What happens when you remortgage a home?
If you’re thinking about switching your mortgage deal or releasing equity from your property, you’ll need to understand what it means to remortgage a home. The remortgage process is more straightforward than many people expect, but knowing what’s involved — and when to act — can save you a significant amount of money.
In this guide, we walk through every step, from why homeowners choose to remortgage to the legal work that wraps everything up.
What does it mean to remortgage a home?
Remortgaging means replacing your existing mortgage with a new one. You might stay with your current lender on a new deal — this is often called a product transfer — or you might switch to a completely different lender offering better terms.
The most common reason to remortgage a home is because an existing fixed-rate or tracker deal is coming to an end. When a deal expires, lenders automatically move you onto their standard variable rate (SVR), which is almost always higher than the deal you were on. Remortgaging before that happens can keep your monthly payments down.
Other reasons homeowners remortgage include:
- Releasing equity to fund home improvements or other large expenses
- Consolidating debts into a single monthly payment
- Moving from interest-only to a repayment mortgage
- Securing a lower loan-to-value (LTV) ratio after the property has increased in value
- Adding or removing a person from the mortgage
When should you start the remortgage process?
Timing is everything. Most mortgage experts suggest starting the remortgage process around three to six months before your current deal ends. This gives you enough time to compare deals, submit an application, and complete the legal work — without being rushed.
Starting early also means you can lock in a rate now. If you find a good deal, many lenders will let you reserve it for up to six months. That protects you if rates rise before your current deal finishes. The full remortgage process — from application to completion — typically takes four to eight weeks, though it can be faster if everything goes smoothly.
If your home has gone up in value since you first bought it, remortgaging could move you into a lower LTV band and unlock better rates. A property worth significantly more than when you purchased it means you now own a larger share, which lenders view as lower risk.
Step-by-step: how the remortgage process works
Understanding the remortgage process end-to-end takes away a lot of the uncertainty. Here’s what to expect at each stage.
Step 1: Review your current mortgage
Before doing anything else, check when your current deal ends and whether any early repayment charges (ERCs) apply if you leave before then. ERCs can be a percentage of the outstanding balance and could outweigh the savings from switching early. Once you know your figures, you can make a proper comparison.
Step 2: Compare deals
Use a whole-of-market mortgage broker or comparison tools to look at rates across multiple lenders. Think about whether you want a fixed rate — which gives certainty — or a tracker or variable rate, which can be lower but comes with more risk if interest rates rise.
At this stage, also consider whether you want to borrow more than what you currently owe, for example to fund a home extension or other improvements.
Step 3: Apply for your new mortgage
Once you’ve chosen a deal, you’ll apply directly with the new lender or through a broker. The lender will carry out a credit check and affordability assessment, similar to when you took out your original mortgage. They’ll want to see proof of income, recent bank statements, and details of your existing remortgage a home loan.
If accepted, the lender will issue a mortgage offer. This is the formal document confirming how much they’re willing to lend and the terms of the deal.
Step 4: Remortgaging conveyancing — the legal stage
This is where remortgaging conveyancing comes in. Unlike buying a property, remortgaging doesn’t involve a full property search in most cases — but you still need a solicitor to handle the legal transfer of the mortgage.
Your conveyancing solicitor will review the mortgage offer, carry out title checks on the property, deal with any legal queries raised by the new lender, and register the new mortgage with the Land Registry. This step is essential, and lenders won’t release funds without it. Understanding the stages of the conveyancing process can help you follow what’s happening throughout.
Step 5: Completion
Once all legal work is done, the new mortgage completes. The new lender pays off the old mortgage, and from that point your new deal is live. If you’ve remortgaged to release equity, the additional funds are transferred to you or your solicitor, depending on what the money is for.
Not sure if now is the right time to remortgage?
Every homeowner’s situation is different. If you’d like clear, honest advice about whether remortgaging makes sense for you right now, our conveyancing solicitors are happy to help. We handle the legal side of remortgaging across England and Wales, with fixed fees and no hidden costs.
What does a solicitor do when you remortgage a home?
Many homeowners underestimate just how important the legal side is when they remortgage a home. Your solicitor acts on behalf of both you and the new lender, making sure the transaction is legally sound.
Here’s what remortgaging conveyancing typically involves:
- Reviewing the mortgage offer: checking the terms match what you agreed and flagging anything unusual
- Title investigation: confirming you have good title to the property and there are no legal issues that could affect the mortgage
- Dealing with the redemption: liaising with your existing lender to get the final repayment figure and arranging for the old mortgage to be paid off
- Land Registry registration: registering the new lender’s charge against the property at HM Land Registry
- Reporting to you: keeping you informed throughout and explaining anything you need to sign
For leasehold properties, there may be additional steps involved. For example, lenders often require certain information about the lease length and any ground rent clauses before they’ll lend. If your property has a complex leasehold arrangement, it’s worth reading about ground rent and what it means for your property before you start.
How long does it take to remortgage a home?
The overall remortgage process usually takes between four and eight weeks from application to completion. However, if complications arise — such as issues with the title, questions about a leasehold arrangement, or delays from the lender — it can take longer.
The conveyancing element alone typically takes two to four weeks once the mortgage offer has been received. Choosing a solicitor who is on the new lender’s approved panel is important, as this avoids delays caused by lender requirements.
To understand how a completion date is set and what you can do to help things move along, it’s worth reading about how a completion date is chosen in conveyancing.
What are the costs involved in remortgaging?
Remortgaging isn’t free — there are several costs to factor in when deciding whether it’s worth switching.
- Early repayment charges (ERCs): if you’re leaving your current deal before it ends, these can be significant — sometimes 1–5% of your outstanding balance
- New lender’s arrangement fee: many lenders charge a product fee, which can be added to the mortgage or paid upfront
- Valuation fee: some lenders carry out a valuation of your property as part of the application — some offer this for free
- Legal fees: you’ll need a solicitor to handle the remortgaging conveyancing; some lenders offer a free legal service, but using your own solicitor gives you more control
- Exit fees: some lenders charge a small admin fee when you close your existing mortgage
Use our free conveyancing fee calculator to get an instant estimate of the legal costs involved in remortgaging with Versus Law.
Do you always need a solicitor to remortgage a home?
In most cases, yes. Lenders require a solicitor or licensed conveyancer to carry out the legal work on a remortgage. Even if the lender offers a free conveyancing service, you’re entitled to instruct your own solicitor — and often it’s a good idea to do so.
Using your own remortgaging conveyancing solicitor means you have someone working solely in your interests, not the lender’s. They’ll review the small print, explain what you’re signing, and handle any complications that come up with the title or lease.
For a practical overview of what good legal advice in property transactions looks like, the Law Society’s guidance on finding a solicitor is a useful starting point for anyone new to the process.
Ready to remortgage? Versus Law can handle the legal side
At Versus Law, we’re accredited members of the Law Society’s Conveyancing Quality Scheme and handle remortgaging conveyancing for homeowners across England and Wales. Our fixed fees mean no surprises, and our team is on the panel of all major lenders — so your remortgage won’t be held up by approval delays.
Whether you’re switching to save money, releasing equity, or dealing with a more complex leasehold situation, we’re here to make the legal process as smooth as possible.
Need help with a transfer of equity in Manchester?
Our conveyancing solicitors at Versus Law handle transfers of equity for clients across Manchester and the surrounding area. Whether you’re adding a partner, removing an ex, or restructuring ownership as part of your estate planning, we offer clear advice and a straightforward service from start to finish.
Get in touch today or use our online calculator to find out what your conveyancing fees might look like.
-
What is the meaning of transfer of equity?
-
Gazumping and gazundering explained: what every UK buyer and seller needs to know
-
Why do people avoid leasehold properties?
-
Home insurance – do I need it?
-
Estate agent fees explained: what UK sellers really pay
-
What is joint tenancy vs tenants in common?
-
What are service charges and what do they cover?
-
What happens if a conveyancing search reveals a problem?
-
Can you pull out before exchange of contracts?
-
Property Auction vs Estate Agent: Which Is Really the Better Way to Sell in Manchester?
