Remortgage, explained
Remortgaging means moving to a new mortgage deal at the end of your current one. You can switch to a new lender (a full remortgage, with a fresh affordability check) or stay with your current lender on a new rate (a product transfer, usually with little re-underwriting). Start three to six months before your deal ends so you never drop onto the lender's standard variable rate. The cheapest headline rate is not always the best result once fees and your situation are included.
Why 2026 is a big remortgage year
Around 1.8 million fixed-rate mortgage deals are scheduled to end in 2026[UK Finance], so a very large number of households are making this decision at once. Interestingly, internal product transfers run at roughly £261bn a year against about £77bn of external remortgaging[UK Finance], which means most people simply roll over with their existing lender. That is the easy choice, but not always the cheapest one.
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Common questions
When should I start my remortgage?
Usually around three to six months before your current deal ends. A new deal can often be reserved in advance and started the day your old one finishes, so you avoid dropping onto the lender's standard variable rate even for a month.
What is the difference between a remortgage and a product transfer?
A remortgage moves you to a new lender, with a fresh application and affordability check. A product transfer keeps you with your current lender on a new rate, usually with little or no re-underwriting. Each suits different situations, which is what the rest of this section explains.
Will I have to pass affordability again?
For a remortgage to a new lender, yes, a full affordability assessment applies. For a product transfer with your existing lender, usually not, which is why a transfer can be the safer route if your income has dipped or become more complex.
Why are so many people remortgaging in 2026?
Because a very large number of cheap fixed deals taken in earlier years are ending now, so households are moving from old low rates onto today's rates. The decision of where to go, and whether to switch or stay, is bigger than usual this year.
Wondering why a new fix is priced above the base rate? See swap rate vs base rate. Worried about a payment jump? Try the payment-shock calculator.
Founder, MortgageExplained, MortgageExplained
Adam spent nearly a decade as a mortgage adviser at Just Mortgages, with further experience in commercial finance. He is CeMAP and CF qualified. He built MortgageExplained to do one thing well: explain mortgages in plain English, then introduce you to a regulated broker when you are ready. Every page is written and reviewed by Adam.
Last reviewed: 29 June 2026