- Mortgages
- 5 min read
Remortgaging: When, Why and What It Costs
Switching lenders to save money, without the headaches no one warned you about.
Remortgaging just means replacing your existing mortgage with a new one, either with your current lender or a new one. Most people do it to lower their interest rate.
When to think about it
Look at remortgaging about 6 months before your current fixed-rate deal ends. If you wait, you'll slip onto your lender's standard variable rate, which is almost always higher.
What we do for you
If you switch lender, the new lender needs legal work done. We check the title, deal with the old lender's redemption, and register the new charge.
- Title check and ID verification
- Redeeming your existing mortgage
- Registering the new lender's charge at HM Land Registry
Typical costs
Remortgage legal work is usually a fixed fee, lower than a purchase, because there's no buyer/seller chain. Many lenders offer a 'free legals' option.
— The takeaway
Start early, compare deals carefully, and use a conveyancer who specialises in remortgages, as it's a small job done badly that causes the most stress.
— Residential Conveyancing
Need help with this in real life?
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