"Remortgaging" is one of those terms that gets used a lot without much explanation of what actually happens — you're not moving house, you're not really buying anything new, so what does it actually involve, and why does it take several weeks? This guide walks through the whole process from the moment you start thinking about it to the day it completes, including the bits that happen before a solicitor is even involved, so you know exactly what to expect and when to start.
What does it mean to remortgage a house?
Remortgaging means replacing your current mortgage with a new one — either with a different lender entirely, or occasionally staying with the same lender but moving to a materially different arrangement. It's different from a product transfer, where you switch to a new rate with your existing lender without changing the underlying mortgage itself; a product transfer usually doesn't need a solicitor at all, because there's no new charge being registered against the property.
People remortgage for a handful of common reasons: their current fixed or discounted rate is ending and they want to avoid moving onto the lender's standard variable rate, which is usually more expensive; they want to release some of the equity built up in the property, whether for home improvements, other borrowing, or to help a family member; or they've simply found a better deal elsewhere and the numbers make switching worthwhile even after accounting for any costs involved.
When can you remortgage — and when should you?
There's no legal restriction on when you can remortgage — you can start the process at any point. The more useful question is when it makes financial sense, and that comes down to your current deal.
Most fixed-rate and tracker mortgages run for two, three, or five years, and many carry an early repayment charge (ERC) if you leave before that term ends — often a percentage of the outstanding balance, which can be substantial. If your current deal still has an ERC attached, it's worth checking whether the savings from a new deal genuinely outweigh that charge before committing.
Where most people time it well is in the final few months of their current deal. Many lenders let you secure a new mortgage offer three to six months ahead of your old deal ending, which means you can lock in a rate early and simply switch over on the day your existing deal expires — avoiding both the ERC and any gap on the standard variable rate.
How do you remortgage a house? The full process, step by step
- Review your current deal and decide it's worth switching. Check when your current deal ends, whether an early repayment charge applies, and what rates are currently available elsewhere versus what your existing lender might offer you to stay.
- Speak to a mortgage broker or lender directly. A broker can compare the whole market rather than just one lender's products. This stage typically produces an Agreement in Principle.
- Submit a full mortgage application. This is where the new lender formally assesses your income, credit history, and the property itself — usually including a valuation.
- Receive your mortgage offer. Once the lender is satisfied, they issue a formal mortgage offer, which sets out the amount, rate, and any conditions attached to it.
- Instruct a solicitor. This is where the legal side begins. Your solicitor checks the title of the property, requests a redemption statement from your current lender, and confirms every condition of your new mortgage offer has been satisfied.
- Completion. On the agreed day, your new lender releases the funds, your solicitor pays off your existing mortgage on your behalf, and registers the new lender's charge at HM Land Registry.
Steps one to four typically sit with you and your broker or lender; step five onwards is where a solicitor takes over, and it's usually the fastest part of the whole journey precisely because there's no chain and, in most cases, no negotiation involved.
What happens when you remortgage — the legal side in more detail
Because there's no buyer or seller, it's easy to assume the legal work is a formality, but the solicitor's role genuinely matters. Before your new lender releases funds, a solicitor confirms the property's title is free of anything that could put the lender's security at risk — an old charge never formally removed, a restriction requiring consent, or (for leasehold flats) a lease that's shorter than the lender will accept. They then arrange the redemption of your existing mortgage and the registration of the new one, and only once that registration is confirmed at the Land Registry is the remortgage genuinely complete.
If your circumstances involve anything beyond a straightforward switch — adding a partner to the mortgage and title, releasing equity for a specific documented purpose, or a Help to Buy equity loan needing a Deed of Postponement — this is the stage where that gets handled, and it's worth mentioning any of this to your solicitor as early as possible so it doesn't add unexpected time later.
How to remortgage and release equity
Releasing equity — borrowing more than you currently owe, with the difference paid out to you at completion — is one of the most common reasons people remortgage, and the process is identical to a standard remortgage in every legal respect. The only difference is the amount being borrowed is higher, and your new lender will assess affordability on that larger sum rather than your current balance.
If the funds are for something specific, particularly a gifted deposit for a family member's house purchase, some lenders want this documented clearly — a solicitor's letter or gifted deposit declaration confirming the money is a genuine gift and not a loan that needs repaying, since this affects the family member's own mortgage application.
Ready to start the legal side?
Once you've got a mortgage offer in hand, our remortgage solicitors can take it from there — fixed fees, a clear weekly breakdown of what's happening, and proactive chasing of your current lender so delays don't creep in unnoticed. See our fees explained for the full cost picture, or call us on 01628 777233.
