Mortgage switching kept simple.

It means changing your mortgage deal, often because your current fixed or discounted rate is ending. You can take a new deal with your existing lender, called a product transfer, or move the mortgage to a different lender, called a remortgage. You do not need to move home.

Your mortgage will normally move onto the follow-on rate set out in your offer, often the lender’s standard variable rate. That rate can change and your payment could rise. Check your lender’s letter or mortgage offer for the date and terms, then compare the alternatives before deciding.

Neither is automatically better. A same-lender switch can involve less paperwork and fewer costs, while another lender might offer a more suitable deal. Compare the payments, fees, remaining term and features on the same basis. Your adviser will also consider whether you meet the lender’s criteria.

Start reviewing your options several months before your current deal ends. You do not have to wait until you are on a variable rate. The window for booking a new deal varies by lender, so check the earliest start date and how long any offer remains valid. Your adviser can help time completion around existing charges.

You might if the new deal starts before your existing charge period ends. This can apply when you leave a lender and, in some cases, when you change deals with the same lender. The end date of the charge is what matters, so check your mortgage offer. An exit or administration fee may still apply afterwards.

Possible costs include a new product fee, a broker fee and, when moving lenders, valuation and legal fees. Some products include help with valuation or legal costs, but check what is covered. Your adviser will explain the charges before you decide. If fees are added to the mortgage, you will also pay interest on them.

Some lenders let you change to another available product before the new deal starts. The deadline, process and any fees vary, and a lower rate is not guaranteed. Ask your adviser what can be reviewed before completion. Once the new deal has started, changing it could trigger an early repayment charge.

A straightforward rate switch with your current lender often does not need a new credit or affordability check if your borrowing stays the same. A new lender will normally carry out both as part of an application. Changing the amount, term or borrowers can mean extra checks. Your adviser will explain the process before you proceed.

There may still be options. A same-lender product transfer can be worth considering, particularly if you are not changing the borrowing. A new lender will assess your current circumstances. Tell your adviser about changes in income, employment or credit history so they can check suitable options. Approval is not guaranteed.

Possibly, but extra borrowing is more than a simple rate switch. Your current lender may offer a further advance, or you could apply for a larger remortgage elsewhere. Affordability, the value of your home and the purpose of the money all matter. Explore remortgaging for home improvements and other plans.

A straightforward product transfer can be quicker because the lender already holds your mortgage. Moving to a new lender normally takes several weeks and includes checks and legal work. Allow more time if the application is complex. Your adviser will explain the likely timescale and help coordinate the start date.

Contact your current lender as soon as possible, ideally before missing a payment. It can discuss support based on your situation. Switching is not always possible or the right solution when you are in difficulty. You can also get free, impartial guidance through MoneyHelper.