Remortgaging · Guide
When should I start looking for a remortgage deal?
Most people leave it too late. Here's exactly when to act — and why it can save you a significant amount every month.
Start six months before your deal ends
The single most important thing to know: start looking six months before your current mortgage deal expires. This gives you enough time to compare the market properly, complete the application process, and have your new deal ready to start the moment your old one ends.
Many lenders will allow you to lock in a new rate up to six months in advance. If rates improve between now and your completion date, a good broker can often switch you to a better deal before you complete.
What happens if you don't act in time
When your fixed rate or tracker mortgage ends, your lender automatically moves you onto their Standard Variable Rate (SVR). This is almost always significantly higher than any deal you could get elsewhere — sometimes by 2–3% or more.
On a £200,000 mortgage, that difference could cost you an extra £300–£500 per month. For most people, this is one of the most avoidable financial mistakes they can make.
The SVR trap
Lenders rely on inertia. They know most customers won't act quickly, so they set their SVR well above competitive rates. In 2024, average SVRs were sitting around 7–8%, while new fixed deals were available at 4–5%. The difference on a typical mortgage can be hundreds of pounds every month.
Reasons to remortgage beyond rate expiry
Your deal ending isn't the only reason to remortgage. Consider reviewing your mortgage if any of the following apply:
Your property has increased in value
If your home is worth more than when you took out your mortgage, your LTV has improved. This may mean you now qualify for a lower interest rate tier.
You want to release equity
Remortgaging can allow you to release equity for home improvements, debt consolidation, or other purposes — without needing a separate loan.
Your income has changed significantly
An income increase might let you shorten your mortgage term or overpay. A decrease might mean restructuring to reduce monthly payments.
You want to change your mortgage type
Moving from interest-only to repayment, or from a variable rate to a fixed rate, can be done through remortgaging.
Removing or adding someone to the mortgage
Life changes like marriage, separation, or a new co-owner require a new mortgage application in most cases.
The remortgage process: step by step
Check your current deal end date
Find out exactly when your current deal expires. This is on your original mortgage illustration or you can call your lender.
Review your current situation
What's your outstanding balance? What is your property worth now? How much are you currently paying each month?
Speak to a specialist adviser
A specialist adviser will compare the full market on your behalf and present your best options — including whether staying with your current lender on a product transfer makes sense.
Apply and secure your new rate
Once you've chosen a product, we submit your application. Most remortgages complete in 4–8 weeks.
Completion
Your new lender pays off the old one, and you begin making payments on your new deal from the agreed start date.
Product transfer vs. full remortgage
When your deal ends, your existing lender will often offer you a product transfer — a new rate with them, without a full application. This can be quicker and sometimes avoids valuation or legal fees.
However, your existing lender is only one option. A specialist adviser will check whether staying put actually gives you the best deal, or whether switching to a new lender would save you more. In many cases, the market offers significantly better terms than what your current lender proposes.
Early repayment charges
If you want to remortgage before your current deal ends, you may face an Early Repayment Charge (ERC). These are typically 1–5% of the outstanding balance, reducing as you get closer to the end of your term.
In some circumstances, the saving from switching to a better rate outweighs the ERC — particularly if rates have fallen significantly since you took out your mortgage. We can calculate this for you exactly.
Frequently asked questions
Can I remortgage if I'm in negative equity?
It's difficult but not impossible. Some lenders will consider applications from borrowers in negative equity, particularly if the shortfall is small. Government schemes may also be available. Speak to a specialist adviser to understand your options.
How long does a remortgage take?
A straightforward remortgage to a new lender typically takes 4–8 weeks from application to completion. A product transfer with your existing lender can be done in days.
Are there fees involved in remortgaging?
There can be. Some lenders charge a product fee (typically £500–£1,500), though many deal with no fees exist. There may also be legal fees and valuation costs, though these are often covered by the new lender as an incentive.
What documents do I need?
For a full remortgage you'll typically need proof of income (last 3 months' payslips or 2 years' accounts if self-employed), bank statements, ID, and details of your existing mortgage. We'll tell you exactly what's needed once we review your situation.
Don't leave it too late
Let us review your current deal.
We'll compare the full market and tell you exactly whether switching makes sense for you.