Your mortgage deal ending is more than just a financial milestone — it’s a moment that shapes your family’s future. This year alone, around 1.6 million UK homeowners will face this important decision, and we’re here to help you make it with confidence.
Without careful planning, you’ll likely find yourself on your lender’s Standard Variable Rate — typically between 6.5% to 7.5%. That shift can mean hundreds of pounds more each month, money that could be better spent on the life you’re building.
The good news is that timing your remortgage well could save you thousands of pounds every year. We understand that mortgage decisions aren’t just about numbers — they’re about creating space for what matters most to you. Whether you’re planning for your children’s future, dreaming of home improvements, or simply wanting more breathing room in your budget, getting the timing right makes all the difference.
With Standard Variable Rates running more than 1.5% higher than competitive fixed deals, understanding when to move becomes essential. We’re here to walk you through the remortgage timeline — no jargon, no pressure. Just clear guidance to help you secure the rates that work for your circumstances, not just the ones that look good on paper.
What Does Remortgaging Mean?
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Remortgaging is simply switching your mortgage from one lender to another while staying in the home you love. Your new lender pays off your existing mortgage, and you start fresh with them under better terms. For millions of UK homeowners, it’s become a powerful way to take control of their largest monthly expense and create more space in their budget for what truly matters.
Think of it this way: you’re not moving house — you’re moving your mortgage to a better home. Your property stays the same, but the financial arrangement behind it gets a fresh start. Since your mortgage likely represents your biggest financial commitment, even small improvements in rates can free up hundreds of pounds each month for your family’s priorities.
How it differs from switching lenders
Understanding your options helps you choose the right path for your circumstances. Let’s clear up the confusion around these different approaches:
Remortgaging means taking out a completely new mortgage with a different lender while staying put in your current home. Your old mortgage gets paid off, and you begin a new chapter with fresh terms and hopefully better rates.
A product transfer works differently — you stay with your current lender but move to one of their other deals with new rates and terms. It’s typically quicker and often involves fewer fees than a full remortgage, making it worth exploring if your current lender offers competitive options.
Porting your mortgage happens when you’re selling up and buying elsewhere. You take your existing mortgage terms with you to the new property — useful if you’ve got a particularly good deal you want to keep.
Why people remortgage their homes
Every remortgage tells a story. Here are the most common reasons homeowners make this move:
Your current deal is ending — Most mortgage arrangements run for two to five years. When yours expires, you’ll typically move to your lender’s Standard Variable Rate (SVR), which tends to be significantly higher (around 6.5% to 7.5%) than your previous rate. Remortgaging before this happens protects you from these higher costs.
Securing better rates — Market conditions change, and so do your circumstances. If either has improved since you took out your current mortgage, better deals might now be within reach.
Your home’s grown in value — Property appreciation can move you into a lower loan-to-value band, potentially unlocking access to more competitive rates.
Gaining flexibility — Perhaps you want the freedom to make overpayments without penalties, or you’d value the option of payment holidays during challenging times.
Releasing equity — Your home’s increased value might allow you to borrow against it for improvements, debt consolidation, or other important expenses.
Changing mortgage structure — You might want to switch from variable to fixed rates, especially when interest rates are climbing, or make other adjustments to suit your evolving needs.
Remortgaging isn’t right for everyone, though. If you’re still within your initial deal period, early repayment charges (ERCs) which can be substantial—often 2-5% of your outstanding loan might outweigh any potential savings. That’s why we always calculate whether the numbers work in your favour before making any recommendations.
When Should You Start the Remortgage Process?
Your remortgage timing can mean the difference between financial peace and unnecessary stress. We understand that life doesn’t pause for mortgage deadlines — but with the right timing, your mortgage journey doesn’t have to disrupt the life you’re building.
Six months ahead: your window of opportunity
The most effective approach is to begin your remortgage process around six months before your current mortgage deal expires. This isn’t just industry guidance — most mortgage offers remain valid for up to six months, creating a perfect window to secure tomorrow’s deal with today’s peace of mind.
Starting early means you can lock in a rate now that activates when your current deal ends. This approach proves especially valuable when rates are climbing, potentially saving you thousands over your mortgage term. But beyond the numbers, it gives you something equally important: control over your family’s financial future.
The six-month window creates breathing space for:
- Thoroughly exploring options without pressure
- Completing applications at your own pace
- Managing any unexpected delays calmly
- Staying clear of your lender’s standard variable rate
Most remortgage applications take about a month with your current lender, or two to three months when switching. Six months ensures you’re never rushing a decision that affects your family’s biggest monthly expense.
Why avoiding the Standard Variable Rate matters
Standard Variable Rates typically sit between 6.5% and 7.5% — substantially higher than competitive fixed deals. These rates become your default when favourable fixed-rate or tracker mortgages end their terms, usually after two to five years.
The impact on your monthly budget can be immediate and significant. For families with larger mortgages, the difference between a competitive rate and an SVR can mean hundreds of pounds less each month for holidays, savings, or simply breathing room.
We help you sidestep this entirely. Mark your calendar six months before your deal ends, and we’ll help you explore options while you still have choices, not when you’re backed into expensive alternatives.
The insurance approach: securing your future rate
There’s a sophisticated strategy we call the ‘insurance approach’ to remortgaging. Most lenders allow you to secure a new deal months before you need it, essentially buying tomorrow’s mortgage with today’s rates while your current arrangement continues.
Picture this: you apply in March for a deal starting in June, locking in March’s rate while finishing your current term. If better deals appear during those months, you can often switch course. It’s flexibility with security — exactly what families need during uncertain times.
This works particularly well when rate movements are unpredictable. Rising rates? You’re protected. Falling rates? You keep your options open.
Remember that mortgage offers typically last up to six months. If you’re using free legal services from your lender, factor in potential delays — high-volume solicitors sometimes cause timing issues that could temporarily push you onto higher rates. Sometimes investing cashback from your mortgage deal into your own solicitor proves more efficient.
Every family’s timing needs are different, but starting early ensures you’re making decisions from a position of choice rather than necessity.
Can You Remortgage Early?
Your mortgage journey doesn’t have to follow a rigid timeline. We understand that life isn’t always predictable, and sometimes the best financial opportunities appear before your current deal ends.
What early remortgaging means
Early remortgaging simply means switching to a new mortgage deal before your current arrangement expires. Yes, you can apply to remortgage at any time, even during a fixed term. This flexibility becomes valuable when market conditions shift dramatically or when your personal circumstances change in ways that could benefit from a new approach.
The process works much like any remortgage. Your new lender pays off your existing mortgage, and you start fresh with new terms and rates. The key difference lies in understanding the potential costs of leaving your current deal early — costs we’ll help you evaluate honestly.
Most homeowners wait until their deals conclude naturally, but early remortgaging offers options for those who spot genuine opportunities or need to release equity sooner. The question isn’t whether you can do it, but whether it makes sense for your situation.
Early repayment charges (ERCs)
Here’s where we need to be straightforward about the costs involved. ERCs typically range between 1-5% of your outstanding mortgage balance. These charges exist because lenders plan their profits around you staying for the full term.
The charges usually decrease over time. A five-year fixed mortgage might carry a 5% charge in year one, dropping to 4% in year two, and so on. On a £200,000 outstanding mortgage, that 5% charge means £10,000 — a significant sum that needs weighing against potential savings.
ERCs apply when you:
- Pay off your mortgage early
- Switch to another lender during your fixed term
- Make overpayments beyond your allowed limit
- Move to a new product with your current lender (though some waive this near the end)
The good news? ERCs don’t usually apply if you’re already on a Standard Variable Rate or certain tracker products. Many lenders also waive these charges for genuine hardship situations like redundancy, critical illness, or domestic circumstances requiring a move.
When early remortgaging makes sense
Despite potentially substantial charges, early remortgaging sometimes creates genuine value. The calculation centres on whether your savings outweigh the ERC cost.
If rates have dropped significantly since you secured your current mortgage, the maths might work in your favour. Large mortgages particularly benefit here, where small rate differences create substantial monthly savings. Today’s market conditions make this calculation increasingly relevant.
Another scenario worth considering: if you expect rates to rise sharply before your current deal ends. Paying an ERC now could lock in today’s lower rates, treating the charge as insurance against future increases.
If you’re exploring early remortgage options, consider these alternatives first:
Product transfers — Your current lender might offer a switch to another product with reduced ERCs. While you won’t get their best rates, you could still achieve meaningful savings.
Timing your move — ERCs typically decrease throughout your term. Waiting even a few months could reduce your charge significantly.
Partial remortgaging — Some lenders allow transferring portions of your mortgage, potentially reducing ERCs on the transferred amount.
We believe in careful calculation over hasty decisions. Compare potential savings against the costs of breaking your agreement. With larger mortgages especially, you might find that even substantial ERCs can be offset by long-term benefits of securing better rates. The key is understanding your specific circumstances and running the numbers honestly.
How to Know If You’re Financially Ready
Before you start your remortgage journey, understanding your financial position gives you confidence and puts you in control. Financial readiness isn’t just about having money for fees — it’s about presenting yourself as someone lenders want to work with, someone building a secure future.
Check your credit score and report
Your credit score tells lenders about your reliability as a borrower. There isn’t one universal “magic number” needed for mortgage approval. Each lender calculates your score differently using information from credit reference agencies like Experian, Equifax, and TransUnion.
Your score affects both your chances of approval and the rates you’ll be offered. With Experian’s scoring system (0-999), the ratings typically break down as:
- Excellent (961-999): Eligible for the best mortgage deals with lower interest rates
- Good (881-960): Access to most but not all the best deals
- Fair (721-880): Good mortgage deals with reasonable rates
- Poor (561-720): Potential approval but with higher interest rates
- Very Poor (0-560): Possible rejection or very high interest rates
Check your credit reports from all three agencies, as you won’t know which one(s) a lender might use. Look for errors in your credit history — even a simple address spelling mistake could cause problems. Most lenders examine your credit history over the last 18 months, giving you time to improve your score before applying.
Understand your loan-to-value (LTV)
LTV represents the proportion of your property’s value that you’re borrowing. Calculate it by dividing your mortgage amount by your property’s value and multiplying by 100. For instance, if you still owe £180,000 on a property now worth £300,000, your LTV is 60%.
This ratio significantly impacts your remortgage options because:
- Different LTV bands qualify for different interest rates
- Lower LTV ratios (typically 60%, 75%, 80%, and 90%) unlock better rates
- Lenders view lower LTVs as reduced risk
To improve your LTV ratio before remortgaging, consider:
- Making overpayments on your current mortgage if permitted
- Waiting if your property’s value is increasing
- Using savings to reduce the borrowing amount
Calculate your home’s current value accurately — an increase could significantly improve your LTV position without additional action.
Assess your income and outgoings
Beyond credit scores and LTV, lenders thoroughly examine your financial situation through affordability assessments. These evaluations determine not just if you qualify but how much you can borrow.
Lenders calculate your debt-to-income (DTI) ratio by dividing your monthly debt repayments by your gross monthly income. This includes credit cards, loans, overdrafts, and other commitments. A DTI ratio over 50% may suggest you’re borrowing beyond your means.
Lenders also scrutinise:
- Regular expenditures including household bills, childcare costs, and transportation
- Different income sources and their stability
- How long you’ve been in your current employment
For self-employed applicants or those with variable income, additional documentation is typically required, including evidence of income from the past 2-3 years through tax returns and bank statements.
Remember that lenders need confidence in your ability to make full, timely repayments throughout the mortgage term. Preparing your finances well in advance puts you in a stronger position to secure the best available rates and the peace of mind that comes with them.
Understanding Remortgage Costs
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We understand that costs matter when you’re considering when to remortgage your home. These fees can feel overwhelming at first, but understanding them clearly helps you make the right choice for your circumstances.
Arrangement and booking fees
Arrangement fees (sometimes called product fees) represent one of the largest costs you’ll encounter. These typically range between £500 and £1,500, although they can sometimes reach £2,000. Some lenders structure this as a percentage of your borrowing amount instead.
Here’s something worth knowing: lower interest rates often come with higher arrangement fees. This creates a trade-off that works differently depending on your situation:
- Higher fee/lower rate combinations typically benefit larger mortgages
- Lower fee/higher rate options might better suit smaller loans
Booking fees (also called application or reservation fees) secure your remortgage deal during the application process. These typically cost between £99 and £250 and are paid upfront. Keep in mind that booking fees are non-refundable if your application doesn’t proceed.
Valuation and legal costs
Valuation fees are necessary because your new lender needs to assess your property’s current market value. These costs vary according to your property’s size and value, typically ranging from £250 to £1,500. The good news is that many lenders now offer free valuations as part of remortgage deals.
Legal work is equally essential for transferring your mortgage from one lender to another. A solicitor or conveyancer will:
- Investigate the property title for the new lender
- Carry out required searches
- Handle the paperwork and registration
- Facilitate the redemption of existing charges
Legal fees generally cost around £300, though several lenders include free legal services with remortgage packages. Just be aware that lender-appointed solicitors often work with high volumes, which can occasionally cause delays.
Broker and exit fees
If you choose to use a mortgage broker, their fees might range from £300 to £600, or sometimes they charge a percentage of the mortgage value[252]. Many brokers receive commission from lenders instead, potentially offering you fee-free service.
Exit fees (variously called discharge, closure or deeds release fees) cover the administrative costs of closing your mortgage account. These typically cost between £50 and £300. Unlike early repayment charges that apply when leaving a deal early, exit fees apply regardless of timing.
The key to determining when is the best time to remortgage lies in calculating whether potential savings outweigh these combined costs. Many remortgage deals now offer incentives like cashback, free valuations, or free legal work that can offset these expenses. We help you work through these calculations to find the solution that genuinely saves you money, not just the one that looks attractive on the surface.
Right Now — Is It Your Time to Remortgage?
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Market conditions shape your remortgage story, and understanding where we stand today helps you write the next chapter with confidence. The financial landscape in 2025 offers both opportunities and considerations that deserve your attention.
What the market means for you
The mortgage environment has found its footing after the uncertainty of recent years. With the Bank of England rate now sitting at 4% as of August 2025, we’re seeing more predictable borrowing conditions. Typical remortgage rates now range between 3.8% and 4.2% for homeowners with loan-to-value ratios under 70%.
Fixed mortgage rates have been steadily declining throughout 2024 and into early 2025. Lenders have already built anticipated future rate cuts into their current offerings, creating genuine competition across the market. This means you’re not just hoping for better rates — they’re actually available.
When your home’s growth works in your favour
Property value increases can transform your remortgage options entirely. If your home’s worth has grown since you took out your current mortgage, you might discover you’ve moved into a lower LTV band. This shift can unlock:
- Better mortgage rates that reduce your monthly payments
- The ability to release equity through remortgaging while keeping similar repayment levels
- More flexible terms from a broader range of lenders
When staying put makes sense
Yet remortgaging isn’t always the right move. We understand that every situation tells its own story, and sometimes that story suggests patience.
If your remaining mortgage balance sits below £50,000, the fees involved in switching often outweigh the savings you’d achieve. Similarly, if you’re still years away from your current deal ending and facing substantial early repayment charges, waiting usually proves the wiser path.
Property values don’t always climb. Should your home’s worth have declined, your LTV ratio may have increased — or in challenging cases, you could face negative equity. These circumstances make competitive rates harder to access, and staying with your current arrangement often becomes the sensible choice.
The decision ultimately rests on your unique circumstances, not just market headlines. We’re here to help you understand what the numbers mean for your specific situation.
Conclusion
Your remortgage story matters — and with 1.6 million mortgage deals ending this year, you’re certainly not alone in writing this next chapter. We understand that behind every mortgage decision lies a family’s hopes, a person’s dreams, and the desire to build something lasting.
The path ahead becomes clearer when you start early. Six months before your deal ends gives you the breathing space to explore options without pressure, secure rates that work for your circumstances, and avoid the Standard Variable Rate trap that catches so many homeowners off guard.
We’ve walked you through the key considerations — your credit position, loan-to-value ratios, market timing, and the real costs involved. Each of these elements tells part of your financial story, but none of them defines your options entirely. Life isn’t always straightforward, but your remortgage journey can be.
Sometimes staying put makes the most sense. Sometimes moving early pays dividends. The right choice depends on your situation, not on what works for everyone else. What matters is that you make that choice deliberately, with clear information and steady support.
Every mortgage tells a story — and yours should be filled with possibilities rather than worries about missed opportunities. Whether you’re securing better rates to free up money for family holidays, home improvements that bring joy to daily life, or simply peace of mind that comes from knowing you’re getting a fair deal, taking control of your remortgage timing puts you back in charge of your financial future.
Your home represents more than bricks and mortar. With the right guidance and timely action, your mortgage can work harder for the life you’re building.
Key Takeaways
Understanding when to remortgage can save you thousands of pounds annually and prevent costly mistakes that affect your financial future.
• Start your remortgage process six months before your current deal expires to avoid expensive Standard Variable Rates (6.5-7.5%) • Check your credit score and loan-to-value ratio early – better financial health unlocks significantly lower interest rates • Calculate all costs including arrangement fees (£500-£1,500) and early repayment charges before deciding to switch • Property value increases can move you into lower LTV bands, qualifying you for better rates and more flexible terms • Avoid remortgaging if your remaining balance is under £50,000 or if substantial early repayment charges apply
With 1.6 million mortgage deals ending in 2024, timing your remortgage correctly ensures you secure competitive rates rather than defaulting to expensive variable rates that could dramatically increase your monthly payments.
FAQs
Q1. When is the best time to start the remortgage process? The ideal time to begin the remortgage process is around six months before your current mortgage deal expires. This allows ample time to secure a new rate and complete the paperwork before being moved to a potentially higher standard variable rate.
Q2. How can remortgaging save me money? Remortgaging can potentially save you money by securing a lower interest rate than your current mortgage, especially if market rates have decreased or your financial situation has improved. This could result in lower monthly payments and significant savings over the life of your mortgage.
Q3. What factors should I consider before deciding to remortgage? Before remortgaging, consider your credit score, loan-to-value ratio, current financial situation, and any fees associated with switching mortgages. Also, evaluate current market conditions and interest rate trends to ensure it’s a favourable time to remortgage.
Q4. Can I remortgage before my fixed-rate period ends? Yes, you can remortgage before your fixed-rate period ends, but be aware of potential early repayment charges. These charges can be substantial, so carefully calculate whether the savings from a new rate outweigh the cost of exiting your current deal early.
Q5. How does my property’s value affect remortgaging options? If your property’s value has increased, you may have moved into a lower loan-to-value (LTV) band. This can potentially qualify you for better interest rates and more flexible lending terms, improving your remortgaging options and potentially reducing your monthly payments.