Guide to Remortgaging: 2025

Remortgaging can save you thousands of pounds annually by switching to a better mortgage deal. With interest rates constantly changing, starting the process 6 months early ensures you secure the most competitive rates available.

Remortgaging: Key Takeaways

• Start early: Begin remortgaging 6 months before your current deal ends
• Potential savings: Interest rate differences of 1% could save thousands over your mortgage term
• Process time: Typically takes 6-8 weeks to complete
• Professional help: 75% of mortgages now use brokers for better deals and expert guidance
• Self-employed friendly: Specialist lenders consider contractor day rates and company profits
• Home improvements: Release equity for extensions and renovations through remortgaging

Start your remortgage assessment with our experts

Question: What does remortgaging mean?

Answer: Remortgaging is the process of switching your mortgage from one lender to another to secure a better deal when your current mortgage term ends. Rather than automatically renewing with your existing lender, remortgaging allows you to access the whole market for more competitive rates, potentially saving thousands of pounds over your mortgage term.

Why it matters: Your current lender may offer you a renewal, but they’re only showing you their products. A whole-of-market broker like NM Finance can compare over 300 lenders to find you the best available deal.

Why do we remortgage?

How Much Could You Save?

*Savings based on 25-year term. Actual rates depend on individual circumstances.

Ready to see your exact savings potential? Use our remortgage calculator and speak to an expert advisor.

Quick Self-Assessment: Should You Remortgage?

When Should You Start the Remortgaging Process?

Critical Timing: Start 6 months before your current deal ends – not 3 months when your lender contacts you.

Why this timing matters: Interest rates change frequently – sometimes by 1% over 6 months. Starting early means you can lock in today’s rates even if they rise later. Mortgage offers typically last 6 months, giving you maximum flexibility.

Real example: A client who started their remortgage process in January secured a 4.2% rate. By June, the same product was 5.3% – saving them £200+ monthly on a £300,000 mortgage.

Don’t wait – start your remortgage process today and lock in current rates

Don’t Wait Until:

• 3 months before your deal ends
• Your lender sends a renewal letter
• You’re already on the Standard Variable Rate

Start When:

• 6 months before your deal expires
• You want to release equity
• Your circumstances have changed

Interest rates are changeable

NM Finance Graphic – Data: Bank of England

Interest rates are volatile – this is why timing your remortgage is crucial. Speak to our experts about current market conditions.

Interest rates are changing so much, that over a 6 month period you could see a difference of 1%. This could equate to hundreds of pounds extra per month, and thousands over the term of the product. By speaking to an independent mortgage advisor, you may be able to secure yourself a new product earlier that may not be available weeks/months later. Don’t leave it until you have 3 months left on your current product – because of the way interest rates are increasing, you could have locked in a better deal, earlier.

Mortgage offers are generally valid for 6 months, so why wouldn’t you get going early with the process to give yourself the best chance of securing the best rate for you at the time?

Contact NM Finance now to secure your rate before it rises | Call 01603 258268

Complete Remortgaging Checklist

6 Months Before Your Deal Ends:

• Contact NM Finance for market review 
• Check your credit score
• Gather 3 months’ payslips and bank statements 
• Review your current mortgage terms and penalties 
• Consider your future plans (home improvements, family changes)

3 Months Before:

• Submit formal application with chosen lender 
• Book property valuation 
• Instruct solicitor for legal work 
• Notify current lender of redemption

1 Month Before:

• Sign mortgage offer 
• Coordinate completion date with all parties 
• Arrange final redemption payment 
• Set up new direct debit

Need help with any of these steps? Our remortgage specialists guide you through the entire process.

How Does the Remortgaging Process Work?

Remortgaging is similar to applying for a new mortgage. Here’s what happens:

Remortgaging When Self-Employed

Many people think being self-employed means fewer mortgage options. That’s not true. We work with specialist lenders who understand modern employment patterns.

Remortgaging when you’re a limited company director

Some lenders now consider your company’s net profits instead of just salary + dividends, potentially boosting your borrowing power significantly. Get specialist help with your limited company remortgage.

Remortgaging when you’re a contractor

Specialist lenders will use your day rate × 48 weeks for income calculations. A £500/day contractor = £120,000 annual income for mortgage purposes. Our contractor mortgage specialists understand your income structure.

Why use a broker for my remortgage? Can’t I just check online?

Three quarters of all mortgages now are dealt with by brokers (it used to be an even split between brokers and banks), and advice is key. So is an independent perspective of the whole market and the ability to find the best solution for the client.

Business Case Study: A client of ours needed to increase his mortgage by £150,000 to use for business purposes. This could be declined by a number of lenders, but after completing our research we managed to secure the client a great product and we received the mortgage offer within four weeks. We find it is extremely important to work with lenders to understand what they need and then to present the case in the most effective manner.

Not all brokers have the experience and perseverance to overcome these hurdles but after over 20 years in business, we feel we do.

Need bridging finance while arranging your remortgage? Our bridging loans can help bridge the gap.

Remortgaging for Home Improvements

Over 50% of remortgage customers now release equity for home improvements. The “improve not move” trend helps you avoid high stamp duty costs while enhancing your property value.

Smart Strategy: Many home improvements add more value than they cost. A kitchen extension costing £40,000 might add £60,000+ to your property value.

Popular Home Improvement Projects:

• Kitchen extensions and renovations
• Loft conversions
• Conservatories and orangeries
• Bathroom upgrades
• Garden landscaping and outbuildings

Calculate how much equity you could release for your dream home improvements

Frequently Asked Questions

How long does remortgaging take?

Typically 6-8 weeks from application to completion, though this depends on all parties (you, adviser, solicitor, lender) being responsive. Complex cases or chain transactions may take longer.

Will I need a solicitor to remortgage?

Yes, but there’s less legal work than buying a property. Your solicitor will handle redemption penalties, paying off your existing lender, and registering the new charge with Land Registry.

What if I can’t repay my bridging loan on time?

Most lenders offer extensions (typically 3-6 months) for a fee. As strategic partners with many lenders, NM Finance can often negotiate favorable extensions when circumstances genuinely require them.

Can I get a better deal by remortgaging if I’m self-employed?

Absolutely. We work with specialist lenders who understand contractor day rates, limited company structures, and portfolio careers. Your employment status doesn’t limit your options when you work with the right broker.

How often should I remortgage my home?

Most people remortgage every 2-5 years when their fixed rate ends. However, if your circumstances change (income increase, wanting to release equity), it may be worth reviewing sooner.

Why Choose NM Finance for Your Remortgage?

Established 2002 | 25+ years experience | FCA Regulated | 40,000+ customer database | Whole-of-market access to 300+ lenders
Proven Track Record

75% of mortgages now use brokers, and we’ve been helping clients since 2002. Our experience means we know which lenders say yes to which cases.

Whole Market Access

We search over 300 lenders – not just the high street banks. This means exclusive deals and products you can’t access directly.

Personal Service

You’ll work with experienced advisers who understand complex cases, from self-employed clients to property developers.

Speed & Efficiency

Our relationships with lenders mean faster decisions. We’ve completed remortgages in as little as 3 weeks when time is critical.

Ready to Start Your Remortgage Journey? Speak to us today about remortgaging or moving home

Don’t wait until your current deal ends. Start exploring your options today and potentially save thousands.

01603 258268

Arrange a callback

What happens next?

1. Free consultation to review your current situation
2. Whole-of-market search for the best deals
3. Application support through to completion
4. Ongoing advice for future remortgaging