgage typically would be to secure a better interest rate, adjust the terms, or borrow additional funds against your property’s equity. This strategic financial decision helps homeowners reduce monthly payments, shorten loan terms, or release cash for other uses like home improvements, debt consolidation, or for landlords looking to improve rental yields or expand their portfolios. 

What is Remortgaging? If you're considering remortgaging, carefully assess your financial situation, understand the timing to minimise costs, and if in doubt, consult with a mortgage broker to navigate the options and ensure the best deal. This guide will give you everything you need to know about remortgaging.    

What is remortgaging?   

Remortgaging is when you switch the mortgage on your existing property to a different mortgage product, either with your current mortgage lender (this is called a product transfer) or a new provider. Your new mortgage will then replace the old one - hence re-mortgaging.

The most common new mortgage lending term length in the UK is 30 to 35 years. That includes first-time buyers, repeat buyers, and remortgages. Traditionally, a UK mortgage was 25 years long. Some lenders offer shorter and longer (up to 40 years) mortgages. Longer mortgage term lengths offer lower monthly payments but will cost more interest in the longer term.

Average Mortgage Term Length (UK)

If your mortgage value is £250,000, on a 32-year mortgage at 5.89% interest, your current mortgage would be £1,266.18 a month. The total repayable on the house would be £486,213.54, with £236,213.54 in interest.

If you didn’t remortgage and went onto your lender’s standard variable rate (SVR - currently 8.65% on average), your monthly mortgage would increase by £288.25 to £1,554.43 per month. The total interest on this rate would be £346,901.04 (an increase of £110,687.50).

If you remortgage instead of moving on to your lender’s SVR and secure a new mortgage deal at 4.63%, your monthly mortgage payment will decrease by £131.59 to £1,134.59, reducing your total interest by £50,531.25.

What types of mortgages can be remortgaged?

A mortgage charge is a legal form of security used by lenders to ensure repayment of a loan related to property. This is either a "first charge" or a "second charge" against the property's title at the Land Registry.

First Charge: This is typically the primary mortgage taken out to buy the property. The lender who provides this first mortgage has the first claim on any money from the sale of the property if the borrower defaults.

Second Charge: Also known as a "homeowner loan" or "secured loan," this is additional borrowing, possibly from another lender, that is secured against the property after the first mortgage. It is subordinate to the first charge, meaning that this lender only gets paid after the first mortgage lender is paid in the event of a sale due to default.

In both cases, these charges do not affect ownership but give the lender certain rights, such as selling the property if the borrower fails to meet the repayment terms. The existence of a charge ensures that the lender has a legal claim to recover the owed amount by selling the property if necessary. As long as the borrower complies with the mortgage terms, the charge shouldn't affect their day-to-day life but breaking the terms of the mortgage could put the property at risk. 

Types of mortgages that can be remortgaged:

  • Buy-to-let mortgages
  • Capped-rate mortgages
  • Discount mortgages
  • Flexible mortgages
  • Fixed-rate mortgages
  • Guarantor mortgages
  • Help to Buy mortgages
  • Joint mortgages
  • Offset mortgages
  • Standard variable rate mortgages
  • Tracker mortgages
  • 95% mortgages

When taking out a bridging loan, a charge is put against the collateral, usually property. Therefore, bridging finance is an additional type of mortgage product that can be remortgaged. 

Bridging Loan vs Mortgage

A bridging loan and a mortgage are both types of secured loans, but they serve different purposes and have distinct terms.

A bridging loan is a short-term financing option. It can be used for almost any purpose, but it's typically used to cover immediate cash needs or, in property terms, "bridging" the gap between buying a new property and selling an existing one. Bridging loans usually have a higher interest rate and are short-term, usually lasting 6-12 months, although they can be taken out for 36 months. 

Mortgages are a long-term financing solution for purchasing property. They are characterised by lower interest rates than bridging loans, and extended repayment periods, often up to 25-30 years. Bridging loans are quicker to arrange and meant for temporary situations, whereas mortgages are structured for long-term affordability and stability.

Remortgage calculator    

Our remortgage calculator can quickly tell you how much you’re likely to be able to save by remortgaging. It will show you what switching to a new deal would cost vs how much you're likely to spend if you move on to your lender's standard variable rate. 

How to use the remortgage calculator 

Input how much your mortgage's outstanding balance is (Mortgage Value), how long is left on your mortgage (Mortgage length (years)), what your current interest rate is (Current interest rate (annual)) and what your new remortgage rate will be (Remortgage interest rate). 

Our calculator will show you how much you’re currently paying per month, how much you’d be paying on a new remortgage deal, and the difference it will mean in your monthly mortgage payments.

  1. Current Mortgage
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    Total Repayable: £0.00
    Total Interest: £0.00

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    Total Repayable: £0.00
    Total Interest: £0.00

    £0.00 per month
    Total Interest: £0.00

Who remortgages? 

Most people with a mortgage on their property can remortgage to get a better deal than their existing one. Some criteria, such as age, employment status, and property value, can determine whether a lender will remortgage with you. Homeowners and landlords with expiring deals, looking for better rates, having a property that has significantly increased in value, or wanting to borrow more are two key groups that would look to remortgage.  If you're tied into a "fixed rate mortgage", there may be penalties for remortgaging before the fixed period ends. People nearing the end of a fixed-term mortgage typically arrange a remortgage to coincide with its ending to avoid the interest rate changing to the lender's standard variable rate (SVR). 


Homeowners may look to remortgage their home to save money, release money or clear debts.

Homeowners who own their home or investment outright can also remortgage their property to access a lump sum of money at a lower interest rate than other borrowing, such as a personal loan. This is usually called an unencumbered remortgage. In these situations, as the property is mortgage-free and therefore has no debts or loans, it isn’t technically remortgaging, although most lenders would refer to it as a remortgage.

Landlords remortgaging a rental (buy-to-let) property    

Landlords can remortgage their buy-to-let properties to get better rates, change the rental property to residential or release equity to invest further, increase their property portfolio, or fund property refurbishments.

Can I remortgage?

If you own a property, you can remortgage. In addition to homeowners and landlords, people who purchased their homes between 2013 and 2023 via the government’s Help to Buy scheme will have different considerations. 

How is a Help to Buy different from standard remortgaging?

The Help to Buy Equity Loan scheme, a UK government programme implemented to help first-time buyers get on the property ladder, was launched on 1 April 2013 and ended on 31 March 2023. The scheme allowed first-time buyers to buy a new-build home with a 5% deposit (as opposed to the 'standard' 10%), with the government providing an equity loan for up to 20% of the property value, 40% within London, and the remaining amount covered by a mortgage. The loan was interest-free for the first 5 years.

Regarding remortgaging a Help to Buy home, the government states:

“We’ll only allow you to remortgage and borrow more money:

  • to pay back part or all of your equity loan
  • to make structural alterations when you have permission
  • to fund a transfer of equity

“A transfer of equity is where you can change from joint to sole (or sole to joint) ownership of a property.

“We may allow you to borrow more on your repayment mortgage to pay off leasehold arrears or mortgage arrears - we’ll consider each request individually.

“You can either remortgage with your existing lender or change to a new one.”

"To apply for permission to remortgage you Help to Buy home you’ll need to:

  • Get a repayment mortgage redemption statement from your mortgage provider.
  • Contact your current mortgage lender to get a redemption (or repayment) statement. This confirms the total amount you need to repay, and that the total on your repayment mortgage has not increased."

What are the benefits of remortgaging?    

Remortgaging has many benefits, including lower monthly payments and increased financial stability.  

Benefits of remortgaging for homeowners

There are 5 key benefits to homeowners remortgaging.

1. Reduced monthly repayments

Remortgaging to a lower interest rate can decrease monthly payments, increase disposable income, or allow homeowners to shorten their mortgage term, thus saving on long-term interest and achieving mortgage-free status sooner. With time, as homeowners build equity and lower their loan-to-value ratio, they become eligible for better rates and terms. This is particularly beneficial when transitioning from an initial deal to a potentially higher standard variable rate, as securing a new, lower rate beforehand can prevent increased future payments.

2. Gain better financial control

Switching to a fixed-rate mortgage through remortgaging offers the stability of consistent monthly payments for a set period (e.g., 2-5 years), providing peace of mind amidst economic uncertainty. This is especially beneficial for those nearing the end of their current fixed-rate term, as it eliminates the unpredictability of variable rates and facilitates financial planning by knowing exact mortgage expenses.

3. Consolidate debt

Remortgaging to consolidate debts involves rolling short-term obligations into your mortgage, simplifying payments into one monthly amount. However, this might increase the total interest paid over the mortgage term. Lenders require full disclosure of debts and intended use of borrowed funds, which may affect their decision. It is advisable to consult with a financial or debt adviser before proceeding to ensure this is the most advantageous strategy.

4. Pay off your mortgage quicker

Remortgaging offers two strategies to accelerate mortgage payoff: reducing the mortgage term to increase monthly payments but decrease total interest and choosing a deal that permits overpayments without penalties, useful for applying windfalls or extra income towards the mortgage. These options are particularly beneficial for those who have experienced a positive change in financial status, enabling them to become mortgage-free sooner by making higher or additional payments.

5. Borrow for home improvements

If your home has increased in value and you've built up equity, remortgaging can be a viable option to access funds for home improvements, purchasing a car, or funding a holiday. However, it's advisable to consult with a mortgage broker or financial adviser to explore whether remortgaging or obtaining a further advance on your existing mortgage is the most cost-effective approach for your financial needs.

Benefits of remortgaging for landlords

Landlords benefit from remortgaging in 3 additional ways not seen by homeowners.

1. Improved rental yield

By reducing your buy-to-let mortgage and, therefore, reducing the monthly costs for your rental property, landlords can increase their net rental yield and improve profitability.

2. Fund buy-to-let property improvements

With access to cash through released equity, landlords can fund property improvements to their buy-to-let properties. This can increase rental desirability and the opportunity to increase monthly rent for tenants. A new bathroom, kitchen, or extension will add value and attract higher rents.

3. Expand your portfolio 

Remortgaging a buy-to-let can raise funds for property portfolio expansions. A broker can help you find the right lender and the right product. Buy-to-let finance may be an option for landlords looking to increase their portfolios.

Why would I remortgage?

Remortgaging achieves two main goals. 

  1. To switch to a cheaper deal; or
  2. To borrow money against your property value.

Remortgaging to get a better interest rate

The typical length of time on fixed mortgage deals is 2 or 5 years. When your existing deal is coming to an end, and if you don’t remortgage, your lender will put your mortgage onto its Standard Variable Rate (SVR). An SVR is likely to be significantly higher than your existing rate.

The current average residential mortgage rates, when compared to SVR, are shown below.

Deal type and length Current average mortgage rate - all lenders Standard Variable Rate (SVR) Rate difference
2-year fixed-rate (75% LTV) 5.89% 8.65% +2.76%
5-year fixed-rate (75% LTV) 5.35% 8.65% +3.3%
2-year variable rate (75% LTV) 5.85% 8.65% +2.8%

As of May 16, 2024

Remortgaging can help you get a better interest rate and lower monthly mortgage payments. You can also avoid being moved onto your lender's SVR.

Remortgaging to release equity

Remortgages can also be a helpful way to release equity. It works by releasing the equity you’ve built up in your home as cash by increasing the size of your loan. This gives you funds that can be used for home improvements, buying a car, or consolidating debts.


Your house is worth £300,000, and you have an outstanding mortgage of £200,000; to release £25,000 in equity, you would need to remortgage for £225,000.

The amount of equity that can be released by remortgaging will depend on the house value, the equity in the property, how long the mortgage term has left and your age. Lenders can be cautious when remortgaging to release equity for older borrowers.

When remortgaging to release equity, it’s usually best to speak to a mortgage broker, as you will reduce your equity stake in the property and increase your debt. As you increase your borrowing amount, new affordability assessments and credit checks that consider your income, outgoings, any other loans, and credit score will be required.

There are other reasons why people remortgage.     

Remortgaging when house value has increased

When your house value has increased since you took out your mortgage, possibly due to house prices rising or works you’ve completed on your property, you may now be in a lower loan-to-value band and meet the criteria for lower interest rates.

For example, if you bought your house for £250,000 with a 10% deposit (£25,000), your LTV would be 90%, and you would owe £225,000.

Since purchasing, you will have paid off some of your mortgage, which now has £200,000 outstanding. Your new LTV would be 80%.

But if the market changes or you’ve added value to the property and your house value increases to £275,000, your LTV is now 72%

Due to your reduced LTV ratio, you might qualify for a more competitive mortgage deal than your current one. In such cases, if you remortgage to an option with a lower interest rate while maintaining your current monthly payment, you could pay off your mortgage earlier.     

Remortgaging to buy another property     

An equity release following remortgaging can provide the funds to buy another property. This can be as an investment in a buy-to-let, a second home or used to purchase a commercial property for business use.

When you choose to remortgage to buy another property, your investment type needs careful consideration, as you’d be taking on another mortgage and the other costs of the additional property. But the equity release from remortgaging can help you diversify your property portfolio.

Remortgaging for home improvements

Remortgaging is one method of borrowing money to pay for more costly home improvements.

Depending on the size and costs, personal loans, savings, or credit cards could be alternatives to remortgaging for home improvements. A property refurbishment loan can finance larger improvements.   

When should I remortgage?    

It's recommended that you start the remortgaging process six months before your existing deal expires. You can remortgage at any time, but the costs involved with ending your existing mortgage early (early repayment charges) may make this not cost-effective.

How early can you remortgage?

Technically, you can remortgage whenever you want, although if you’re in the early stages after buying your property (within the first 6 months), most lenders won’t let you remortgage. Remortgaging this early into a deal is unlikely as any better mortgage deal is likely to be cancelled out by early repayment charges (ERCs).     

When is the best time to remortgage?

The best time to remortgage is when it benefits you financially. That could be via lower monthly payments, lower interest overall, or utilising released equity.

Generally, the best time to remortgage is when your fixed-rate mortgage is approaching its end (usually 3-6 months before) or if you can anticipate rising interest rates and want to secure a better deal early before your current deal ends.

Is there a bad time to remortgage?    

Switching your mortgage too early before it ends will likely cost you exit fees or ERCs, which could be thousands of pounds. 

How often can I remortgage?    

There’s no limit to how many times you can remortgage over your mortgage term. You may choose to remortgage every time your fixed-rate deal ends. But depending on your circumstances, remortgaging may be costly and not the best option.

What do you need to remortgage?

Before starting the remortgaging process, you’ll need information about your personal and financial circumstances and details of your current mortgage. Once you have those details, the process can begin.

What is the process of remortgaging?

Remortgaging typically takes 4-8 weeks, but the process needs to start earlier to review your options. If you decide to proceed, gather the required information and documents and instruct a broker or begin the process yourself.

Remortgage Timescales Action/stage Details
4-6 months before your current deal ends Check your remortgage eligibility. Check your remortgage eligibility if you’ve decided to remortgage. At this stage, you may decide to use a broker to utilise their expertise and help you through the process.
3-6 months before Check your current lender's remortgage options. Your current lender may have offers for existing customers. Knowing what your existing lender can offer will help you compare against different lenders.
3-6 months before Check different lenders' remortgaging options. Compare your lender’s options against different lenders. Take the time to assess all the available options to you.
3-5 months before Choose the best deal for your requirements. 3-5 months before your current deal expires, you need to review any fees involved, which new deal suits your requirements and choose which option is best for you.
3-4 months before Submit your remortgage application. When submitting your remortgage application, you'll need to complete all forms and provide proof of identification, proof of income, details of your outgoings and your existing mortgage information.
3 months before Lender assessment. After you submit your remortgage application, the lender will evaluate your income, financial obligations, and outgoings to ensure the mortgage is affordable. They will conduct affordability checks for the remortgage, review your credit score, and perform a property valuation.
2-3 months before Review remortgage offer. If the application is approved, success! The lender will provide a mortgage offer. This offer will specify the mortgage details, such as the loan amount, the interest rate, the loan duration, and any related fees. If everything makes financial sense and you’re happy, you can accept the offer.
4-8 weeks before Conveyancing. At this stage, a solicitor or conveyancer will handle the legal aspects of the remortgage and conduct the necessary legal obligations to transfer any details of the new mortgage.
End Completion. Once the new mortgage is in place and any title deeds are updated to reflect the new charge, congratulations, your new mortgage is in place.

Do you need a deposit to remortgage?

The good news is that, in most cases, a deposit is not required when remortgaging. As you have already paid a deposit to buy your property, lenders will accept the equity in the property for the remortgage. Providing your property is not in negative equity, and the equity hasn't been reduced below the lending criteria threshold for the remortgage, you won’t need to provide additional cash as a deposit. You can provide a deposit to reduce the mortgage size and monthly payments, although this isn’t required.     

Do I need a solicitor to remortgage?

You won't need a solicitor if you’re remortgaging with your current lender (product transfer). When moving to a new lender, the conveyancing solicitor must verify your identity, check the title deeds, review the mortgage offer, confirm the Certificate of Title and transfer the funds on completion day. Many banks and building societies have deals that cover the legal fees of remortgage customers coming to them by using the lender's solicitor, or they offer cashback to offset these costs. Solicitor fees when remortgaging range from £750-£1,500 and will need to be factored into your calculations. Lenders or brokers may include solicitor fees.

What documents do I need to remortgage?    

Although individual cases may require different documents, usually the essential documents you'll need when remortgaging are:

  • Three month's payslips
  • Three month's bank statements
  • Three year's tax receipts/accounts (if self-employed)
  • Proof of address (utility or electric bills, etc.)
  • Proof of any bonuses, commissions or other income you receive
  • ID (passport or driving licence) 

What is the cost of remortgaging?

The total cost of remortgaging will be determined by the cost of ending your current mortgage and entering a new one. Remortgaging should reduce your monthly mortgage payments and help you financially. However, there are costs to consider when determining the benefits of remortgaging.

Possible costs of ending your current mortgage:


More details

Approximate cost

Early repayment charge (ERC)

If your current deal hasn’t ended, you will need to pay a charge to leave the agreement early. 

Usually, 1-5% of the outstanding balance of the mortgage.

Exit fee

Lenders may charge you to move to a new lender.

Can range from £50-£500

Deeds release fee

The administration cost when sending the property deeds to the new lender.

Can range from £50-£300

Possible costs of entering into a new mortgage:


More details

Approximate cost

Arrangement fee

Sometimes referred to as a "Product Fee", the cost of arranging the new mortgage.

Usually £1,000-£2,000 depending on the lender. This fee can be added to the mortgage, which avoids having to pay it upfront. However, interest will be added, so you’ll pay more overall.

Valuation fee

The professional valuation determines how much your home is worth. You won’t need a structural survey to remortgage as you own the property.

Usually £150-£300 - some lenders may offer free valuations.

Conveyancing (solicitor) fee

The process of adding the new lender to the property’s title deeds. A registered solicitor must complete this.

Usually £350-£2,000 - often new lenders will cover this cost.

Broker fee

The cost of utilising a broker to facilitate the remortgaging process for you.

Usually £300-£600, or up to 1% of the mortgage value.


Broker fees can vary, as brokers usually receive a commission from the new lender. However, they may cover some of the other fees as part of your deal.

Is remortgaging easy?

Remortgaging is typically easier than obtaining your original mortgage. It usually takes much less time and effort compared to how long it took to secure your original mortgage.

As covered, there are various steps to the process, but remortgaging is generally pretty straightforward if you gather all the required information, do your research, and begin the process early. If your remortgage is rejected, there can be stress and difficulty, but using a remortgage broker should identify any issues and make the process even easier.

Remortgaging when self-employed - what are the extra considerations?

If you’re self-employed, remortgaging is still available, but it can be a more complicated process that requires additional preparation. Instead of providing payslips as proof of income, you’ll need to bring more paperwork to show your earnings.

Proof of income is usually the biggest hurdle for anyone self-employed getting a remortgage. Lenders may require 1-2 years of accounts or tax receipts from the tax you paid to HMRC, so it can be overcome if your financial records are in order.

When remortgaging, increasing your credit score, demonstrating future earnings with upcoming contracts, and proving income stability, will all help the self-employed during the remortgage process.

Remortgaging for landlords - what are the extra considerations?

When remortgaging, landlords will need to consider how the new mortgage rate and payments impact rental yield and profitability. 

If you’re a landlord living abroad, obtaining a BTL mortgage can be harder as some lenders consider you a higher risk. It’s still possible to remortgage as an expat landlord using a specialist lender or discussing your requirements with a broker.

Should I remortgage with the same lender?     

Staying with the same lender might feel easier than sourcing a new one, but this might not provide you with the best deal. So, it’s best to shop around and research where to get your desired deal. If you’re using a mortgage broker, they will be able to discover the best deals for your circumstances and requirements.

Should I remortgage with a broker?

You don’t have to remortgage with a broker, and you can go directly to the different lenders. But whilst a broker will command a fee for their services, they will provide advice and help you secure a better deal than you might be able to.

Pros of using a mortgage broker to remortgage

The 3 main pros of using a mortgage broker are their expertise, deal access, and speed.

  • Mortgage market expertise - Brokers will have vast knowledge of the current mortgage market and insight into changes on the horizon. With access to the whole market, they will be best suited to assess your remortgage requirements based on what's available.
  • Better access to deals - Lenders can provide brokers with remortgaging deals that aren't available directly to homeowners.
  • Speed and convenience - Using a broker will save you time contacting lenders directly. Once you've provided the broker with the required information, they can handle the deal for you.

Cons of using a mortgage broker to remortgage

Using a mortgage broker comes with some drawbacks. 

  • Fees - Mortgage brokers are paid through fees charged to the borrower and/or commissions paid by the lender. Not all brokers charge a fee, and many are fee-free, relying solely on the commission from the lender. Those who do charge a fee may provide their service for a fixed fee (usually hundreds of pounds) or a percentage of the loan amount, usually to a maximum of 1%. Any additional costs, such as broker fees, should be factored into your calculations when deciding on your remortgage deal.
  • Less control - You may prefer to be fully hands-on throughout the remortgaging process for your home; if that's the case, a broker might not be for you.     

Why would you not be able to remortgage?  

Many reasons can prevent you from being able to remortgage, but the most common is failing to meet affordability checks, usually as a result of the factors listed below.

  • Low credit rating
  • High loan-to-value ratio
  • Personal or household drop in income
  • Mortgage arrears

What happens if you can't remortgage?

If you can’t remortgage, it can be unsettling, and you’re likely to move on to your lender’s SVR, but there are steps you can take.

Understand the reason for rejection 
It’s important to understand why your remortgage application was declined. Common reasons might include a low credit score, insufficient home equity, income changes, or high debt levels. You’ll be better positioned to address the situation by understanding why your remortgage was rejected.

Review your finances 
Take a close look at your financial situation. This includes reviewing your spending, income, and existing debts. Understanding where you can make adjustments may improve your financial health and increase your chances of a successful remortgage application.

Improve your credit score 
If your credit score was a contributing factor, focus on improving it. You can do this by paying all bills on time, reducing outstanding debt, and rectifying any errors on your credit report.

Consult a financial advisor or mortgage broker 
A professional can offer tailored advice and help you understand the options available. They can also assist in finding lenders who specialise in cases similar to yours or offer products designed for people with unique borrowing needs.

What are the alternatives to remortgaging?

You may be rejected for a remortgage, or the deal presented may not meet your requirements. If that happens, there are alternatives to remortgaging.

Sell your property

Homeowners who can't remortgage or afford the new mortgage deals may consider selling their property. Older homeowners needing to raise cash may look to downsize to a smaller home in the same area or a similar-sized property in a cheaper location.

There are factors to consider when selling a property. Depending on the market and your property's condition, it can take time, so it may not provide access to fast funds. Additionally, you must pay stamp duty if you buy another property, as well as fees for estate agents, legal work, surveys, and the costs involved with the move.

If you sell your property, you may choose to rent rather than purchase a new home as recently we discovered that due to higher mortgage costs, it's now cheaper to rent than own a property in the UK

Use a Bridging Loan

If you require fast funds for property refurbishments or want to capitalise on an investment opportunity by purchasing a new property, a bridging loan secured against your property can quickly provide that financing.


Do I have to pay Stamp Duty when remortgaging?

No, you don't have to pay stamp duty land tax (STLD). Stamp Duty is a tax paid on the purchase of property or land. It applies in England and Northern Ireland, while in Wales, it’s Land Transaction Tax and in Scotland, it’s Land and Buildings Transaction Tax. Providing you're not porting your mortgage to a new property, which infers you've purchased a new property, you don't have to pay STLD. In most cases, when you’re simply remortgaging for better rates or to release equity, you don’t have to pay Stamp Duty, as remortgaging is a new deal on a property you own.

What happens if I've changed jobs since I got my original mortgage?

When applying for a remortgage, updating your employment information is essential if you've changed jobs or increased your income. Conversely, a shift to part-time work or a reduction in wages could reduce the amount you can borrow. It's important to discuss any changes in your circumstances with your mortgage adviser to assess your financial situation and explore available options accurately.

Final thoughts     

Remortgaging involves switching your current mortgage to a new product, either with the same lender or a different one, to benefit from better rates, lower monthly payments, or different mortgage terms. Homeowners and landlords use this financial strategy to save money, release equity, or consolidate debts. 

Homeowners might remortgage to take advantage of increased property values or more favourable interest rates, thereby reducing their loan-to-value ratio and monthly payments. Landlords often remortgage to improve rental yields, fund property improvements, or expand their property portfolios. 

The process can vary in duration but typically takes between 4 to 8 weeks and may involve costs like early repayment charges, arrangement fees, and solicitor fees. 

Potential remortgagers must assess their financial situation, consider the timing carefully to avoid excessive fees, and possibly consult a mortgage broker for expert advice to navigate various options effectively.

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