Remortgage to Lloyds

How much you can borrow when you remortgage will depend on various factors, including:

• how much your home is worth
• how much you owe on your current mortgage
• how much you would like to borrow, and over how long
• income and outgoings of those named on the mortgage.

You can use the remortgage calculator to get an idea of how much you might be able to borrow.

Several factors can determine how much it could cost to get a new remortgage deal. These include:

• early repayment charges
• legal fees
• valuations
• booking and arrangement fees
• product fees.

If you remortgage to Lloyds, we’ll cover your legal basic fees, the cost of valuation and won't charge booking or arrangement fees. We sometimes charge a product fee.

Learn more about remortgage costs

Yes, if you’re remortgaging then you’ll need a conveyancing solicitor. The conveyancer will arrange your mortgage transfer from one lender to another.

Some lenders will arrange a conveyancer for you, or you can find your own. If you remortgage with Lloyds, you can use the Lloyds Conveyancing Service.

• We won’t charge you for the standard valuation.
• We’ll pay for your basic legal work. Other legal fees may apply.
• If you’re just taking out a new deal with your current lender, then you won’t need a solicitor.

More about conveyancing when remortgaging

Remortgaging normally takes around 4 to 8 weeks. It can depend on how long it takes you, a potential new lender and a conveyancer to complete the various steps.

You may be able to speed up the process by having all your paperwork ready on time. If you need to, you  can also try telling your conveyancer you’re in a hurry.

Learn more about how long it takes to remortgage.

When you apply to remortgage with Lloyds, you’ll need to give us some details about you and anyone else named on the mortgage. We’ll need some personal details, such as:

• name, address, date of birth and contact details
• income
• outgoings and financial commitments
• dependents and people you care for.

We’ll also need:

• details about the property you want to mortgage, including when it was built
• your current lender and mortgage balance
• supporting documents that confirm these details.

Think about what you want from your new mortgage. If you’re trying to save money, it’s worth considering whether there are extra costs such as a product fee on your new mortgage or early repayment charges when you end your current deal.

Remortgaging is when you move your mortgage to a different lender. If you switch to a new deal with the same lender, this is called a Product Transfer.

Whether your existing lender allows you to take out a new deal will depend on various factors. These include how much you want to borrow, the term, your income and outgoings, and your credit history.

If you already have a Lloyds mortgage, you can learn more about switching to a new deal.

You can normally remortgage at any point in your deal. Make sure you keep an eye out, as most lenders will have early exit fees depending on how long you have left. You’ll have to decide if paying the charge is worth it.

If you have less than 4 months on your current mortgage deal, you can usually secure a new deal ready for when it ends. This can be with your current lender or a different one.

Getting a mortgage with bad credit is possible, but it can be harder. Lenders look at the credit scores and credit history of people who apply. They use this as an indication of how likely you are to make repayments and how well you'll manage your account.

More about getting a mortgage with bad credit