| Start reviewing | About 6 months before your deal ends |
|---|---|
| Typical offer validity | Often up to 6 months for remortgages |
| Early repayment charges | Commonly a few percent of the balance during the deal |
| After the deal ends | Usually moves to the lender's SVR |
| Remortgage timescale | Often 4–8 weeks from application |
When is the best time to remortgage?
The best time is usually three to six months before your fixed or tracker deal ends. That gives you time to compare options and lock in a rate without paying an early repayment charge.
You may also want to remortgage when your circumstances change. Examples include your property value rising, needing to borrow more, or wanting to change the term. Rate movements can also make an early switch worthwhile, but only if the savings outweigh any charges. See our remortgage page.
What is a typical remortgage timeline?
A simple timeline looks like this:
- Six months before: check your end date, ERCs and current balance. Speak to a broker.
- Four to six months before: compare a product transfer with remortgage options. Apply if a good rate is available.
- Two to four months before: valuation and legal work for a remortgage. Keep monitoring rates.
- Final weeks: confirm completion is set for the day after your deal ends.
A full remortgage often takes four to eight weeks, so leave a margin for delays.
How does locking in a rate six months early work?
Many lenders issue remortgage offers valid for up to six months. Some product transfers can be agreed several months ahead too. This lets you secure a rate now, while your current deal continues.
If rates fall before completion, you can often switch to a cheaper product with the same lender, or start again elsewhere. Check any fees you have already paid. Lock-in periods and offer validity differ between lenders, so confirm the dates in writing.
Product transfer or remortgage: which is better?
A product transfer is a new deal with your existing lender. A remortgage moves your loan to a new lender. Neither is always better.
| Product transfer | Remortgage | |
|---|---|---|
| Affordability check | Often limited if not borrowing more | Full assessment |
| Valuation and legal work | Usually none | Needed, often free on many products |
| Speed | Often days | Often 4–8 weeks |
| Choice | One lender's range | Whole market |
| Extra borrowing | Possible, with checks | Possible, with checks |
A product transfer can suit people whose income or credit has changed. A remortgage may offer a better rate or more flexibility.
What are early repayment charges?
Early repayment charges (ERCs) are fees for repaying or switching your mortgage during a fixed or discounted period. They are commonly a percentage of the balance and often reduce each year.
Check your mortgage offer or annual statement for the exact charge and end date. Some deals allow overpayments of up to 10% a year without charge. Paying an ERC to switch early only makes sense if the total savings are clearly higher. Some lenders let you port a mortgage to a new home to avoid the charge.
What happens if I do nothing when my deal ends?
Your mortgage usually moves to the lender's standard variable rate (SVR). The SVR is typically higher than the deals available to new or switching borrowers, so payments often rise.
There is normally no ERC on the SVR, so you can switch at any time. Even so, a few months on the SVR can cost more than arranging a deal in advance.
Can I borrow more when I remortgage?
Yes, subject to affordability and your property's value. People raise money for home improvements, to buy out a partner, or to fund a deposit on a buy-to-let. The lender will reassess your income and outgoings.
Using a remortgage to consolidate debts can lower monthly payments, but you may pay more overall over a longer term. The debt also becomes secured on your home. A second charge mortgage is sometimes an alternative.
Should I remortgage to a longer or shorter fix?
It depends on your plans and how much certainty you need. A longer fix gives stable payments for longer. It can also help affordability, as some lenders assess five-year fixes at the actual rate.
A shorter fix or tracker offers more flexibility if you may move, sell or repay soon. Early repayment charges usually last for the whole fixed period, so match the term to your plans. Our repayment calculator helps compare payments.
Sources
- MoneyHelper: Remortgaging to get the best deal
- FCA: Interest rate stress test rule
- MoneyHelper: Second charge or second mortgages
Frequently asked questions
How early can I remortgage before my fixed rate ends?
Many lenders let you apply up to six months before your current deal ends, and your offer can be timed to complete when it expires. Some product transfers can be agreed three to six months ahead. Starting early gives you time to compare options without paying an early repayment charge.
Is it worth paying an early repayment charge to remortgage?
Only if the savings over the new deal clearly exceed the charge plus any fees. Compare total costs over the same period. ERCs often reduce each year, so waiting a few months can change the maths. A broker can run the numbers with you.
Does remortgaging affect my credit score?
A full remortgage application involves a hard credit search, which is recorded on your file. A product transfer often uses no credit search, or a soft one. A single search is unlikely to have a big effect, but avoid several applications in a short time.
Can I remortgage if my income has dropped?
You may struggle to pass a new lender's affordability check. A product transfer with your current lender often avoids a full reassessment if you are not borrowing more. This can be a useful option if your circumstances have changed.
What is the standard variable rate?
It is the lender's default rate, which applies when a fixed, tracker or discounted deal ends. The lender can change it at any time. It is usually higher than the deals available when you switch, so most borrowers arrange a new product before their deal ends.
How long does a remortgage take?
A remortgage often takes four to eight weeks from application to completion. It depends on the valuation, the lender's processing time and the legal work. A product transfer is usually quicker, often days, because no valuation or conveyancing is normally needed.
What if rates fall after I lock in?
Many lenders let you switch to a lower rate before completion, though fees or a new application may be needed. If you remortgage elsewhere, you can often start a new application with another lender. Ask your broker to keep an eye on rates until completion.
Are there fees for remortgaging?
There can be. Common costs include a product or arrangement fee, a broker fee, and sometimes valuation and legal fees. Many remortgage products include a free valuation and free legal work. Adding a fee to the loan means paying interest on it, so compare total costs.
Important: This guide is general information, not personal advice. Rules, rates and lender criteria change; speak to an adviser about your circumstances. Your home may be repossessed if you do not keep up repayments on your mortgage.