How does remortgaging work?
In a nutshell, remortgaging is when you switch from your current mortgage deal to a new one with a different lender.
There are lots of good reasons why you might be thinking about remortgaging.
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Already have a mortgage with us?
Head to our mortgage customer hub for support.
Why remortgage with Skipton?
Everyone’s homeowning journey is different. That’s why we give you choice and flexibility.
How to switch mortgage lenders
We’ve teamed up with Phil Spencer’s Move iQ to offer you a practical, no-nonsense guide. In this episode of our video series, Phil sits down with Skipton expert Emma to walk you through what switching lender actually involves – the benefits, costs, common challenges, and how to approach it with confidence.
When can I remortgage?
You can remortgage at any time. But most people start researching their options at least three months before their current deal ends. The new deal would then start at the end of the current mortgage deal.
You can remortgage early if you prefer, even in the middle of a term. But you should know that most mortgages come with an Early Repayment Charge. This is a fee you’d have to pay, usually a % of your outstanding mortgage balance. It can add up to a lot, so it’s definitely worth checking before you make your move.
How long does it take to remortgage?
It depends on your situation. But as a good rule of thumb, try to start remortgaging at least three months before your current deal ends. Sooner is even better – it gives you a buffer in case anything takes longer than expected.
As part of the process, your new lender may run credit checks and carry out an affordability assessment. This is to make sure you’re eligible for the mortgage you’re applying for.
What our experts say
“Remortgaging is a great opportunity to help make your money work harder. You might find a new deal that lowers your monthly repayments, or gives you the chance to borrow more money for other life priorities.
“It’s a big decision and that’s why at Skipton we’ll always go at your pace. As an added bonus, having a mortgage with Skipton will make you a member. And our members get more.”
Jen Lloyd, Head of Mortgage Products and Proposition
What's next?
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Our friendly team is here to chat 0345 850 1711.
You could lose your home if you don’t keep up your mortgage repayments. The Skipton Home Conveyancing service, mortgage valuation and most Buy to Let mortgages aren’t regulated by the Financial Conduct Authority.
Frequently Asked Questions
This basically means that for some of our products, our Remortgage Conveyancing Service covers the cost of basic conveyancing work.
As a lender, we ask our conveyancers to act on our behalf to assess the legal title to the property and have the necessary legal documents prepared. The remortgage work is then undertaken by our conveyancers on a ‘reduced title check' basis.
Here are some options that are not suitable for our Remortgage Conveyancing Service:
- The current mortgage is compliant with Sharia law.
- The property isn’t registered with HM Land Registry.
- You are using the Help-to-Buy scheme and the equity loan is outstanding.
- There is a Personal Charge in place on the property title, or one will be added.
- Involvement of a trust.
- The property is being inherited.
- Where a Leaseholder Deed of Certificate or Landlords Certificate is used to confirm remediation regarding cladding.
For some of our products, you may use our Remortgage Conveyancing Service, meaning we will pay for the basic conveyancing work. However, the conveyancer will only act for us.
If you choose not to use our Remortgage Conveyancing Service, you must choose your own conveyancer and pay for these services yourself. The conveyancer you choose will need to be on our conveyancing panel.
The fees paid by Skipton will cover the following work to be carried out:
- Obtaining and checking Land Registry information on the property.
- Obtaining a redemption figure from your existing lender.
- Set up completion and request your funds.
- Update Land Registry with details of your new mortgage.
- Buildings insurance checks in line with the Mortgage offer.
- Enhanced identity verification and Due Diligence (Buy to Let only).
- Tenancy agreement checks (Buy to Let only).
There may be some extra legal fees that you will need to pay, such as:
- Transfer of surplus funds on completion.
- Transfer of Equity (addition or removal of name on the property register).
- Help to Buy repayment.
- Shared Equity/Shared Ownership work.
- Handling notices/restrictions on the property register.
- Satisfying requirements for Income Booster mortgage.
- Dealing with third parties.
- Dealing with additional land.
- Request for outstanding balances for additional borrowing.
- Postponement of a charge on the property register.
- Satisfying Solar Panel Lease requirements.
- Unencumbered properties.
- Third party gifting funds.
You will receive a full list of additional fees from the conveyancer with the initial documents. They will also inform you of any extra fees that may apply later.
You may need work that our conveyancer cannot do, like where Power of Attorney or Grant of Probate are involved. In this case, you may need to hire your own conveyancer for the remortgage process.
If your remortgage falls through, you won’t have to pay standard legal fees. However, you may still need to pay third-party costs and extra fees for services not included in the basic legal fees.
Be aware that fees like deeds production, early repayment charges, or other administration fees from your current lender are not legal fees. These must be paid by you before or upon completion.
When we receive a remortgage application with a valid email address, it’s assessed, and the case is allocated to a panel firm. They will automatically email you inviting you to access the online portal where you can access the required documents early in the remortgage process.
The email may have been delivered to your junk inbox. If you don’t receive the email invite, you will need to check your offer to find out who your conveyancer is and contact them to confirm your email address and request for the email invitation to be re-sent.
We would encourage you to use the portal, as this can help speed up the conveyancing process. However, if you don’t provide a valid email address then you will not be invited to join the portal and the conveyancer will send an initial pack by post.
If you have provided an email address, but don’t want to use the portal, you will need to contact the conveyancer directly to inform them.
No, only you will be invited and be able to register to use the portal.