How to switch your mortgage: a plain-English guide

"Switching" your mortgage usually means moving to a new deal to get a better rate when your current one is ending. There are two main routes, and knowing the difference helps you choose.

Remortgage vs. product transfer

A remortgage means moving your mortgage to a different lender. A product transfer means staying with your current lender but switching to a new deal they offer. A remortgage opens up the whole market and can be cheaper, but involves more paperwork; a product transfer is usually quicker and lighter-touch but only shows you one lender's deals. Our comparison tool helps you see whether staying put is competitive or whether it's worth looking elsewhere.

The typical steps to remortgage

• Check your current deal's end date and any early repayment charge.
• Get a rough idea of your property's value and your remaining balance to work out your loan-to-value.
• Compare rates across the market for your term, LTV and repayment type.
• Apply — the new lender will assess affordability and usually value the property.
• Once approved, the new mortgage pays off the old one on completion.

Timing it well

Start a few months before your current deal ends. A remortgage can take several weeks to complete, and many offers are valid for months, so securing one early protects you if rates rise — while still often letting you switch down if they fall. The goal is to have a new rate ready for the day your current one finishes, so you never spend time on the more expensive SVR.

Costs to weigh up

Look beyond the headline rate. Arrangement and booking fees, valuation and legal costs, and any early repayment charge on your existing deal all affect which option is genuinely cheapest. Sometimes a slightly higher rate with no fees works out better over a two-year deal.

This is general information, not mortgage advice. A qualified mortgage adviser can help you weigh up the options for your circumstances.