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Remortgage
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Listen · Part one
Steven Hargreaves goes back to basics with remortgaging.
Remortgaging
Remortgaging is where your current deal — discounted, tracker or fixed — is coming to an end and you move to a new deal with another lender.
When a deal ends you normally revert to the lender’s standard variable rate, usually the highest rate they charge. We aim to avoid that like the plague. We can approach your existing lender for a product transfer, or look at a new lender — that’s a remortgage: ending your mortgage with Lender A and taking a new one with Lender B.
We normally compare what your lender offers to keep you against what’s available elsewhere, then look at your income, expenditure and existing mortgage to decide which is better.
Start as early as possible. I contact my existing clients six months before their deal ends, so I can manage expectations and show whether their payments are likely to go up or down.
If you want to borrow more to extend or renovate, six months gives you time to get builders’ quotes and architect plans, so you know how much extra you need. Or if a 0% credit card offer is ending and you want to clear that debt, we’ll work out how much you need to borrow.
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Our advisers are experienced in a wide range of clients, needs and property types — so you can be confident of quality service and sound advice.
Why Energise Mortgages?
01
It depends on the market. When rates are rising it pays to secure a rate early; when they are falling, it can pay to wait as late as possible. It isn’t about a good time versus a bad time — speak to an independent adviser at least six months before your deal ends and we’ll help you secure a rate at the right moment.
It’s also a chance to plan around your circumstances. One client wanted to pay off a large lump sum. Doing it the day before their deal ended would have triggered a big early repayment charge — waiting one day meant no penalty.
02
Most deals carry an early repayment charge. If your deal is fixed until 31 January and you remortgage on 12 January, you’d pay a charge. We make sure the remortgage completes on 1 February so you avoid penalties — and don’t drift onto the standard variable rate.
03
Get in early. If your credit has suffered — for example missed payments — moving to a new lender may not be possible. In that case switching product with your existing lender can work well, as there’s usually no credit or income check. Know what you want from your remortgage and talk it through with a good broker.
04
Many lenders offer a free valuation and free legal work on a remortgage. Solicitors can cost £600–£2,000, but in-house remortgage packages are often free. As long as you avoid early repayment charges, remortgaging can cost very little.
Listen · Part two
Steven Hargreaves continues the conversation on remortgaging. Episode two of two, recorded in February 2026.
Part two
Normally less than for a purchase. Many lenders only need one payslip, though some want three. Through a broker, compliance and anti-money-laundering rules mean we like to see three payslips, three months’ bank statements and ID.
Lenders often use automated or desktop valuations, so there’s no surveyor visit. It’s usually more streamlined than a purchase.
If you want to stay and your deal is ending, you can stay with the same lender (a product transfer) or remortgage to a different lender offering a better rate. If you plan to sell, you wouldn’t remortgage first — you’d likely face early repayment charges.
Staying with the same lender isn’t called a remortgage — it’s a product switch or product transfer. A remortgage means moving to a different lender.
It can be very quick. I recently submitted a remortgage application within 45 minutes of starting, with the lender checking payslips and running an automated valuation — and expected an offer the same day. A lot depends on how well the case is packaged.
We recommend arranging your remortgage or product transfer around six months before your deal ends. Submitting early puts a ceiling on your rate: if rates rise, you keep the rate you applied at; if they fall, we amend it so you’re always on the most cost-effective option.
There’s no maximum — it depends on the product. On a five-year fix, we’d review at four and a half years. On a two-year fix, we’d start looking after 18 months.
It depends on your circumstances. If you plan to stay a long time and rates are attractive, a five-year deal may suit. If rates look likely to fall, a two-year deal offers more flexibility — with the risk that rates could be higher when you review. If you might come into money, a tracker with no early repayment charges could be right.
If you’re part-way through a fixed rate, you can ask your existing lender for a further advance — often the most cost-effective way to borrow more without early repayment charges.
How much you can borrow depends on the purpose and your loan to value. Some lenders won’t allow debt consolidation, others cap additional borrowing (often around £50,000). Some lend up to 85% of the property value, others 90% — and occasionally 95%. We’ll match you to the right lenders.
Possibly — it depends on your current rate and what the market offers when your deal ends. If you fixed when rates were high, payments may fall; if you fixed when rates were very low, they may rise.
Yes. Most lenders let you overpay at any time — usually up to 10% of the balance a year (one lender allows 20%). A remortgage is a great moment to pay down a lump sum, and we can time completion so a larger overpayment avoids any charges.
Only if you borrow more. If you borrow an extra £10,000 for home improvements, you receive that as a lump sum on completion.
Once your deal has started, you pay the agreed rate until it ends — leaving early means early repayment charges. Before completion, though, we can often switch you to a lower rate if one becomes available.
Yes, for the same reasons as a mortgage: missed or late payments, a lower valuation than expected, or income and affordability. A broker aims to place you with the right lender first time — one whose criteria, such as maximum loan to value, fit your needs — rather than applying direct and being declined.
Key takeaways
Related guides
Think carefully before securing other debts against your home.
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.
Meet the adviser
There’s more to me than just mortgages. I also have a love for the countryside and a unique venture — my alpaca farm. Nestled in the countryside near York, my alpacas are not just my furry friends, but also a testament to my dedication to diverse interests.
Alpacas, much like mortgages, require careful attention, understanding and a keen eye for detail. Just as I meticulously evaluate mortgage options, I apply the same diligence to caring for my herd — a blend of financial acumen and agricultural expertise that sets me apart.
As seen in
Google reviews
“I had a fantastic experience with Steven as my mortgage broker. He was professional, knowledgeable and incredibly helpful throughout the whole process.”
Arnaldo KB
Google review · August 2026
“Steven gets it. He’s been round the block and knows all the things you hire a mortgage adviser for. It’s a no-brainer — save yourself time, money and effort.”
Matt Chappell
Google review · August 2026
“Working with Steven was easily the best decision we made during our home-buying journey. As first-time buyers, he made the process feel simple.”
Kirsty
Google review · August 2026
