Remortgage guide

How does remortgaging work?

Remortgaging means taking out a new mortgage deal with a new lender on a property you already own.

Getting prepared to remortgage

You can view and compare the deals you may be eligible for by completing an Agreement in Principle, it’s a personalised indication of what we could offer you.

Alternatively, you can arrange to speak to a mortgage professional to help discuss your options. Contact us if you need help with your mortgage.

The following steps can help you get an idea of your current situation and requirements before applying for a remortgage.

1. Look out for exit or repayment fees

Unless you're at the end of an existing mortgage deal, you may have to pay an Early Repayment Charge (ERC) depending on your current mortgage obligations. Check your paperwork for an ERC, if you're unsure, contact your mortgage provider to get the details. 

These fees are also something to consider when looking for your new mortgage.

Information Message

2. What do you need from your next mortgage?

Depending on your individual situation and requirements, the lowest interest rate may not always be the best option.

For example, you might find that a more flexible mortgage with a higher interest rate that allows you to easily exit the mortgage, is better suited for you.

If you are unsure, you can always speak to a mortgage professional to understand your options.

Information Message

3. Check your credit score

As the lender will be making a credit check to assess your circumstances, it can be beneficial to review your credit score details to ensure there are no mistakes in your credit history and to see if there are any quick-wins that may help improve your score, before submitting your mortgage application.

Read more about credit score for mortgages

Information Message

4. Find out how much you could borrow and compare our rates

You can get an indication in minutes with our mortgage calculator. There're only a few details to enter and we'll show you what we think we may be able to lend.

How to remortgage

Before you start the remortgage process, there're a few steps to follow to make sure remortgaging is right for you.

  1. 1

    Find out what your property is worth


    Your new mortgage provider will need to know how much your current property is worth. You could find out an estimated value using online valuation tools or asking an estate agent to provide a valuation (some estate agents may charge for this service).

    If you decide to remortgage with NatWest, we will obtain our own valuation which may differ from other valuations obtained.

  2. 2

    Check how much is left to pay


    Look at your last mortgage statement to see how much is left to pay on your current mortgage. This will be used as a guide to know how much you need to borrow for your next mortgage.  

  3. 3

    Apply for an Agreement in Principle (AIP)


    Once you’ve compared mortgages and found the right one for you, you can complete a mortgage AIP which will give you an indication of what we could lend you based on your remortgage requirements.

  4. 4

    Compare our remortgage rates and deals


    Just enter a few details into our mortgage calculator to find out how much your monthly repayments might be. It only takes a few minutes and it could help you decide how much you would like to borrow.

  5. 5

    Check all remortgage costs

    When considering all remortgage options, consider any additional costs that may be associated with the remortgage process:

    • Interest rates vs product fee - Understand the total remortgage costs, for example, taking into account a higher interest rate without a product fee vs a lower interest rate with a product fee. 
    • Valuation fee - This is to confirm the property value. The cost will range depending on the value of the property.
    • Broker fee - If you opt to use a broker to help you remortgage, they should let you know if they charge a fee or if it’s a fee-free service.

    If you remortgage to NatWest

    If you move a mortgage to us from another provider, we'll pay your valuation and legal costs (exclusions apply).

  6. 6

    Apply for your mortgage


    Now that you have an AIP, you could be ready to apply for your remortgage. There are a few documents you’ll need to provide such as, proof of ID, proof of income, financial circumstances (loans or credit commitments) and current mortgage details.

    Find out more about what you need to apply for a remortgage

  7. 7

    Final step for completing a remortgage


    The lender will carry out various checks to verify your current circumstances and will arrange for the property to be valued to enable the remortgage product to be approved.

Already got a mortgage with us?

Perhaps you're looking to move onto a better deal, or maybe you  need access to some extra funds to carry out some much needed home improvements. 

Find out how we could help you switch to a new deal.

Need some help?

Call us

Something else we can help you with?