Remortgaging is common, but the process can feel unclear — especially the first time. This guide explains each step, from choosing a new deal to completion.
It also covers what lenders check, how valuations and legal work are handled, and why these are often free in most cases.
The process typically takes four to eight weeks from application to completion. Starting three to six months before your current deal ends gives you the best outcome.
Remortgaging means switching your current mortgage to a new deal, either with a new lender or your existing one. When your deal ends, you’re usually moved to a higher Standard Variable Rate (SVR), which can significantly increase your monthly payments.
You can either remortgage to a new lender (full application with access to more deals) or choose a product transfer with your current lender (simpler but limited options). A broker can compare both to find the best option for you.
Common reasons include your deal ending, paying too much on SVR, releasing equity, or changes in your financial situation.
This is the date your current deal — fixed, tracker or discount — ends and your mortgage moves to the SVR. You can find it on your mortgage offer, annual statement, lender portal/app, or by contacting your lender directly. If you’re unsure whether you’re still on a deal or already on SVR, your lender can confirm this quickly.
Ask your lender for a redemption statement — a document showing exactly how much you owe on a specific date. This is the amount you will need to borrow when you remortgage.
Note your current interest rate so you can compare it properly with new deals. You can find this on your mortgage statement, lender portal/app, or by contacting your lender directly.
Knowing your existing rate helps you understand whether a new deal will reduce your monthly payments or overall cost.
Most fixed-rate mortgages include an ERC, which is a fee for leaving your deal early — usually around 1–5% of the remaining balance, reducing each year. If your deal hasn’t ended, it’s important to check this before switching.
If the cost is too high, you can often secure a new rate up to six months in advance, so it starts when your current deal ends, usually with no obligation until completion.
Your adviser will review your current mortgage position and your current circumstances — income, employment type (PAYE, contractor, self-employed, locum), credit profile, existing commitments, and any changes since your last application. This full picture determines which lenders are most suitable and what deal is achievable.
Once you know your position, the next step is speaking to an adviser who can search the whole market — not just a single lender’s products.
This matters because:
At Mortgage Knight, we are a whole-of-market independent broker. We are not tied to any lender, do not receive incentives to place business with specific providers, and our advisers are self-employed — meaning advice is driven entirely by what is right for you.
Before recommending a deal, your adviser will carry out a full affordability assessment. Lenders do not simply check that your income covers the payment — they stress-test affordability at a higher rate to ensure you could still manage if rates rose.
If your income, job type, or personal situation has changed, lenders may assess your application differently. An adviser can match you with lenders that suit your current position. For contractors, this is especially important, as some lenders assess income more favourably, which can impact the rates and options available.
The output: your adviser will confirm what you can borrow, which lenders are suitable, and present you with a clear recommendation — including the true cost of each option taking both rate and fees into account.
Once you have chosen a deal, your adviser will secure the rate on your behalf. Most lenders allow a rate to be reserved for three to six months — meaning you can lock in today’s rate for a mortgage that completes when your current deal ends, with no early repayment charge to pay.
This is particularly valuable in a volatile rate environment. Rates can move quickly — locking in a deal as far in advance as your lender allows protects you against increases between now and your completion date.
Securing a rate at this stage does not typically commit you. If rates fall before completion, your adviser can review whether switching to a better available deal is worthwhile.
With the rate secured and the deal agreed, your adviser will submit the full mortgage application to the new lender on your behalf.
Proof of income:
Your adviser will prepare the application and submit everything in one complete pack. Incomplete or piecemeal submissions are one of the most common causes of delay — a properly packaged application moves faster.
The lender carries out a full credit check at this stage (a hard search, which appears on your credit file). This is why it is important not to apply to multiple lenders simultaneously — your adviser will target the right lender first time.
After receiving your application, the lender will arrange a valuation of your property. This confirms the property is worth what you are borrowing against, and determines your actual LTV.
Many lenders include a free valuation as part of their remortgage product. Where a physical inspection is required, the lender appoints a surveyor and covers the cost. For straightforward remortgages — particularly at lower LTVs — many lenders now use an automated valuation model (AVM), a desktop assessment using comparable sale data that completes within hours and requires no physical visit.
This is uncommon but does happen. A lower-than-expected valuation means your LTV is higher than anticipated, which may affect the rate band you qualify for. Your adviser will review the options — including whether to challenge the valuation, apply for a higher LTV product, or consider an alternative lender.
When you remortgage to a new lender, a conveyancer (solicitor or licensed conveyancer) is required to handle the legal transfer of the mortgage. The existing charge on your property — registered in your current lender’s name at HM Land Registry — must be discharged, and a new charge registered in the new lender’s name.
In most remortgage cases, the legal work is free. Many lenders include a free legal package, where they appoint a conveyancer and cover the cost, so you usually don’t need to arrange your own.
If you prefer to use your own solicitor, you can do so, but the cost will typically be your responsibility. Your adviser can help you decide which option suits you best.
Your conveyancer manages the legal process, including identity verification, obtaining a redemption statement, and carrying out a title investigation with HM Land Registry. Leasehold properties also require additional leasehold checks.
They prepare the mortgage deed, issue the certificate of title, complete the transaction, and update the lender’s details with the Land Registry.
If you stay with your current lender and switch to a new deal (product transfer), no legal work is required. The process is simple and handled directly by the lender.
This is usually much faster than a full remortgage and can often be completed within a few days, making it a convenient option in the right circumstances.
Completion is the point at which your new mortgage starts and your old one ends. Your conveyancer transfers the funds from your new lender to redeem your existing mortgage. From this date, you pay your new lender at your new rate.
Your conveyancer will confirm the completion date in advance. On or shortly after completion, you will receive confirmation from both your old lender (confirming your mortgage is cleared) and your new lender (confirming your account is open).
Total timeline from application to completion: typically four to eight weeks
Starting three to six months before your rate end date gives you comfortable headroom — you lock in a rate early, proceed at a measured pace, and complete on the day your current deal ends, avoiding any time on the SVR.
For most straightforward remortgages, the headline costs are lower than people expect.
| Cost | Typical Situation |
|---|---|
| Valuation fee | Free — included in most remortgage deals |
| Legal / conveyancing fee | Free — included in most remortgage deals |
| Arrangement / product fee | £0–£1,500 — varies by deal (can usually be added to the mortgage) |
| Early repayment charge | Only applies if leaving a deal before its end date |
| Broker fee | £495 with Mortgage Knight, payable on application |
| Exit fee | Some lenders charge a small administrative fee (typically £50–£200) |
Should you add the arrangement fee to the mortgage or pay it upfront?
Adding the fee to the mortgage avoids an upfront cost but means paying interest on it for the remaining term. For large balances and short deal periods, this difference is minimal. For smaller balances or longer terms, paying upfront may be more cost-effective. Your adviser will model both scenarios.
| Remortgage to new lender | Product transfer (same lender) | |
|---|---|---|
| Access to whole market | Yes | No — current lender only |
| Valuation required | Usually (often free) | Usually no |
| Legal work required | Yes (usually free) | No |
| Time to complete | 4–8 weeks | Days to 2 weeks |
| Best rate available | Potentially — full market | Limited to one lender |
| Suits whom | Most homeowners at deal end | Those with complex situations or in a hurry |
Three to six months before your rate end date is the ideal time to start the remortgage process. This gives you enough time to compare deals, lock in a competitive rate, complete the application, and handle legal work before your current deal ends. Many lenders allow you to secure a rate early, helping you avoid moving onto a more expensive standard variable rate (SVR). Starting early also gives flexibility if better deals appear before completion.
If you are already on your lender’s standard variable rate (SVR), you can remortgage at any time without waiting for a deal to end. Acting quickly is usually beneficial because the SVR is typically higher than fixed or tracker rates. Each month on SVR means paying more than necessary, so exploring remortgage options sooner can help reduce your monthly payments and overall cost. You are free to switch as soon as a better deal is available.
Mortgage Knight is a whole-of-market independent broker, FCA authorised (FCA No: 994617). We work with the full UK mortgage market — including lenders only accessible through brokers — and our advisers are not tied to any lender or incentivised to recommend specific products.
We manage the full remortgage process on your behalf: assessment, lender selection, application, communication with the lender, and coordination with the conveyancer. You are kept informed at every stage.
Our broker fee is £495, payable on application. In most cases, the valuation and legal work are covered by the lender, making the total cost of remortgaging through us straightforward and predictable.
Don’t overpay on your mortgage. Compare the full market, understand your true costs, and choose the right deal with expert guidance from Mortgage Knight.
Speak to an adviser today and find out how much you could save on your remortgage — with clear advice, no hidden surprises, and full support from start to finish.
From submitting your application to completion, the process typically takes four to eight weeks. Starting three to six months before your current deal ends gives you the best outcome and avoids any time on the Standard Variable Rate.
Yes, if you are moving to a new lender. A conveyancer is required to transfer the mortgage charge at HM Land Registry. In most cases this is free — included in the remortgage deal by the new lender.
In most cases, yes. Most remortgage products include a free lender valuation. For straightforward cases, many lenders use an automated desktop valuation requiring no physical visit.
The SVR is your lender’s default rate, which your mortgage reverts to when your fixed or tracker deal ends. SVRs in 2025 typically range from 6.5% to 8% — significantly higher than available fixed rates. Remortgaging before your deal ends avoids rolling onto the SVR.
Yes. Most lenders allow you to secure a rate up to six months in advance, completing on the day your current deal ends. This costs nothing and carries no obligation. Your adviser will submit the application at the right time to coordinate with your existing deal end date.
