Definition

A remortgage can change the rate, term, repayment type or borrowing amount. The new lender normally assesses affordability, credit and the property, while legal work redeems the old mortgage and registers the new charge. Switching products with the same lender is normally called a product transfer.

Practical example

A borrower can remortgage at the end of a fixed period or earlier after accounting for any ERC and switching costs.

Why it matters

Compare total cost over the relevant period and do not assume a lower rate always produces a saving.

Remortgage guide

Source and review

Reviewed 16 July 2026. Product criteria and rules can change.

MoneyHelper: mortgages and interest rates

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