Find out why homeowners choose to remortgage

We surveyed 562 UK homeowners between 15th-21st May 2020

During these uncertain times, we want to help individuals and families find new ways to keep on top of their personal finances.

There are often misconceptions around what it means to remortgage and why a homeowner might want to do it. By asking homeowners to share their own personal stories of remortgaging, we hope to draw attention to the positive aspects of taking the time to review your mortgage deal.

We surveyed 562 UK homeowners between 15th-21st May who have remortgaged in the last 24 months, to find out about their experiences and how it impacted their finances.


Why do UK homeowners remortgage? 43% remortgage to reduce monthly payments. 19% to fund home improvements. 16% to relieve financial anxiety. Note this was a multiple-choice question.

What are the top reasons for remortgaging?

  1. Reducing their monthly mortgage payments
  2. Funding home improvements
  3. Helping relieve financial anxiety on their households

What is remortgaging?

Remortgaging is the process of changing your mortgage deal and moving your mortgage to a new lender, often done to avoid moving onto your current lender’s Standard Variable Rate (SVR).

Your mortgage would normally move onto SVR when your deal ends after 2-5 years with your lender.

When you remortgage your home to a new lender, there is an opportunity to reduce your monthly payments, by paying less interest with a new initial mortgage rate.

3 out of 4 homeowners surveyed say remortgaging has had a positive overall impact on their life

Reducing your monthly mortgage payments could provide you with more extra money in your household budget every month and more financial freedom.

From relieving financial pressures and supporting relatives, to remodelling homes and funding business ventures, we reveal home owners reasons to remortgage.

We found that the majority of people surveyed reduced their monthly payments by remortgaging

It's always a good idea to shop around and get the best price - so why wouldn't you do that with your mortgage? And, if you are no longer tied into a mortgage deal, then moving your mortgage might not cost you a penny. 

As the Bank of England has recently set the base rate to an all-time low, now is a good time to search for a remortgage deal.

We found that 74% of participants reduced their monthly payments after remortgaging, whilst 38% have reduced their monthly payments by around 10% and 9% have saved up to 50% on their monthly payments. 

Explore our mortgage types and see if you could be paying less each month too.

People are choosing to remortgage to help relieve financial anxieties caused by COVID-19

The coronavirus outbreak and lockdown measures introduced in the UK have deeply affected our personal lives. The pandemic has also impacted the nation’s economy, causing monetary stress in many households and businesses.

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Almost 1 in 10 remortgaged due to financial anxieties caused by COVID-19

8% of respondents have remortgaged in response to the global pandemic causing a reduction in their monthly income. A further 8% remortgaged as a way to relieve coronavirus-related financial anxieties and stress.

3 in 4 would recommend remortgaging to those not able to sell during the pandemic

House prices, in some parts of the country, may have fallen since the COVID-19 outbreak. Of those who were looking to sell their home before the pandemic, 38% are no longer considering doing so indefinitely, as they do not believe it will be financially rewarding for some time. In addition, 47% are postponing the sale of their home until they have a clearer picture of their financial options.
How remortgaging impacted UK homeowners' wellbeing. 43% positive impact. 23% significantly improved. 32% no impact. 2% negative impact.

66% of respondents said that remortgaging had a positive impact or significantly improved their mental well-being

43% of people surveyed said that remortgaging had a positive impact on their mental health with a further 23% saying it significantly improved their mental well-being by reducing stress and increasing financial flexibility. Whilst 75% of those surveyed aged 18-30, list mental health as either the main or partial reason for their decision to remortgage.

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2 out of every 3 of the participants said it had a positive impact or improved their mental well-being.

Our survey found that remortgaging can have a positive impact on personal finances, and take mental pressure off with lower monthly payments.

Nearly 1 in 3 of the younger respondents are likely to move as a result of the pandemic

Overall, 36% of UK homeowners surveyed said they will now spend more time in their current home. However, 31% of the younger respondents aged 18-30, are more likely to move house in the future as a consequence of COVID-19.

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3 in 5 would consider remortgaging again to finance home improvements in light of COVID-19

With everyone spending more time at home due to Covid-19, it's natural to start to think about improvements that you could make and how you could make your home more comfortable.

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Increasing property value: 1 in 3 using remortgaging funds for home improvements

A third of those who remortgaged, whether to release equity or to a new rate, used the money to make improvements to their home and increase the market value. Out of the British homeowners surveyed, bathrooms, bedrooms and gardens lead the way as the top places picked for remortgage revamps. Also, improving energy efficiency is a top use for unlocked funds, with 1 in 5 people using the money to make their home more sustainable.

Find out if you can remortgage to a better deal with us

74% UK homeowners surveyed said they pay less every month on their new mortgage deals. Remortgage with us and you could reduce your monthly mortgage payments too.

“It has given me more peace of mind financially and less uncertainty about the future has meant that I now feel less anxious” – [survey respondent]