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How To Change Mortgage Providers

How To Change Mortgage Providers

Jenni Hill
Last Updated 4 December 2023

If your mortgage deal is coming to an end you may want to reduce your repayments, or release equity from your property. If this is you, changing mortgage providers could be the answer. When you switch to a different lender, this is known as a remortgage

If you’re nervous at the thought of having to apply for a mortgage all over again, don’t worry. Remortgaging your home doesn’t have to be stressful or time consuming. With the right help and advice, the process can be smooth sailing and hassle-free.  

Let’s explore how to change mortgage providers with as little faff as possible.

In this guide

Reasons to change mortgage providers

First thing’s first, let’s look at why you might switch mortgage providers.

1. Your fixed-term is about to end

If you’re approaching the end of a fixed rate mortgage term, you might be looking for ways to keep costs low. When your fixed deal ends, you’ll usually be moved onto the lender’s standard variable rate (SVR). If your lender’s SVR is higher than your current fixed rate, your mortgage payments may increase.

Variable rates tend to be higher than fixed rates — but not always. During periods of high interest, you can find yourself paying a price for the security of a fixed rate deal. In some cases, variable rates can be lower, but they can also fluctuate from one month to the next.

You may be able to save money by switching to a new mortgage provider. Even if your current lender offers you a new deal, it’s worth seeing what else is out there before making a commitment.

To learn more, take a look at our guide: How long should I fix my mortgage for?

2. You want to overpay your mortgage

Most lenders will let you overpay your mortgage if you want to. The exact amount you can overpay will vary from one lender to the next, but most of the time you can overpay up to 10% of your mortgage balance each year. If your current lender doesn’t allow overpayments or they won’t let you overpay as much as you’d like, changing mortgage providers could be the answer. 

Keep in mind that if you’re currently locked into a fixed rate mortgage deal, you may have to pay a charge to leave your current lender early. So it’s worth working out whether the amount you’ll save in interest is worth the initial cost of switching. 

3. You want a more competitive mortgage deal

If your home’s value has increased or you’ve been making overpayments to increase your home equity, you may be eligible for a more competitive mortgage deal. If your current mortgage provider doesn’t offer a better deal or they won’t let you switch to one of their other offers, it may be worth changing to a different mortgage provider.

Can I change my mortgage provider at any time?

Yes, it’s technically possible to change mortgage provider at any time, but you’ll need to pass the new lender’s affordability checks first. 

If your financial situation has changed since you took out your current loan or the new lender has stricter criteria than your current mortgage provider, you might find it harder to switch.

Changing mortgage providers can sometimes be expensive, too. If you’re currently part-way through a fixed mortgage term, your lender may insist you pay an early repayment charge (ERC) to get out of the deal early.

How easy is it to change mortgage provider?

Changing mortgage provider can be fairly easy ⁠— especially if you use a mortgage broker. They’ll know which lenders are most likely to approve your application and which are best to avoid. 

A broker can also help you overcome common remortgaging obstacles. This can be particularly helpful if any of the following apply:

If your circumstances have changed since you received your original mortgage offer, talk to Tembo

Learn more: What to do if you’re struggling to remortgage

How long does it take to change mortgage provider?

You can usually complete the mortgage switching process within a month or two. If your application is particularly complicated and you’re applying directly through a lender, it can sometimes take a little longer.

Using a mortgage broker can often speed up the process. An experienced broker will have helped hundreds of people switch to a different mortgage provider, so they’ll know the process like the back of their hand. If you’re moving house soon or you’d like to remortgage your current home, get in touch with our team to find out how we can help.

We can help you switch

At Tembo, we help buyers and remortgagers boost their affordability so they can get the best mortgage deal for them, working with over 100 lenders and 20,000 mortgage products. Create a free Tembo plan to see what you could afford.

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How much does it cost to change mortgage provider?

Changing mortgage provider can be a smart financial decision, but you may have to pay some upfront costs to complete the switch. These costs can vary depending on your lender and circumstances, but they can sometimes set you back between £3,000 to £5,000. We’ve broken down the different costs below.

If you’re changing mortgage providers before your fixed deal is over, you may have to pay even more than this.

Early Repayment Charges (ERC)

It’s common for lenders to charge an early repayment fee if you leave a fixed-rate deal or introductory period. ERCs are usually based on the amount you owe and how far you are into your deal. Most of the time you can expect to pay between 1% and 5% of your outstanding mortgage. 

The closer you are to your fixed deal ending, the less you’ll usually pay. So if you were to switch mortgage providers just a few months into a 5-year fix, you may be charged 5% of the outstanding balance. 

If you were to leave just one year before your fix ends, you might pay just 1% in early repayment fees. The exact fee will vary depending on the lender.

Exit fees

You may be charged an exit fee (aka deeds release fee or mortgage completion fee) to close your mortgage account. The costs vary from one lender to the next but they usually fall somewhere between £50 to £300. Some lenders will charge an exit fee even if you’re not currently tied into a fixed rate deal. 

Arrangement fees and booking fees

An arrangement fee (aka product fee or completion fee) is a fee sometimes charged for taking out a mortgage product. Arrangement fees can set you back between £1,000 to £2,000, so it’s important to factor these fees into the overall cost of your mortgage deal. 

There may be an option to add your arrangement fee to your mortgage so you don’t have to pay it upfront, but this can work out more expensive in the long run. Not only will it increase your monthly payments, you’ll pay interest on it too.

When you apply for a mortgage deal, a booking fee of up to £250 may also be charged. This might not be refundable, even if your mortgage falls through.   

Thankfully, both arrangement fees and booking fees are becoming less common when remortgaging, so you may be able to avoid these charges altogether.


Your new lender will usually want to carry out a valuation on your property and they may pass the cost of this onto you. A valuation will usually cost around £250 but you may have to pay up to £1,500. The amount you’ll pay will usually depend on the property’s size. Bigger and more expensive properties will often demand more thorough valuations.


You’ll also need to hire a conveyancing solicitor to manage the legal side of the process, even if you’re not moving house. The cost can vary depending on your chosen solicitor, but expect to pay between £800 to £1,500.

Are fee-free remortgages worth it?

Many lenders offer fee-free remortgages as an incentive to leave your current provider and switch to them. Having your new lender cover your fees might seem like a great deal, but make sure you calculate the true cost of your new mortgage. 

Your savings could be undone if you end up paying a higher interest rate than you’d find elsewhere. 

How often should you change your mortgage provider?

It’s completely up to you how often you change your mortgage provider. Some people stay with the same lender from the day they buy their home to the day they become mortgage-free. 

But sticking with the same lender for long periods of time can be expensive, particularly if you’re loyal to them for 20 or 30 years or more. 

There are hundreds of mortgage providers across the market and each one introduces new deals every year. Some lenders even bring out new mortgage products monthly. By staying with the same lender for several years, you could miss out on more affordable deals elsewhere. 

We recommend speaking to a mortgage broker if:

  • Your fixed rate deal ends within the next 3-6 months
  • You’d like to release equity from your home
  • You’re struggling to afford your current repayments
  • You’re hoping to move house in the next 6 months to a year
  • Your lender won’t let you overpay

What are the benefits of switching mortgage providers?

Your mortgage is likely to be one of your biggest monthly expenses. By switching to a better deal with a different mortgage provider, you can reduce your outgoings and save money to put towards other things. 

Remortgaging your property can also be a great way of releasing equity from your home. You could then use this money to travel, make home improvements or even help a loved one put down a deposit on their first property. 

Unless the value of your property has risen significantly, releasing equity from your home may result in higher monthly payments or a longer mortgage term. It’s a good idea to speak to a mortgage broker before making a decision. They’ll help you work out what works best for you while looking for ways to keep things as affordable as possible. 

Is it worth switching mortgage providers?

Whether it’s worth switching mortgage providers all depends on your personal circumstances. Switching to a new mortgage provider in order to remortgage your home can often save you money, particularly if you’ve been stuck on a high interest rate or your home’s value has increased since you took out your current mortgage.

However, switching mortgage providers can sometimes be costly. In some cases, paying more for your mortgage can allow you to achieve other goals. That’s why it’s really important to speak to a specialist mortgage broker before making a decision.

For example, let’s imagine you want to help your child or grandchild to buy their first home. 

If they’re struggling to save a deposit and you’re unable to give them money from your savings, remortgaging could help you make the most of the money that’s tied up in your home. We call this process a Deposit Boost. You take out a small mortgage on your own property, so the released equity can be used as a deposit on theirs. 

It can be hard to know whether changing mortgage providers is right for you or not. To get expert advice from our award-winning team, get in touch with the Tembo team today. 

Unsure what to do? Talk to Tembo

It can be hard to know whether changing mortgage providers is right for you or not. To get expert advice from our award-winning team, get in touch with the Tembo team today. 

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