Remortgaging is something many UK homeowners do at least once during their mortgage term — and often for good reason. Whether you're approaching the end of a fixed-rate deal or looking to raise funds for renovations, debt consolidation or investments, remortgaging can offer financial flexibility and long-term savings.
But is remortgaging the right move for you?
At Friends Capital Ltd, we help homeowners across the UK understand when and why remortgaging might be a good idea — and how to do it the smart way. In this guide, we’ll explain the main reasons people remortgage, the benefits and risks, and the questions you should ask before proceeding.
Remortgaging is the process of switching your existing mortgage to a new deal, either with your current lender or a new one. You might remortgage to:
Most people remortgage at the end of a fixed-rate period to avoid moving onto the lender’s standard variable rate (SVR), which is often much higher.
Once your fixed term ends, your lender will automatically switch you to their SVR. This rate is typically higher, and remortgaging can help you avoid a sudden increase in your monthly repayments.
If rates have dropped or your financial situation has improved since you took out your mortgage, you may be eligible for a much lower rate. Even a small reduction can lead to significant savings over time.
If your home has increased in value, you may be able to remortgage and borrow more to fund home improvements, invest in property, or cover large expenses like education or business costs.
Rolling existing debts into your mortgage can simplify your finances and reduce interest payments — but it must be approached carefully, as you’re securing those debts against your home.
Whether you’re switching from a variable to a fixed rate, or shortening/lengthening your mortgage term, remortgaging allows you to tailor your loan to your evolving needs.
Remortgaging isn’t always the best solution. You should consider alternatives if:
That’s why it's important to run the numbers with a mortgage adviser before making any decisions.
While remortgaging can save money, it’s important to account for the costs involved:
A mortgage adviser can help you calculate the true cost and compare this against potential savings.
Typically, you’ll need to provide:
You can remortgage as often as you like, but doing so too frequently may trigger early repayment charges or unnecessary fees.
Yes, though your options may be more limited. Specialist lenders may still offer deals, especially if you have sufficient equity.
The process usually takes 4–8 weeks, but it can be quicker with the right documentation and lender.
Yes. Many UK homeowners remortgage to access funds for renovations, debt repayment, or investments.
Remortgaging can be a smart way to reduce your payments, unlock value in your home, or take control of your financial future — but it’s not a decision to take lightly. The key is getting expert advice tailored to your unique situation.
At Friends Capital Ltd, our mortgage advisers will:
Get in touch with one of our expert mortgage advisers today to find out whether remortgaging is a good idea for you — and which options will help you achieve your financial goals.