Remortgage Guide UK 2026

Your fixed rate is ending and your lender wants to move you onto their standard variable rate (SVR) — typically 2-3% higher than the best deals on the market. Remortgaging could save you hundreds per month. Here is exactly how to do it.

When to Remortgage

Start looking 3-6 months before your current deal ends. Mortgage offers typically last 6 months, so you can lock in a rate early without committing. Never just let yourself roll onto the SVR — it is almost always the most expensive option.

How Much Could You Save?

On a 200,000 GBP mortgage, the difference between a 4.5% fixed rate and a 7% SVR is around 300 GBP per month. Over a 2-year fix, that is 7,200 GBP saved. Even if the new deal comes with fees, the savings are usually significant.

The Process

Step 1: Check your current deal end date and any early repayment charges. Step 2: Get an Agreement in Principle from new lenders. Step 3: Apply for the best deal (use a broker to compare). Step 4: Lender arranges a valuation. Step 5: Solicitor handles the legal switch (sometimes free through the lender). Step 6: New mortgage starts on your chosen date.

Costs Involved

Arrangement fee (500-2,000 GBP, can often be added to the loan), valuation fee (often free), solicitor fees (often free with lender deals), early repayment charge on current deal (check your paperwork), and broker fee if using one (500-1,000 GBP or commission from the lender).

Should You Use a Broker?

Yes, almost always. Brokers access deals from the whole market, including exclusive rates not available direct. A good broker saves you time comparing dozens of products and handles the paperwork. Many are fee-free (paid by the lender on commission). Use a whole-of-market broker, not one tied to specific lenders.

Common Mistakes

Leaving it too late and ending up on the SVR. Only looking at the interest rate (check the total cost including fees). Not considering overpayment allowances. Extending the term unnecessarily — this reduces monthly payments but costs more overall. Forgetting to factor in cashback offers which can offset arrangement fees.