What is a Day One Remortgage and how does it work in the UK?

Buying a property and then needing to change your mortgage straight away can feel confusing. A Day One Remortgage(sometimes written as a Day 1 Remortgage or Day 1 mortgageA mortgage where the borrower can complete on the same day a...) is a way to change or replace your mortgage very soon after you become the owner, often within the first six months.

This guide explains how a Day One RemortgageRefinancing an existing mortgage with a new mortgage. works, how UK mortgage lenders make a lending decision, how the property valuation and Land Registry records matter, and how a broker can help you through the full process, from Mortgage application form to Confirmation and completionThe point at which a property purchase is finalized and owne....

A Day One Remortgage lets you switch or take out a new mortgage very soon after buying, inheriting or developing a property, instead of waiting several months. It can help with Debt ConsolidationConsolidating multiple debts into one loan, often using the ..., moving off short term Development Finance, buying out a co-owner or raising funds, but lenders closely check your income, credit file, property value and legal paperwork.

The article is updated as of Dec 10, 2025.

Your home may be repossessed if you do not keep up repayments on your mortgage.

What does “Day One Remortgage” actually mean?

A Day One Remortgage is when you apply for a new mortgage on a property almost straight away after you become the legal owner. Some mortgage lenders call these Day 1 Mortgages or “early remortgages”.

You might use a Day One Remortgage if:

• You bought in cash (for example, at auction or a private saleA property that is being sold privately, without the use of ...) and now want a normal mortgage
• You used Development Finance or a bridging loan to buy or build and now want a long-term deal
• You need a development exit mortgage after works are finished and a new  RICS valuation shows a higher open market value
• You inherited a property (for example, through probate sales) and want to buy out other property owners
• You want to move from a short term or expensive loan to a safer fixed rate product
• You need funds for Debt Consolidation or refurbishment and the new loan is more suitable

Not all specialist mortgage providers are happy to do a Day One Remortgage. Those that do often have extra checks and non-standard requirements, especially around ownership verification, source of funds and the true market value. We would suggest you to contact our team of specialist mortgage brokers to help you with your remortgage.

Who might need a Day One Remortgage?

You may consider a Day One Remortgage if any of these situations fit you:

• Cash purchase or back to back transaction
• • You bought quickly for cash, perhaps with help from family or a short-term loan.
  • In some cases this might involve an assignable contract or a same-day back to back transaction where a developer sells on quickly.
• Bridging or Development Finance
• • You used short-term lending to buy and refurbish or build a property.
  • Once works are done and a new valuation report shows a Value Uplift, you want to switch to a standard residential or buy-to-let properties mortgage.
• Inheritance and probate
• • You received the home via inheritance or probate sales.

  • A Day One Remortgage can be used to buy out other heirs or to raise money for repairs.
• Change in ownership
• • You are separating from a partner and want a Transfer of equityTransferring ownership of a property from one party to anoth..., so one person stays in the home.
  • You need to add someone to the mortgage using an Additional applicants application form.
• Landlords and SPV / Ltd Co structures
• • You bought a rental property through a SPV / Ltd Co and now want a longer term buy to let mortgage.
  • You own buy-to-let properties or a semi-commercial mortgage (part residential, part commercial) and wish to refinance across a Portfolio submission platform.

In every case, lenders want a clear, sensible reason for the Day One Remortgage and proof that the new mortgage will be affordable and legal.

How lenders view early remortgages

Affordability checks, income multiples and Debt Consolidation

For a Day One Remortgage, UK mortgage lenders still use standard affordability checks. They look at:

• Your income (salary, bonuses, overtime, self-employed income, pension, rental income)
• Your outgoings (credit cards, loans, car finance, childcare, Debt Consolidation goals)
• Your number of dependantsAny individuals who depend on the borrower for financial sup... and other commitments

They may use income multiples (for example 4 to 4.5 times income) as a rough guide, but the final figure is decided by a full affordability test and a human lending decision.

If part of your goal is Debt Consolidation, lenders will want to see that the new payment is sensible and that you are not increasing risk.

Stress testing and financial crisis lessons

Since the financial crisis and financial crash, rules have become stricter. Old bodies like the Financial Services Authority and Council of Mortgage Lenders have now been replaced or merged into newer bodies such as the Financial Conduct Authority and UK Finance. Lenders now:

• Stress test residential mortgages at higher interest rates
• Check that you could manage if rates rise in the future
• Test buy to let cases using rental cover rules

This matters even more for a Day One Remortgage, because very recent purchases carry extra risk.

Property value, Land Registry and the valuation process

Market value, open market value and forced sale value

For a Day One Remortgage, the lender wants a clear view of what the property is really worth. The valuation process may consider:

• Market value – what a typical buyer would pay in normal conditions
• Open market value – a formal term used in RICS valuation reports
• Forced sale value – what it might sell for quickly if the lender had to repossess

If you have improved the property using Development Finance, a new valuation report should show any Value Uplift. You usually pay a valuation fee for this.

Land Registry, ownership verification and legal checks

The lender and your solicitor use Land Registry and Land Registry updates to check who owns the property and whether there are any ownership restrictions. They will:

• Check land registry documents for the correct name and title
• Confirm that there is no under-the-table cash affecting the price or deposit
• Use ownership verification to be sure you are the true owner

The solicitor will produce a Certificate of title, draft the Mortgage deed, follow Solicitor instructions, and make sure the Transfer of equity (if any) is correct before completion. Always free to contact team of mortgage brokers to help you with the documentations.

Day One Remortgage products and alternatives

A Day One Remortgage can use many of the same product types as a normal remortgage.

• Fixed rate products
• • Interest stays the same for a fixed period (for example two or five years).
  • This can be helpful if you are nervous about rate rises after the financial crisis.
• Tracker or variable rate deals
• • Interest can move up and down.
  • Your broker might compare these against fixed rates for your plans.
• Interest onlyA mortgage where the borrower only pays the interest on the ... (often buy to let)
• • You pay only interest each month, and need a plan to repay the capital.

Sometimes your current lender may offer Product transfers instead of a full remortgage. This can be a simpler option if you already have a mortgage and just want a new rate, but a Day One Remortgage with a new lender may give wider choice.

Day One Remortgage for buy to let, SPV and semi-commercial

Many investors look at a Day One Remortgage for:

• Buy-to-let properties they have just refurbished
• Blocks of flats on a Portfolio submission platform
• A semi-commercial mortgage where there is a shop or office downstairs and a flat above
• Property held in a SPV / Ltd Co with a clear Business plan

For example, a landlord might:

1. Buy a property using bridging or Development Finance
2. Carry out works, improving the condition and rent
3. Order a new RICS valuation that shows Value Uplift
4. Use a Day One Remortgage to move to a long-term buy to let deal

A lender may also ask for:

• A Buy to let property schedule for portfolio landlords
• Portfolio app forms if you have several properties
• Evidence of rental income and a simple Business plan if you use a SPV / Ltd Co

Documents and forms you will usually need

For a Day One Remortgage, lenders often ask for more detail than usual. You should expect to see terms such as:

• Application form / Mortgage application form
• • The main form with your details, income, debts and property information.
• Direct debit mandate
• • The form that allows the lender to take your monthly payments.
• Additional applicants application form
• • Used if you add another borrower to the mortgage.
• Consents and declarations
• • You sign to confirm you have told the truth and understand the risks.
• Further advanceAdditional borrowing secured against a property that already... app form
• • Used if you already have a mortgage with the lender and ask to borrow more instead of a full remortgage.
• Portfolio app forms and Portfolio submission platform
• • Used by landlords with several properties, to list addresses, loans and rents.

Your solicitor will also handle:

• Certificate of title
• Mortgage deed
• Solicitor instructions from the lender
• Checking land registry documents and handling Land Registry updates

At the end, you reach Confirmation and completion, and the new lender registers its charge at the Land Registry.

Special situations: new builds, probate and back to back deals

Some Day One Remortgage cases are more complex, for example:

• New builds – where the property has just been finished and you want to remortgage soon after completion.
• Probate sales – where the previous owner has died and you are sorting out the estate.
• Back to back transaction – where a developer buys, refurbishes and then sells on quickly, sometimes using an assignable contract.
• Forced sale – where the seller is in difficulty and must sell fast, sometimes at a discount.

Lenders may look closely at:

• How the sale price compares with the open market value
• Whether there was any under-the-table cash involved
• Whether there are unusual ownership restrictions on the title

In some development exit mortgage cases, the property has moved from a building site to a completed home. The lender may rely heavily on a detailed RICS valuation and site valuation report.

Day One Remortgage vs Further Advance vs Product Transfer

Sometimes a full Day One Remortgage is not the only option. You may also see:

• Product transfers – staying with your current lender but switching to a new rate
• Further advance app form – asking the same lender for extra borrowing on top of your current mortgage

These can be useful if you do not need to move lender, or if you bought with the same bank you plan to stay with. For example, someone who bought with  National Westminster Bank  may decide a product transfer is enough, instead of going to other lenders or specialist mortgage providers.

Common challenges and how to handle them

1. Six-month rules and non-standard requirements

Some lenders do not like remortgage applications within the first six months of ownership, especially if there has been a large price jump or Value Uplift. A broker used to Day One Remortgage cases can:

• Explain which lenders will look at your case
• Help you handle non-standard requirements such as extra legal checks or extra documents

2. Ownership and under-the-table cash

Lenders must be sure the property is owned properly and that all funds are explained. They will not accept:

• Hidden gifts
• Under-the-table cash that is not clearly documented

3. Legal and Land Registry checks

If Land Registry entries are not correct or Land Registry updates are still pending, your solicitor may need time to sort them out, which can delay completion.

How the Day One Remortgage process works

Here is a simple view of how a Day One Remortgage usually runs from start to finish.

Step 1 – Initial chat with a broker

• You explain why you want a Day One Remortgage and what you hope to achieve.
• The adviser gathers details about your income, debts, property and goals.
• They may discuss options such as fixed rate products, Product transfers, or moving to a different lender.

Step 2 – Fact find, documents and Business plan (if needed)

• The adviser completes a fact find and may ask for a simple Business plan for SPV / Ltd Co or portfolio cases.
• They check your ID, bank statementsA record of a borrower's financial transactions often requir... and any Buy to let property schedule if you are a landlord.

Step 3 – Research and recommendation

A good, whole-of-market adviser will:

• Look across many UK mortgage lenders and specialist mortgage providers, including names such as Kent Reliance or Fleet Mortgages where suitable
• Read lender criteria, including any rules about Day One Remortgage, new builds, semi-commercial mortgage, or development exit mortgage
• Compare costs, including any valuation fee, legal fee and product fee

They will then recommend a lender and product that fits your case and give you a clear explanation before you sign any Consents and declarations.

Step 4 – Decision in principleA preliminary decision by a lender to offer a mortgage, base... and forms

• The adviser gets a decision in principle from the chosen lender.
• You complete the Application form or Mortgage application form, plus any extra forms such as:
• • Direct debit mandate
  • Additional applicants application form
  • Further advance app form (if staying with your existing lender)
  • Portfolio app forms (if you have many properties)

Step 5 – Valuation, legal work and Solicitor instructions

• The lender orders a property valuation and receives a valuation report (often a RICS valuation).
• Your solicitor receives Solicitor instructions, checks the title, prepares the Mortgage deed and Certificate of title, and reviews Land Registry documents.

This stage checks that:

• The property’s market value and open market value match the story you have given
• There are no serious legal issues or ownership restrictions

Step 6 – Offer, Confirmation and completion

• If the lender is happy, they issue a formal offer.
• You receive the offer and any Consents and declarations to sign.
• On Confirmation and completion, the new lender’s money repays any old loan. If you are doing a Transfer of equityThe difference between the value of the property and the amo..., this happens at the same time.

Why use a whole-of-market mortgage broker for a Day One Remortgage?

A Day One Remortgage is more complex than a standard remortgage. Many high street lenders are cautious and have strict rules about quick remortgages, especially after the financial crisis.

A whole-of-market mortgage adviser can:

• Search across a wide range of UK mortgage lenders and specialist mortgage providers
• Understand how different lenders treat new builds, Development Finance, SPV / Ltd Co cases and Day One Remortgage rules
• Help you avoid problems such as back to back transaction concerns or forced sale value worries
• Explain choices between fixed rate products, trackers, Product transfers, further advances and remortgages

Whether you read about Day One Remortgage on sites like Online Mortgage Advisor or Mortgage Introducer, or you speak directly to a local adviser, using a broker who understands this niche can save time, stress and money.

Practical tips for a smoother Day One Remortgage

• Check your credit file early and tidy up any missed payments if you can.
• Keep copies of your Application form, valuation report, and legal paperwork.
• If you used Development Finance, keep clear records of costs, works and planning.
• Avoid risky moves like under-the-table cash; always keep a clear paper trail.
• Plan ahead if you have non-standard requirements, such as semi-commercial property or a large portfolio.

Frequently asked questions about Day One Remortgage

1. Can I change my mortgage as soon as I buy a property?

In some cases, yes. Some lenders will look at very early remortgage applications, but they usually want a strong reason, full documents and clear proof of how the purchase was funded and recorded with Land Registry.

2. Is remortgaging very early usually more expensive?

It can be. The choice of lenders is smaller, and some may charge higher rates or fees. However, if you are moving away from costly Development Finance or high interest short-term borrowing, the new mortgage can still be better overall.

3. Can first time buyers use this type of early remortgage?

Yes, first time buyers can sometimes use Day One Remortgage if, for example, they bought with temporary finance or family help and now want a standard deal. Lenders still carry out the usual affordability and credit checks.

4. What if my property is worth more after refurbishment?

If you have improved the property and a RICS valuation shows higher market value, some lenders can use this open market value. They may want to see invoices, photos and a full valuation report to prove the Value Uplift.

5. Does an early remortgage damage my credit score?

The application leaves a normal credit search, just like any other mortgage. Your score is more likely to suffer if you make many applications in a short time or miss payments, not simply because it is a Day One Remortgage.

How to approach a Day One Remortgage (step-by-step How-To)

Step 1 – Decide what you want to achieve

• Work out why you need a Day One Remortgage (for example, Debt Consolidation, development exit mortgage, or Transfer of equity).
• Decide how much you want to borrow and what monthly payment feels comfortable.

Step 2 – Seek professional mortgage advice

• Find a qualified, regulated mortgage adviser with experience in Day One Mortgages, Development Finance and buy to let.
• Check they are authorised by the Financial Conduct Authority (which replaced the Financial Services Authority).
• You might come across national firms such as John Charcol or Capital Fortune, but you can also use a local broker.

Step 3 – Prepare your key documents

Gather and organise:

• Identification: passport or photocard driving licence
• Proof of addressEvidence of a borrower's current address, such as a utility ...: recent utility bill, council tax bill or bank statement
• Proof of income: payslips, P60, accounts or tax returns
• Bank statements: usually three months
• Land Registry documents and purchase details
• Any Business plan, Buy to let property schedule, or portfolio information
• Any existing Mortgage deed, product details or Further advance app form

Keep copies in a safe folder, ready to share securely with your adviser and solicitor.

Step 4 – Let the adviser research and recommend

• Answer your adviser’s questions honestly and completely.
• Allow them to compare different UK mortgage lenders and specialist mortgage providers.
• Review their recommendation, including rate, fees, valuation fee and legal costs, before signing any Consents and declarations.

Step 5 – Apply through your adviser

• Your adviser helps you complete the Mortgage application form, Direct debit mandate and any Additional applicants application form or Portfolio app forms.
• They submit your case through the lender’s system or Portfolio submission platform if needed.
• They handle most questions from the lender for you.

Step 6 – Valuation, legal work and completion

• The lender orders a property valuation and receives a valuation report.
• Your solicitor follows Solicitor instructions, checks the title with Land Registry, prepares the Certificate of title and Mortgage deed, and handles ownership verification.
• Once the lender is happy, they issue an offer. After Confirmation and completion, the old loan is repaid and your new Day One Remortgage starts.

Important information and risk warning

This guide is for general information only. It does not take your personal situation into account and is not personal financial advice. You should always seek advice from a qualified, regulated mortgage adviser before making decisions about borrowing.

Your home may be repossessed if you do not keep up repayments on your mortgage.

Author bio

Damian Youell – UK Mortgage Adviser

Damian Youell is a whole-of-market UK mortgage adviser with experience in residential, buy to let, semi-commercial and specialist lending. He regularly helps clients with complex cases, including early remortgages, SPV / Ltd Co structures and development exit mortgage cases. Damian is authorised and regulated by the Financial Conduct Authority to give mortgage advice.