For Existing Mortgage Holders

    Remortgage advice to help you compare your next deal

    A renewal isn't just a rate change. It's the best chance you'll get to reshape your mortgage around the life you have today, not the life you had five years ago.

    • Overpay penalty-free. Lump sums made between deals reduce the balance directly with no early repayment charges.
    • Adjust your term. Shorten it to save thousands in interest, or extend it to ease monthly pressure.
    • Add or remove a borrower. Marriage, separation or buying out a partner. We'll structure it the right way.
    • Switch repayment type. Move from interest-only to repayment, or the other way, where it suits your plans.
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    The FCA does not regulate some forms of Buy to Lets. Think carefully before securing other debts against your home/property.
    Your home/property may be repossessed if you do not keep up repayments on a mortgage or other debt secured on it.

    Product switch or remortgage?

    Two different routes at renewal and both are the right answer in different circumstances. Our job is to assess your situation, run the numbers across our comprehensive panel of high street and specialist lenders alongside your existing lender and recommend whichever genuinely works out best for you.

    VS

    Stay with your lender

    Product Switch

    Move to a new product with your existing lender.

    • Stay with your current lender
    • No legal work required
    • Usually no valuation needed
    • Often completed within days
    • Less paperwork required

    Typical timeline

    Days, often instant

    Switch lender

    Full Remortgage

    Move your mortgage to a new lender on better terms.

    • Switch to a new lender for a potentially better deal
    • May unlock better rates, features or terms
    • A lender valuation may be required and may be free.
    • Some lenders offer cashback towards legal fees
    • Typical timeline of 4 to 8 weeks

    Typical timeline

    4 to 8 weeks

    See what your next mortgage payment could look like

    Enter your current mortgage details for a quick illustration of how your monthly payment may change when your deal ends.

    Quick estimate

    Remortgage calculator

    See how your monthly payment could change at renewal.

    £200,000

    20 years

    Illustrative only. Actual payments depend on lender, fees and full circumstances. Your home/property may be repossessed if you do not keep up repayments on a mortgage or other debt secured on it.

    Your current monthly payment is about

    £1,060

    Your estimated new monthly payment could be

    £1,265

    So your monthly payment could increase by

    +£205

    Get help reviewing your options
    FAQ

    Common remortgage questions

    The questions we get asked every week. Honest answers, no jargon.

    When should I start looking at remortgage options?
    Around six months before your current deal ends. Many lenders allow you to secure a new rate up to six months in advance, which can protect you if rates rise before your renewal date. If rates fall in the meantime, it is often possible to switch to a lower rate before completion. Starting early simply gives you more options and helps you avoid being moved onto your lender's standard variable rate, which is usually more expensive than a new product.
    What's the difference between a product switch and a remortgage?
    A product switch keeps you with your current lender and moves you onto a new rate. There is typically no legal work and no new valuation. A remortgage moves your mortgage to a different lender and usually involves a valuation, legal work and a new affordability assessment. Both can be the right choice depending on your circumstances. We compare your existing lender's offer against products available to us and recommend whichever is genuinely most suitable for you, including all fees in the comparison.
    Will I need a new affordability and credit check?
    If you stay with your existing lender on a product switch, usually no further affordability assessment is required. If you remortgage to a new lender, they will assess your income, expenditure, credit profile and the property as part of their lending decision. If your circumstances have changed, the choice of lender and how the application is presented can make a significant difference, which is where advice can help.
    Can I borrow more when I remortgage?
    It may be possible, subject to affordability, the property's current value and the lender's criteria. Borrowers often consider additional borrowing for things like home improvements, debt consolidation or supporting family. We will discuss whether it is suitable for your situation and what it means for your monthly payments and overall cost. Think carefully before securing other debts against your home.
    Can I overpay my mortgage at renewal?
    The end of a fixed term is generally a good moment to make a lump-sum overpayment because early repayment charges typically no longer apply. Reducing the balance before locking in your new rate may save you interest over the remaining term. Even smaller overpayments can add up. We can illustrate the potential impact for your specific circumstances before you decide.
    Should I shorten or extend my mortgage term?
    Shortening the term may save you interest over the life of the mortgage if your income comfortably supports a higher monthly payment. Extending the term can lower the monthly payment, which may help with changes such as a new arrival, school fees or a career change, although it will usually mean paying more interest overall. Neither is universally right or wrong. A renewal is a natural point to review what suits your current circumstances and goals.
    Do I have to use a broker to remortgage?
    No. You can apply directly with your current lender or with another lender yourself. Using a broker means we compare your existing lender's product transfer alongside products available through us, factor in fees, valuation and legal costs, and handle the application from start to finish. For product switches arranged through us there is no fee to you and our fee for a full remortgage application is £395 for standard cases and £890 for customers with a poor history of managing their credit. The right choice depends on what level of support you want.

    Still have a question?

    There is no such thing as a question that is too basic or too complicated. If something is on your mind, just ask. A quick conversation often answers more than a page of reading.

    Get in Touch

    Ready to get started with your mortgage?

    Tell us a bit about your plans and we'll be in touch to guide you through your options. We aim to respond within 20 minutes!

    Ves Doctorov

    Ves Doctorov Cert SMP

    Owner & Principal Mortgage Adviser

    07554 663 631ves@themortgageleague.co.uk
    25 Constable Close, Reading, Berkshire, RG5 4US
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