You should start looking for a new mortgage deal at least six months before your current fixed-rate mortgage deal ends. This ensures you have enough time to arrange a new mortgage without risking being transferred to a high standard variable rate (SVR) with your current lender.

Most lenders allow you to do a product transfer, staying with your existing lender and switching to a new deal, up to six months before your current deal ends. If you are on your lender’s SVR, which typically has a higher rate, we almost always recommend remortgaging or switching to a new deal as soon as possible.

While you can remortgage at any time, switching early may incur early repayment charges (ERCs), which depend on your mortgage arrangements with your lender and typically apply during the first two, three, or five years of your mortgage.

If you would like a personalised consultation with one of our experts, you can call us on 0800 980 8777 or book a mortgage meeting here.

What does it mean to remortgage?

Remortgaging is the process of switching your current mortgage to a new deal, usually with a new lender, while using the same property as security. It also applies if you own your property outright and want to release some equity. As you approach the end of your current mortgage deal, you have two options:

  • Product transfer: Stay with your existing lender and switch to a new deal.
  • Switching lenders: Move to a new lender with a new deal.

Why remortgage?

There are several reasons to consider remortgaging beyond finding a better rate, including, but not limited to:

  • Switch to a fixed rate for budgeting purposes
  • Consolidate debts into a single payment
  • Raise capital for home improvements
  • Raise funds to buy a second property or buy-to-let investment
  • Change mortgage preferences, such as switching to an interest-only or offset mortgage
  • Take advantage of improved credit score or increased property value
  • Change to a more flexible mortgage product that suits different needs

Can you remortgage at any time?

Yes, remortgaging before your current deal expires is possible even before the last six months of your current deal, but you may face ERCs depending on your mortgage arrangements with your lender. This decision may be more costly even if better mortgage rates are available. It is important to consider the overall costs and benefits of remortgaging early, including potential savings in interest rates versus the cost of ERCs and other fees.

Securing a mortgage rate early can provide peace of mind and certainty, even if rates reduce in the future before you secure your new mortgage. By locking in a rate early, most lenders allow rate switches if better deals become available before completely switching to the new deal. Your Private Finance consultant will endeavour to monitor rates and advise on preferable options within this timeframe, potentially saving you thousands over the fixed term.

It is important to note that most lenders will not monitor the market for better deals on your behalf, nor is it a requirement of mortgage brokers. As a client-first specialist mortgage brokers, we prioritise securing the best rates and terms for you. Switching to a lower rate could potentially save you thousands over the fixed term period of a mortgage.

Accessing the best remortgage deals

With numerous options available, selecting the right mortgage can be confusing and if done incorrectly can be a huge financial burden. Choosing the right mortgage adviser is crucial to navigate the market effectively.

Your Private Finance consultant will help you consider your options before your current deal expires and find the most competitive mortgage deal available to you. We help you compare thousands of remortgage deals across the whole of the market, including bespoke and exclusive deals, then endeavour to continue to monitor the market if a better deal becomes available to you before remortgaging.

  • Compare and access the best mortgage rates
  • Industry expert guidance, catering to all scenarios, from simple to highly complex
  • Strong relationships with high street lenders, private banks, and specialist providers

Book a mortgage appointment » 

or call an expert now on 0800 980 8777

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