How to remortgage

When can you remortgage?

It’s best to start thinking about your next mortgage at least two to three months before your current deal ends. This gives you time to understand your options and choose your next deal.

Setting up a new mortgage takes time. Your new lender might need to carry out a credit check and an affordability assessment. If you want to be super-prepared, it can help to start planning six months ahead.

Most mortgages come with an Early Repayment Charge, so this is something to consider if you do want to remortgage before your deal ends.

If you leave it too late, you might move onto your lender’s Mortgage or Standard Variable Rate options. This could mean higher monthly repayments.

Planning early means the process can feel much smoother.

How does remortgaging work?

We’ve broken it down step-by-step, so you can be confident you don’t miss anything.

1. Review your current deal

   Your mortgage was probably set up a while ago now. Your circumstances may have changed – your job, your income, your family setup, your future plans. It’s worth thinking about what’s ahead and how your payments fit into your priorities.

2. Check your balance

   Your lender will send an annual statement, and you can usually check online. Knowing what’s left to repay (and how long you’ve got) can help you decide what kind of deal to choose next.

3. Consider other changes

   Want to adjust your term? Borrow more? Make bigger repayments? Now’s the moment to think about doing things differently.

4. Look at what’s on offer

   Different deals run for different lengths of time, such as two or five years. Longer‑term fixes often come with lower rates, but tying in for longer might mean you miss out if interest rates fall.

   If you think your circumstances might change in the near future, it’s worth keeping that in mind too.

5. Apply for your next mortgage

   When you’re happy with your choice (and your current deal allows you to remortgage), it’s time to get things moving. Your lender may run affordability and credit checks, as well as request an up‑to‑date valuation.

   This part can take time, but don’t worry – you won’t need to do much yourself.

6. Get your new deal up and running

   Once everything’s checked and approved, your lender will complete the process. And you’ll be ready to move on to your new mortgage.

What documents do you need to remortgage?

Every lender will have their own list. At Skipton we might ask you for:

• details of your current mortgage.
• proof of your income.
• bank statements.
• identification.

How much does it cost to remortgage?

Costs vary depending on your current mortgage and what you’re changing. You may need to plan for:

• early repayment charge – if you leave your current deal early.
• legal fees – if you need a solicitor to handle the legal work. Some lenders cover these costs for you.
• valuation fees – at Skipton, there are no standard valuation fees for homes under £1.5 million and for mortgage purposes.
• arrangement fees – some products come with arrangement fees. You can usually pay it upfront or add it to your mortgage (though you’ll pay interest on it). Not all products have arrangement fees, but sometimes a deal with a fee still works out cheaper overall.
• changing payments – your new payments may be different depending on your rate, term or borrowing amount. It’s important to check your budget before committing.

Why remortgage with Skipton?

We're here to make the process clear and supportive.