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With an estimated 2.8 million homeowners needing to remortgage in 2026 as their existing fixed-rate periods expire, we look at the remortgage process.

At the end of a mortgage deal, for example, when a tracker or fixed-rate period ends, you will generally be switched onto your lender’s standard variable rate. This is likely to be substantially higher than your previous rate, as well as higher than other deals available.

Why remortgage?

By remortgaging, you can switch to a new deal, which has the potential to save you money each month.

Before switching, you need to check what restrictions there are on moving. For example, if you are still within your lender’s fixed rate period, there are likely to be penalties for remortgaging. By waiting until the deal period ends, you can usually avoid these.

Other reasons for remortgaging include paying off more of the debt, for example, if you inherit money, or releasing equity. This could be to make home improvements or to give you money to help a child onto the property ladder.

What is the remortgage process?

The first step is to check when you can leave your existing lender without incurring extra penalties. You can then look around to see what new deals are available and select the right option for your circumstances.

You will need to use a solicitor for the remortgage, both to represent you in the deal and to represent your lender. By using an experienced remortgaging solicitor, you have the best chance of a smooth completion.

The lender will require your solicitor to check the legal title to the property and either carry out searches or arrange for search indemnity insurance to be put in place.

They will ask you for information relating to the property, so that when the time comes, they are able to provide the lender with a Certificate of Title. This is a declaration confirming that the property is good legal security for their loan.

Once you have selected your lender and solicitor, you can complete your loan application. You should give your solicitor’s details to the lender so that they can send them your mortgage offer as soon as it is available.

You will need to fill in some forms for your solicitor and they will carry out checks to verify your identity.

They will obtain a copy of your title deeds and a figure from your current lender showing approximately how much they will require to redeem your existing mortgage.

Once your solicitor has the information that they need together with your mortgage offer, they will be able to obtain your signature to the mortgage deed and discuss the completion date with you.

When the completion date is agreed on, they will carry out the final searches, including a bankruptcy search, and order the mortgage advance from your new lender. They will also obtain a final completion statement from your existing lender and let you have a breakdown of the amount that will be sent to you, or alternatively, the amount you will need to provide in cleared funds to complete.

On the day of completion, when the new mortgage advance is received, your solicitor will redeem your old loan, then arrange for the Land Registry records to be changed to remove the old lender and register the new lender.

Contact us

For further advice or information please contact one of our Residential Property experts.

This article is for general information only and does not constitute legal or professional advice. Please note that the law may have changed since this article was published.