Remortgaging in Scotland: when to act, how it works, and why early broker advice pays
If your fixed rate ends in the next 6 months, now is the time to plan your next move. Acting early can stop you rolling onto a higher Standard Variable Rate (SVR), give you time to compare the whole market, and keep the legal process in Scotland running smoothly.[1]
Why plan 4–6 months ahead?
Avoid the SVR jump
When a fixed rate ends you normally drop to your lender’s SVR. In late-2025, typical SVRs are around the mid-7%s, while new five-year fixes average in the mid-4%s — a gap that can mean hundreds per month on a £200k balance.[2]
Rates & trends
Through 2025 average fixed and floating mortgage rates edged down from their 2023 peaks alongside the Bank Rate easing, but they remain well above pre-2021 lows — another reason to review options in good time.[3]
What to review before you compare deals
- Expiry date & current rate. Check when your fixed period ends and your present payment.
- Loan-to-Value (LTV). More equity → better pricing. If rising values or repayments have pushed you into a lower LTV band, you may unlock sharper rates.[5]
- Fees & costs. Consider arrangement fees, any early-repayment charge (ERC), valuation and legal fees. The cheapest headline rate isn’t always the best overall.[6]
- Credit & affordability. Clean up your credit file, avoid new credit, and gather payslips/bank statements.
- Your goals. Borrow more for improvements? Switch from interest-only to repayment? Consolidate debt? A broker can model the pros/cons.[7]
How the Scottish remortgage legal process works
In Scotland, a solicitor handles the remortgage and registers a new standard security with Registers of Scotland. Typical outline:
- Solicitor reviews your current mortgage and any ERC.
- Lender arranges a (desktop/drive-by) valuation.
- You sign the new standard security; solicitor liaises with the lender.
- Old mortgage is redeemed; new standard security is registered.[8]
Allow roughly four weeks for legals once your offer is issued (can be longer in busy periods).[8]
Why early broker advice makes a difference
- Whole-of-market access. Independent brokers compare many lenders and thousands of products, including specialist options.[9]
- Admin handled. Your broker packages the case, manages documents and liaises with the lender/solicitor — fewer delays.[9]
- Lock in early. Many lenders allow rate reservations up to ~6 months; a broker will track better deals and switch if pricing falls.[4]
- Specialist guidance. Self-employed income, credit blips or complex goals benefit from an expert who knows criteria across lenders.[9]
Key questions to ask a mortgage broker
| Topic | Ask this | Why it matters |
|---|---|---|
| Regulation & scope |
• Are you **FCA-regulated**?[10] • Are you **whole-of-market** or tied to a panel?[10] |
Ensures fair advice + widest product search. |
| Fees | • Do you charge a fee, and when is it payable? • Any refund if I don’t proceed? |
Clarity on true costs beyond the rate. |
| Process | • Will you handle documents and liaise with my solicitor?[9] | Smoother timeline; fewer errors. |
| Options | • Fixed vs tracker vs offset — which fits my plans? • ERCs/overpayment rules/incentives? |
Prevents lock-in to unsuitable products. |
Practical steps for Scottish homeowners
- Check your end date. Ask your lender what retention rates they can offer and how long they’ll hold them.[11]
- Tidy affordability. Reduce unsecured debt where possible; collect 3 months’ payslips and bank statements.
- Compare total cost. Use a calculator to weigh payments and fees — not just the headline rate.
- Speak to a broker ~6 months out. Let them secure a back-up rate now and switch later if pricing improves.[4]
- Instruct a Scottish solicitor. Once you’ve picked a product, start legals so you complete before your old deal ends.[8]
Frequently Asked Questions
When is the best time to start thinking about remortgaging?
You should start looking at remortgage options around six months before your current fixed-rate or introductory deal ends. Most lenders allow you to lock in a new rate up to six months in advance, and some even offer rate guarantees for longer. Starting early gives you time to compare deals and ensures you do not automatically roll onto your lender's Standard Variable Rate, which is typically much higher than competitive fixed deals.
What costs are involved in remortgaging in Scotland?
Remortgaging costs can include a product fee charged by the new lender (typically £500 to £2,000), a valuation fee, legal or conveyancing fees if you are switching lender, and potentially early repayment charges on your existing mortgage. Many lenders offer free valuations and free legal work for remortgage customers to offset these costs. It is important to factor in all fees when comparing the total cost of different remortgage deals.
What are early repayment charges and how do they affect remortgaging?
Early repayment charges (ERCs) are fees your current lender may charge if you pay off your mortgage or switch to a new deal before your fixed-rate or introductory period ends. ERCs are usually calculated as a percentage of the outstanding balance, typically ranging from 1% to 5%. These charges can make remortgaging during a fixed period expensive, so it is generally best to wait until your deal is close to ending unless the savings from a new rate clearly outweigh the penalty.
What is the difference between a product transfer and a full remortgage?
A product transfer means switching to a new deal with your existing lender without going through a full application process, while a full remortgage involves moving your mortgage to an entirely different lender. Product transfers are typically faster and involve less paperwork, but they limit you to your current lender's range of products. A full remortgage opens up the entire market, which may result in a better rate or more suitable terms for your circumstances.
Is it better to use a mortgage broker or go directly to a lender when remortgaging?
A mortgage broker has access to deals from across the whole market, including exclusive rates not available directly from lenders. They can compare hundreds of products to find the one that best suits your financial situation, potentially saving you thousands over the term of your mortgage. Going directly to a lender only gives you access to that single lender's range, which means you may miss out on better deals available elsewhere.
References
- MoneySavingExpert — Start remortgaging about six months before your fix ends (explainer & timeline). moneysavingexpert.com ↩
- HomeOwners Alliance / Moneyfacts — average SVR ~7.4–7.6% and typical 5-yr fixes mid-4%s in Oct-2025; example payment gap. hoa.org.uk ↩
- Scottish Government — Housing Market Review (Q2 2025) (bank rate, average new fixed/floating rates in Scotland/UK). gov.scot ↩
- Mortgage Advice Bureau — When to remortgage (secure a new deal ~6 months before expiry; switch if rates fall). mortgageadvicebureau.com ↩
- General LTV bands & pricing differentials (illustrative) from Moneyfacts/HOA rate tables. hoa.org.uk ↩
- L&C (London & Country) — typical remortgage fees & ERCs explained. landc.co.uk ↩
- MoneyHelper — preparing for the end of a fix, retention options, and steps to take months in advance. moneyhelper.org.uk ↩
- Scottish conveyancing overview of remortgage steps (standard security, registration with Registers of Scotland). watermans.co.uk ↩
- Tembo — benefits of using a mortgage broker (market access, admin support, criteria knowledge). tembomoney.com ↩
- Unbiased — key questions to ask a mortgage broker; FCA-regulation and market scope. unbiased.co.uk ↩
Your home may be repossessed if you do not keep up repayments on your mortgage.