Can you remortgage with the same lender?

There are many benefits to remortgaging - most people remortgage to find a better deal and reduce their monthly repayments.

The one question most people have however, is whether they should stay with the same lender or go elsewhere.

We’ll chat through whether you can remortgage with the same lender and if this is the best option for you.

What is remortgaging?

Remortgaging is the process of taking out a new mortgage to replace an existing mortgage you have on a property that you currently own.

It is common for people to shop around and remortgage with another lender to secure a better deal, but you can also choose to stay with your current mortgage provider.

We have a dedicated guide to remortgaging if you want to learn more about how this process works.

How many times can you remortgage?

There isn’t a limit as to how many times you can remortgage your home. You can remortgage early or wait until your fixed-rate period ends, but it’s always best to speak with a mortgage broker to discuss your options.

Our mortgage brokers in Bolton can help you to decide when the best time is to remortgage and with who.

How easy is it to remortgage with the same lender?

Remortgaging with the same lender is relatively easy - your current lender will usually aim to make the remortgaging process as simple as possible.

Your lender has already provided you with a mortgage so, if you’ve kept up with payments, they should be confident in offering you another mortgage deal.

This means that you might not have to undergo additional credit checks, so the process becomes much easier.

Do I need a solicitor to remortgage with the same lender?

No, you don’t need a solicitor to remortgage with the same lender. In a remortgage, you aren’t purchasing a new property so will not require the assistance of a solicitor. 

How long does it take to remortgage with the same lender?

Remortgaging with the same lender can take a matter of days. This is mainly due to the fact that a new lender has all of your information already to hand, so can run through internal checks with ease and can bypass certain lengthy, external checks all together.

Having the remortgage fully approved, from application to internal checks, will typically take around 2 months, but the actual remortgaging process can be done in a few days with the same lender.

Will I need to have a credit check if I remortgage with the same lender?

You shouldn’t need another credit check if you are remortgaging with your current lender. 

It should be far easier to have a remortgage approved by the same lender as you already have an existing relationship, previous credit check and history of keeping up with mortgage payments.

Is it cheaper to remortgage with a new lender or a current lender?

Remortgaging with the same lender can save you money in terms of fee avoidance, but remortgaging with a new lender can provide access to cheaper deals.

It’s difficult to suggest that one option is cheaper than the other - there are a lot of factors that can affect what kind of deal you’d secure from a new or existing lender.

With a same lender, it may be cheaper to remortgage because you:

  • Don't have to pay valuation fees
  • Don't have to pay for a solicitor
  • May avoid arrangement fees with your lender
  • Could have access to preferential rates

With a new lender, it may be cheaper to remortgage because you:

  • Could find much cheaper deals using a remortgage calculator
  • Could access better deals if your house is re-valued and has shown to have increased
  • May be offered incentives, such as cashback

Do I have to pay a fee or an early repayment charge if I remortgage with the same lender?

One of the benefits of remortgaging with the same lender is that they may allow you to move onto a new rate up to 3 months before your existing one ends.

This can reduce your payments if the new interest rate is lower than your current one.

What are the benefits of remortgaging with the same lender?

There are many benefits to remortgaging with the same lender. Here are some of the most notable advantages to remaining with your existing lender to remortgage:

  • Save Money: You’ll likely avoid the typical array of upfront costs by sticking with the same lender (no conveyancing fees, early repayment charges and solicitor fees for example)
  • Faster Process: Your current lender will have all of your information from your initial mortgage application already, so won’t have to undergo lengthy credit checks or home valuations.
  • Simpler Process: Remortgage approval will be much simpler - your current lender knows your payment history and already has a relationship with you, meaning that they are likely to approve your application straight away.

What are the benefits of remortgaging with a new lender?

There are some disadvantages to remortgaging with the same lender. You may want to look elsewhere for a remortgage deal; here’s why:

  • Access to more deals: Remortgaging with a different lender means that you can have a mortgage broker find the best deals for you - it’s likely that there are cheaper offers out there.
  • New house valuation: A new lender may want to revalue your home, meaning that you may find that your house has increased in value and you hold more equity, opening up access to better remortgage deals.
  • Added incentives: A new lender may offer you incentives to remortgage with them - this could be in the form of cashback or reduced/waived fees.

Using a new lender will take more time however, and you are likely to have to pay additional fees. It’s worth discussing your options with a mortgage broker to ensure that you head down the best path when remortgaging.

FAQs about remortgaging with the same lender

Do you have to remortgage?

No, you don’t have to remortgage your home at any point. You can simply pay off your mortgage as it stands and reach your fixed term date with your lender. 

Many people choose to remortgage as they can gain access to more funds, reduce monthly bills and get a better, overall mortgage deal for the remainder of their term.

It is entirely up to the homeowner whether you choose to remortgage or not.

Will I get the best deal remortgaging with the same lender?

What remortgage deal you have access to depends on what lenders are willing to offer in reference to your circumstances.

You might get a better deal with a new lender, or your current lender may offer you a deal you can’t match elsewhere.

Exploring your options is the best way to go. We can help chat you through your options and find the best deal, whether you stay with the same lender or switch to a new one.

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