With interest rates shifting and many fixed-rate deals coming to an end, remortgaging has been a hot topic for UK homeowners this year. But despite its growing popularity, there are still plenty of myths and misconceptions that stop people from exploring their options.
Let’s bust some of the biggest remortgaging myths — and explain how a mortgage broker can help you.
Myth 1: “Remortgaging is only worth it if I’m moving house."
Truth: Remortgaging doesn’t mean moving — it simply means switching your mortgage deal, either with your current lender or a new one. You can remortgage and change your product to better suit your current circumstances, such as: to secure a better interest rate, reduce or increase your monthly repayments, alter the term of the mortgage, pay a lump sum off or releasing capital for home improvements or debt consolidation. In fact, with many homeowners in 2025 coming off fixed rates they’d tied into in 2020, remortgaging now could prevent a big jump in monthly mortgage payments.
Myth 2: “It’s not worth remortgaging if I still have time left on my deal.”
Truth: While it’s ideal to start looking 6 months before your deal ends, you don’t have to wait. If your home has increased in value or your financial situation has improved, you might qualify for a better deal — even if you’re mid-term. Just be aware of any early repayment charges and weigh them up against potential ongoing savings. Your mortgage adviser will be able to help with the calculation of this.
Myth 3: “Remortgaging is too complicated and full of paperwork.”
Truth: It can feel overwhelming, but that’s where a mortgage broker comes in. Brokers compare deals across the mortgage market (including broker-only exclusive rates). They offer tailored advice based on your goals. They help you understand the fees and terms whilst comparing potential savings. Think of them as your personal mortgage matchmaker. Often, if you are changing lender, remortgage products come with benefits of a free valuation and assisted legals.
Myth 4: “I’ll automatically get the best deal from my current lender.”
Truth: Loyalty doesn’t always pay. While your lender may offer a new deal, it might not be the most competitive. A mortgage broker can compare your lender’s offer with others on the market — and help you switch to a new lender. If you are wanting to make changes to your mortgage such as alter the term or change the total borrowing amount, it can often be easier to do this with a new lender.
Myth 5: “Remortgaging is only for saving money.”
Truth: While changing mortgage products to access a better rate can be the primary motivation for remortgaging, it can also help you borrow more for renovations or big expenses, as well as being an option to consolidate debts into one manageable payment.
Myth 6: “I can’t remortgage if I plan to move house in the short term.”
Truth: Even if you are coming off a fixed rate, this doesn’t mean you need to tie yourself into another fixed product. There are many different product options available for those who require flexibility, perhaps because they are considering selling and moving in the short to midterm, or those who are looking to clear a large portion of the debt over short term. Your mortgage adviser will speak through the range of product options available and find a product that best suits your needs.
Remortgaging isn’t just for the financially savvy — it’s a smart move for any homeowner looking to take control of their mortgage. Whether you’re nearing the end of your fixed term or just curious about what’s out there, speaking to us could be the first step toward a better deal.
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