Switch up your mortgage deal
Find the latest rates to land the right remortgage deal for your needs.
Find your remortgage deal
There are many reasons to look at remortgaging your home. Maybe your current deal is coming to an end, you’ve started a new job, or maybe you’re just after a lower rate with different terms.
Whether you want to switch to a different mortgage or stay with your same lender but find a better deal, we’re here to help. With over 12,000 deals from 90+ lenders, our mortgage advisors explore every corner of the market to match you to a competitive remortgage deal.
Switch or stay, we'll find your right remortgage
Switching your mortgage, also known as remortgaging, is the process of moving the mortgage on your home from your current deal to a new deal.
This may be the obvious choice, though it's not your only option. You may choose to stay with the same lender, transferring your existing mortgage to an existing deal. It's called a product transfer, and gives you a few more options to switch and save. We can help work out what's right for you.
How does remortgaging work?
Get in touch with our team
It starts with a chat with one of our advisors. They’ll ask you a few quick questions, then get hunting for a competitive deal. They’ll also keep you updated throughout the remortgage process on changes and timelines.
Decide on deals
If you end up sticking with your current provider, this is just considered a product transfer. If you move lenders, you’ll need to hire a conveyancer to update the Land Registry, review your current mortgage, and carry out checks on things like your ID, leaseholds, and property searches.
Secure your remortgage deal
Your new lender will value your home and send through a new offer, which you’ll need to review and sign. This process usually takes between 4 and 8 weeks, but it’s useful to look ahead of your term ending.
Green mortgages
Doing your bit for the earth can come back to reward you. If you're looking to remortgage and raise capital for eco home improvements (that boost energy efficiency), you may qualify for a green mortgage.
Green mortgages are discounted mortgages available to eco-friendly homes. Each lender will have their own terms and conditions for green mortgages, but lenders typically offer green mortgages on homes with an energy performance certificate (EPC) rating of A or B, sometimes a C.
If your current property has an EPC of C or below, it’s a brilliant time to explore what you could do to improve your property and bring your fuel bills down - and relish in a green mortgage.
Important information
You may have to pay an early repayment charge to your existing lender if you remortgage.
Your home may be repossessed if you do not keep up repayments on your mortgage.
There may be a fee for mortgage advice. The fee is up to 1% but a typical fee is £299
Start your remortgage
Talk to a team of expert advisors who know how to hunt for the right remortgage deal. It all starts with a friendly chat - we're a nice bunch.
Read on about remortgages
If you're stumped on how mortgages work, we keep you informed with the latest updates and must-knows.
FAQs: Questions on switching your mortgage deal
Wondering whether now is the right time to consider hunting for a new remortgage deal? There are a few reasons to think about switching up your mortgage:
Your current mortgage term has ended. When your initial deal with your lender ends, you’re often moved onto their standard variable rate. It’s a good idea to shop around at this point, as you might be able to secure a better remortgage deal with them or elsewhere.
Your circumstances have changed. A new job and a significant income change, starting a family, or getting a divorce can all mean that your mortgage no longer suits your needs. It may be time to search the market for the best mortgage deal to suit your new situation.
You want a lower remortgage rate or are after different terms. Coming to the end of a fixed-rate mortgage deal may well mean you can unlock a better rate than the one you’re on – especially if you’ve built a lot of equity. It can also be a good idea to consider remortgage options if rates are now a lot lower than what you’re currently paying. Or, if you’d like to overpay and reduce your mortgage term, but your current lender won’t let you, you can look at remortgaging to find one who can.
You’d like to change your mortgage type. If you’d like to move from one type of mortgage to another (for example, if you’ve been on an interest-only deal but now need to switch to a repayment mortgage), a good option is to chat with an advisor and find a new deal.
You want to extend your borrowing. Homeowners sometimes remortgage to borrow more money – for example, for home improvements. This option releases equity from your home, so it’s important to think through whether this is the right option for you and your home in the long run.
Your home is worth much more than when you bought it. Or maybe you’ve gained a lot of equity whilst paying off your home. This could mean your loan-to-value has changed, and you could unlock lower interest rates on remortgage deals.
You need to consolidate your debt. If you have debts in a few places, borrowing more on your mortgage and paying these off is an option – especially when the other debts have very high interest rates. Make sure to consider fully whether this is the right choice for you, as failure to keep up with the payments could mean you lose your house.
You can usually switch your mortgage any time after 6 months, but you might be subject to fees like an early repayment charge.
You can chat to one of our mortgage advisors to see if remortgaging is the right option for you.
Depending on where you are in your mortgage deal, you may need to factor in the cost of an early repayment fee. Other potential costs include a product fee from the new lender, conveyancing and valuation fees, and the cost of a mortgage advisor.
Yes – switching to a new mortgage deal with a new lender is known as remortgaging. However, unless you’re on your current lender’s standard variable rate, you may need to pay an early repayment charge.
Switching your mortgage or remortgaging to a new deal can save you money on interest. It can also unlock a more competitive mortgage deal, better terms, or allow you to pick a remortgage deal that best suits your needs.
Just make sure to shop around and ensure you pick the right deal for you. You can also speak to one of our advisors if you’re not sure.
The remortgaging process generally takes between 4 to 8 weeks.
To find the best deal for you, research mortgage deals that fit your needs. Make sure to review deals outside of your current lender so that you understand everything on offer.
You can also seek advice from a mortgage broker, who can help you understand the range of deals, guide you through the application process, and keep you informed on progress with your lender.
Purplebricks Mortgages Limited is an appointed representative of Mortgage Advice Bureau (Derby) Limited which is authorised and regulated by the Financial Conduct Authority. Purplebricks Mortgages Limited. Registered Office: 146 Freston Road, London, W10 6TR. Registered in England Number: 11952059.