Remortgaging Guide 2024

Remortgaging Guide: When and How to Remortgage in 2024

Remortgaging at the right time can save you thousands of pounds. This guide explains exactly when to remortgage, how the process works, and how to get the best deal.

What Is Remortgaging?

Definition: Switching your existing mortgage to a new deal, either with your current lender or a different one.

You're NOT:

• Moving house
• Borrowing more money (usually)
• Changing the property

You ARE:

• Getting a new interest rate
• Starting a new mortgage term
• Potentially switching lenders

When Should You Remortgage?

Trigger 1: Fixed Rate Ending (Most Common)

The Problem:

• Your 2/3/5-year fixed rate ends
• You automatically move to Standard Variable Rate (SVR)
• SVR is usually 7-8% (vs 4-5% fixed rates)
• Monthly payments jump dramatically

Example:

Scenario	Rate	Monthly Payment	Annual Cost
5-year fixed	4.5%	£1,111	£13,332
SVR after fixed ends	7.5%	£1,461	£17,532
Annual increase			+£4,200

Action Timeline:

• 6 months before fixed rate ends: Start researching
• 4 months before: Get remortgage quotes
• 3 months before: Apply (most offers last 3-6 months)
• On expiry: New mortgage starts, avoiding SVR

Trigger 2: Better Rates Available

When This Happens:

• Interest rates have fallen since you fixed
• Your loan-to-value improved (property value increased or mortgage paid down)
• Your credit score has improved
• New deals launched in market

Example:

• Current mortgage: Fixed until 2025 at 5.5%
• New deals available: 4.2%
• Saving: £2,600/year on £200k mortgage

Next Steps: Get Your Remortgage Started

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Remortgaging is one of the easiest ways to save thousands. Don't leave money on the table by staying on your lender's standard variable rate.