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How does remortgaging work?

Help and advice on how to remortgage.

Standard remortgage

Do you want to change to a new deal with your current lender? Or switch to a new provider at the end of your current deal? Maybe you want to increase your loan size, or release money from your home.

The team at Saga Mortgages, provided by Tembo, are here to help you find the best way for you to remortgage your home.

How does it work?

Remortgaging is when you switch from your current mortgage deal to a new one, normally with a new mortgage lender. If you “remortgage” with your current lender, this is technically called a product transfer instead of a remortgage. You could choose to remortgage because you’ve come to the end of your fixed rate deal, or want to move onto a more favourable mortgage rate.

But you can also remortgage your home to unlock equity from your property, which you can use to fund retirement, home renovations, debt consolidation, travelling plans or even help a loved one get a home of their own. 

Through Saga Mortgages, you can discover the best way for you to remortgage from thousands of deals*. Plus, if you apply through Saga Mortgages 6 months before your fixed term ends and interest rates go down in that time, you can submit a new application at no extra charge. If rates go up, then your lower interest rate will be safely locked in.

Tembo market substantiation

*Tembo Money Limited has access to over 20,000 mortgage deals. For standard residential mortgages alone, this includes 7,253 deals at  70% LTV, 7,189 deals at 75% LTV, 3,329 deals at 80% LTV, 3,329 deals at 85% LTV, 788 deals at 90% LTV and 255 deals at 95% LTV. 

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Saga Mortgages are here to help if you're considering remortgaging.

Whether you're just starting out and exploring your options or know what you want we can help.

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  • You could move onto a lower rate. One of the main reasons people choose to remortgage is because their fixed rate is ending, or they have been on their lender’s Standard Variable Rate (SVR) for a while and want to secure a new interest rate. Plus, if market interest rates have dropped since you initially took out your mortgage, you may be able to switch to a lower rate, reducing your monthly payments and overall interest costs.
  • Access equity in your home. If your property value has increased since you bought it, or you’ve paid down a significant portion of your loan, remortgaging can allow you to access some of that equity in the form of a cash lump sum. You can then use this money to fund projects like home improvements, debt consolidation, or even to gift to a loved one to help them get on the ladder too.

Risks and considerations

  • Your home may be repossessed if you do not keep up payments on your mortgage.
  • You will undergo a new affordability assessment. If you are switching to a new mortgage provider, your new lender will conduct a full affordability assessment before approving your remortgage, including a credit check. Product transfers (when you change to a new mortgage product, but with the same lender) usually don’t include full affordability checks, which can make them a better option if your income or circumstances have changed, as this can impact your affordability. When starting your remortgage journey with Saga Mortgages, it’s important to be honest about your circumstances so our team can work out the best option for you.
  • There are alternative ways to release money from your home. If you want to remortgage to release capital from your home, there are alternatives that are worth considering, such as equity release or a Deposit Boost if you want to help a loved one increase their own house deposit. An experienced brokerage like Tembo can help you decide whether remortgaging or an alternative is the right option for you.
  • You could pay an Early Repayment Charge (ERC). If you leave your current mortgage deal before it ends, you may have to pay an ERC. You’ll need to factor this cost when deciding whether to remortgage, as ERCs can be substantial.
  • As well as ERCs, there are other costs involved in remortgaging which you need to consider, such as arrangement fees, legal fees, valuation fees, and other charges. Keep in mind that a mortgage is a loan that is secured against your home; if you cannot keep up with your mortgage repayments, your home may be repossessed.

Here and ready when you are

Whether you have questions about remortgaging or just want to find out more, the expert team are on hand to help.

0330 018 3071

Mon-Thu 9am-8pm
Fri 9am-5:30pm
Sat-Sun 10am-3pm

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Frequently asked questions

Here are some of our most frequently asked questions
When can I remortgage

It’s best to start planning to remortgage 6 months before the end of your current fixed rate term. If you apply for a remortgage through Saga Mortgages 6 months before your current deal ends, you can lock in a rate ready to move onto.

If interest rates decline in those 6 months, Saga Mortgages can submit a new application for you at no extra charge, so you don’t lose out on the lower rates. 

Can I remortgage early?

Yes, it is possible for you to remortgage before the end of your current fixed rate deal. However, leaving your current deal early could result in you having to pay an Early Repayment Charge (ERC), which could make switching more expensive.

If you remortgage onto a lower interest rate, the amount you could save per month in interest could balance out the cost of switching.

To find out whether remortgaging early is right for you, speak to an expert in mortgages like the Saga Mortgages team, who can help you weigh up whether remortgaging early is right for you.

How long does it take to remortgage?

A remortgage can take weeks or sometimes months, depending on how far away you are from your current deal ending, if you are switching providers and if you’re keeping your loan value the same. If you stay with your current provider through a product transfer, this will be quicker.

If you are remortgaging to a new lender, this will take longer because the new lender will want to conduct a full affordability assessment before approving your application. Working with experienced mortgage advisors like the team at Saga Mortgages can also help speed up the process, as your dedicated advisor will do a lot of the admin work for you. 

How much can I remortgage?

When you remortgage you can typically borrow the same amount that is outstanding on your current mortgage loan, but you could borrow more to release money from your home. Most mortgage lenders would consider lending up to 90% Loan to Value (LTV).

To borrow the higher amount, your income must also be sufficient to fund the larger mortgage. The lender will also assess your day-to-day living costs and credit rating, as well as the value of your home to determine how much you can remortgage your house for.

How much does it cost to remortgage?

Remortgaging isn’t necessarily expensive, but there are some costs involved. You may have to pay a booking fee, which is charged by some lenders to ‘book’ your deal, although this isn’t very common. You also may have to pay an arrangement fee, which is for a lender to secure the best interest rate possible for you. The lender will also want to value your property, so there may also be a valuation fee.

Lastly, to register the new mortgage lender on your property deeds, you may also have to enlist the help of a solicitor, however most lenders offer free legal servicing so this may not come at any additional cost.

What are the alternatives to remortgaging?

If you want to release money from your property to give to a loved one, for example your child who wants to buy a home of their own, it’s worth considering a Deposit Boost instead. This involves taking out a small mortgage to release capital from your property, which you can then give to your child as part of their deposit, or as their entire down payment.

Another alternative is equity release, which is a way of unlocking money from your home, normally through a lifetime mortgage. You’ll take out a loan secured against your home, which is then paid back once the home is sold after you’ve passed away or moved into long-term care.

Why choose Saga Mortgages?

Saga Mortgages is a service provided by Tembo, available exclusively to Saga. You’ll benefit from their award-winning advice from a friendly, experienced team of mortgage professionals, who are available 7 days a week.

They’ll search all the available options to find the best option and mortgage rate for you, including specialist products bespoke to Saga Mortgages.

Will I be able to talk to an advisor?

The Saga Mortgage service enables you to book an appointment with Tembo's award-winning mortgage advisors. Simply complete our online fact find and, if you’re eligible, you’ll be directed to book an appointment.

The team is available 7 days a week, ready to answer any questions you may have.

What lenders will you get access to?

With Saga Mortgages, you will have access to mortgage advice through our partner Tembo. Their award-winning mortgage advisors will search over 20,000 mortgage products and over 100 lenders to find the most suitable and best priced deal for you.

This includes all the high-street lenders you’ll be familiar with, like Nationwide, Halifax, Lloyds, Barclays and HSBC, as well as smaller, specialist lenders like Livemore and Generation Home.

Is Saga Mortgages FCA regulated to give mortgage advice?

All mortgage advice through Saga Mortgages is provided by Tembo Money Limited, who are regulated by the Financial Conduct Authority (FCA) under the registration number 952652. Their team of award-winning mortgage advisors are experienced in providing mortgage advice, including guidance on remortgaging, family supported mortgages and later life lending.

Important information

Saga Money may receive payment from Tembo if you obtain a mortgage offer through the Saga Mortgages service. This will not impact the amount you pay for the service.

Saga is a registered trading name of Saga Personal Finance Limited, which is registered in England and Wales (company number 3023493). Registered office 3 Pancras Square, London, N1C 4AG. Saga Personal Finance Limited is authorised and regulated by the Financial Conduct Authority under the registration number 178922. Tembo Money Limited (12631312) is a company registered in England and Wales with its registered office at 18 Crucifix Lane, London, SE1 3JW. Tembo is authorised and regulated by the Financial Conduct Authority under the registration number 952652. Tembo Money was awarded Best Mortgage Broker at the British Banking Awards in 2022 and 2023.