When to remortgage, and why waiting might cost you more

Your mortgage isn’t something you set and forget. Just like your phone contract or car insurance, it’s worth checking in on – especially when your fixed rate is about to end.

But many homeowners don’t realise: the best time to remortgage can be months before your deal actually finishes. Let’s look at how it works, and how you can avoid unnecessary costs by planning ahead.

1. What is remortgaging?

Remortgaging simply means switching your mortgage: either to a better deal with your current lender, or to a new one altogether. You can:

• Lock in a new fixed rate (often lower than what you’re about to move onto).
• Borrow more for home improvements.
• Or restructure your deal for better flexibility.

The key? Timing

2. What happens if I do nothing?

If you don’t act before your current fixed-rate period ends, your lender will likely move you onto something called a standard variable rate (SVR). This is often much higher than your fixed rate, and it’s not fixed. It can change at any time.

We’ve seen monthly payments jump by £200–400, just because someone missed the window to remortgage.

3. So when should I start?

Ideally, 3–6 months before your current deal ends. That gives you time to:

• Review your options.
• Lock in a new rate early.
• And avoid gaps or rushed decisions.

Many lenders will honour a new mortgage offer for up to six months. So even if your fixed rate ends in November, you could secure a deal in May, earlier in the year.

4. Can I switch even earlier?

Yes. In some cases, it’s worth remortgaging before your fixed term ends. Especially if:

• Interest rates are expected to rise sharply.
• You’re eligible for a significantly better rate.
• Your personal or financial situation has or is expected to change.

Just keep in mind: there might be an early repayment charge (ERC), so we’ll help calculate whether the savings are worth it.

5. What’s the process?

We’ll guide you through it all. The key steps:

1. Reviewing your current mortgage terms.
2. Comparing thousands of deals from 90+ lenders.
3. Working out if switching early makes financial sense.
4. Handling the paperwork, application and timing.

Many remortgages go through without you needing to pay for a solicitor or valuation, and we’ll let you know if that’s the case for you.

Final thought: the cost of waiting

If your current deal is ending soon, every month on the wrong rate adds up: if rates are rising, the longer you wait the fewer good options you might have. If you are thinking of remortgaging, we’ll help you make a plan that fits your life (not just your lender’s timeline).