Everything you need to know about when to remortgage uk in the UK.
The best time to remortgage is typically three to six months before your current mortgage deal expires. Most lenders allow you to secure a new rate up to six months in advance, and some offer rate locks for even longer. This gives you time to compare options and complete the application process without any gap where you fall onto the expensive standard variable rate (SVR).
If you wait until your deal has already expired, you will spend time on the SVR while your new mortgage completes — potentially costing you hundreds of pounds per month in higher interest. Setting a calendar reminder six months before your deal end date is one of the simplest ways to save money on your mortgage.
Beyond the deal expiry trigger, there are several other situations where remortgaging makes financial sense, even if you are still within your current deal period.
Consider remortgaging when any of these situations apply:
💡 Many lenders offer a rate lock that lets you secure a mortgage rate months in advance. If rates fall before completion, some lenders let you switch to the lower rate. If rates rise, you keep the rate you locked in. This effectively gives you a free option on future rate movements.
If you are considering remortgaging before your current deal ends, you need to factor in early repayment charges (ERCs). These are penalties charged by your current lender for leaving your deal early, typically ranging from 1% to 5% of the outstanding mortgage balance.
On a £250,000 mortgage, a 3% ERC equals £7,500. To justify paying this, the new rate needs to be sufficiently lower than your current rate to recoup the charge within a reasonable timeframe.
For example, if switching from a 5% rate to a 3.5% rate saves you £250 per month, it would take 30 months to recover a £7,500 ERC. If you have more than 30 months remaining on a five-year fix at the higher rate, the switch might be worthwhile. If you have less time remaining, it is usually better to wait until the deal ends.
Mortgage rates are priced in LTV bands, with significant rate drops at key thresholds. The main bands are:
If your mortgage repayments and property appreciation have moved you into a lower LTV band since your last mortgage, remortgaging lets you benefit from the improved pricing. A homeowner who purchased at 90% LTV five years ago may now be at 75% LTV, unlocking rates that could be 1% or more lower.
When your deal ends, you have two main options:
A product transfer is where you switch to a new deal with your existing lender. This is quick (often completed in days), requires minimal paperwork, and usually does not involve a valuation or legal work. The downside is that your current lender's deals may not be the most competitive on the market.
A full remortgage involves moving to a completely new lender. This gives you access to the entire market and potentially better rates, but takes longer (4–8 weeks), requires a valuation and legal process, and involves more paperwork. Some lenders cover these costs with incentives like free valuations and legal work.
A broker can compare both options and tell you which saves more money after all fees are considered.
⚠️ Do not assume your current lender's product transfer is the best deal just because it is convenient. Research shows that borrowers who compare the full market save an average of £1,000–£3,000 over a two-year deal compared to those who simply accept their lender's offer.
If you take no action when your deal ends, you will be moved onto your lender's SVR. As of late 2024, most SVRs sit between 7% and 8.5%. On a £200,000 mortgage, this could cost you £300–£500 more per month than a competitive fixed rate.
There is no contractual obligation to remortgage — you can stay on the SVR as long as you wish, and it does come with the advantage of no ERCs. But for the vast majority of homeowners, the cost of staying on the SVR far exceeds the effort and cost of switching.
A mortgage broker will compare deals from hundreds of lenders, handle the application process, and ensure you switch at the right time to minimise costs. Many charge no upfront fee, receiving their commission from the lender. Find a specialist remortgage broker through Nesto — matching is free and takes under two minutes.
Get matched with an FCA-regulated remortgage broker in under 2 minutes — free, no obligation.
Find my broker — it's free →