If your mortgage feels heavy, a refinance might be the lift you need. In the UK, refinancing (often called remortgaging) means swapping your current deal for a new one that better fits your situation. It can lower your monthly payments, reduce the interest rate, or free up cash for other goals.
On this page you’ll find straight‑forward advice and links to our most popular articles on the topic. We keep the language simple and the steps clear, so you can decide fast whether it’s worth a look.
Most homeowners think about refinancing after a rate drop, a change in income, or when they’ve built enough equity. A good rule of thumb is to check your loan once a year. If the market rate is at least 0.5% lower than your current deal, the savings can add up quickly.
Another trigger is a major life event – buying a new property, needing funds for home improvements, or moving to a lower‑cost mortgage product. Even if you’re happy with your current lender, a competitor might offer a better deal with lower fees.
First, work out how much equity you have. Equity is the market value of your home minus the amount you still owe. Our guide "How Much Equity Do You Need to Remortgage in the UK?" walks you through the calculation and shows typical LTV limits.
Next, shop around. Use a comparison tool or talk to a local broker to see which lenders are offering the best rates for your credit profile. Remember to factor in arrangement fees, valuation costs and any early repayment penalties from your existing mortgage.Once you pick a new deal, gather the paperwork: proof of income, bank statements, and your current mortgage details. Your new lender will run a valuation and a credit check, then send a formal offer.
Finally, review the offer carefully. Look at the total cost over the life of the loan, not just the monthly payment. If everything checks out, sign the paperwork and your old mortgage will be paid off automatically.
Refinancing isn’t a magic fix, but it can free up cash, shorten your loan term, or simply make budgeting easier. Use the articles below for deeper dives into each step, from equity calculations to choosing between a fixed or variable rate.
Related reads:
Take a few minutes now to check your current mortgage details. If the numbers look promising, a refinance could mean lower payments and more financial freedom.
Explore the key risks of remortgaging, from interest‑rate spikes to hidden fees, and learn how to evaluate if it’s right for you.
Remortgaging can be a savvy financial move, but it raises questions about potential monetary returns. While the primary aim of remortgaging typically involves securing a better interest rate or loan terms, some people hope to release equity and receive money back. The possibility of receiving cash back largely depends on your property's equity and the specific terms of the new mortgage deal. This article delves into scenarios where you might receive money back and how to maximize remortgage benefits.