{"id":1840,"date":"2026-03-01T04:04:55","date_gmt":"2026-03-01T04:04:55","guid":{"rendered":"https:\/\/www.yopa.co.uk\/homeowners-hub\/?p=1840"},"modified":"2026-03-16T12:06:49","modified_gmt":"2026-03-16T12:06:49","slug":"how-do-you-remortgage-your-house","status":"publish","type":"post","link":"https:\/\/dy36-2.stage.yopa-dev.co.uk\/homeowners-hub\/how-do-you-remortgage-your-house\/","title":{"rendered":"How do you remortgage your house?"},"content":{"rendered":"\n

To \u2018remortgage\u2019 means one of two\nthings.<\/p>\n\n\n\n

  1. When you change your current mortgage by either moving to\na different deal with your existing lender or switching to a new lender.<\/li>
  2. To borrow money against your property.<\/li><\/ol>\n\n\n\n

    Approximately one third of all UK home loans are remortgages rather than brand new loans, and the vast majority of homeowners will need to remortgage at some point during their mortgage term. <\/p>\n\n\n\n

    But is now the right time to\nremortgage your home? And, if so, how exactly do you go about doing so? <\/p>\n\n\n\n

    In this article we consider the\nreasons for remortgaging, when and how to do so, and the potential pitfalls.<\/p>\n\n\n\n

    What are the reasons for\nremortgaging?<\/strong><\/h3>\n\n\n\n

    The main reason is, of course, to\nsave money. Just as you would shop around for the best deal on your car or home\ninsurance or a big purchase like a new car, kitchen or holiday, finding lower\ninterest rates and better mortgage terms can potentially save you thousands of\npounds. Even if you have a great rate right now, your mortgage deal might not\nalways be the best one out there.<\/p>\n\n\n\n

    Most fixed rate, tracker or discounted\nmortgages<\/a> only last between\n2-5 years so a current mortgage deal coming to an end is a common reason for\nremortgaging. If you do not remortgage once your current mortgage term ends,\nthen your lender will automatically switch you to its standard variable rate\nwhich is unlikely to be the most competitive option out there. Martin Lewis\nfrom Money Savings Expert<\/a> recommends looking into alternative\noptions at least 14 weeks before your current rate is due to end to give\nyourself time to remortgage at the best rate.     <\/p>\n\n\n\n

    For those on a variable rate mortgage, any rise in the Bank of England base rate<\/a> can also mean an increase in the mortgage payments you make, meaning a remortgage could find you a better fixed rate deal.<\/p>\n\n\n\n

    Whilst many people look to remortgage\nwhen they want to borrow more money or need the flexibility of payment holidays\n\u2013 meaning the term often has a negative connotation \u2013 there are also positive\nreasons for remortgaging.<\/p>\n\n\n\n

    If the value of your house has increased\nsignificantly since you first took out a mortgage (lucky you!) this may mean\nyou are eligible for much lower rates if you are in a lower loan-to-value price\nband. Equally, you may suddenly be in a position to pay off a large chuck of\nyour mortgage and reduce the loan size via a pay rise or inheritance and your\ncurrent mortgage deal may not allow for this. Switching mortgage deals and\/or\nlenders can offer you this option. <\/p>\n\n\n

    \n
    \n \n
    \n
    \n \"\" <\/div>\n
    \n
    \n Instant online valuation<\/span> <\/div>\n
    \n

    Get a rough estimate of your home's value now.<\/p> <\/div>\n <\/div>\n<\/div>\n <\/a>\n <\/div>\n

    \n \n
    \n
    \n \"\" <\/div>\n
    \n
    \n Face-to-face valuation<\/span> <\/div>\n
    \n

    Book an appointment with your local Yopa agent.<\/p> <\/div>\n <\/div>\n<\/div>\n <\/a>\n <\/div>\n<\/div>\n\n\n\n\n

    If you want to switch from an interest-only<\/a> to repayment mortgage this shouldn\u2019t\ntechnically require a remortgage. If you are staying with your current lender,\nthey can usually do this for you without much fuss. However, switching the\nother way from a repayment mortgage to interest-only can be tricky and most\nlenders will not be keen to do this.<\/p>\n\n\n\n

    Both existing and new lenders will\nalso be less comfortable with you borrowing money for less quantifiable\nreasons. For instance, there is an unknown risk in loaning a homeowner more\nmoney to set up a new business than there would be for them to remodel and add\nvalue to their home with a new kitchen or bathroom.<\/p>\n\n\n\n

    When remortgaging might not be a good\nidea<\/strong><\/h3>\n\n\n\n

    Whatever the reason for considering a\nremortgage, make sure you are aware of any early repayment charges (which can\nbe a considerable 2-5% of your remaining loan) or exit fees from your current\nmortgage which could negate the cost savings of a lower rate mortgage or the\nextra money available to borrow.<\/p>\n\n\n\n

    If you are borrowing money for home\nimprovements or to pay off other debts, you also need to be aware of all the\nfees involved to ensure that this really is the best way to borrow money. A\nmortgage offers a long-term payment plan, but the interest you pay over this\nlonger period could mean your total outlay increases in comparison to a shorter-term\nloan.<\/p>\n\n\n\n

    The actual process of remortgaging\nitself usually includes the following fees:<\/p>\n\n\n\n