When should you start remortgaging?

General guidance, not a personal recommendation. Lender criteria, insurance terms and costs depend on the product and your circumstances. Numerical examples are illustrations unless expressly identified as an individual quote. Check current terms with your adviser and tax or legal points with the relevant specialist.

When your current deal ends, your mortgage may move to your lender's follow-on rate. Check that rate and what it would mean for your payments. An early review gives you time to compare suitable product transfers and remortgages using both payments and the overall costs.

Consider reviewing your options around six months before your current deal ends. Lenders' product-transfer windows and mortgage-offer periods vary. Check your current deal end date, any early repayment charge and the costs of changing your mortgage before deciding when to proceed. An intended completion date depends on lender and legal requirements and cannot be guaranteed.

An illustrative review plan

6 months out

Start looking. We'll review your current rate, property value, income situation, and compare against what's available. You'll know what the market looks like before you commit to anything.

5 months out

If the relevant lender window is open, discuss whether to apply or reserve an available product. Check offer validity, conditions and any fees. A future rate change is subject to lender rules and is not guaranteed.

4 months out

If you proceed, provide the information requested for the application. The lender may require a valuation. The checks, costs and time to offer depend on the lender, property and your circumstances.

2-3 months out

If an offer is issued, check its conditions and expiry date. Any legal work must be completed and a completion date agreed with the parties involved. Legal packages and costs vary.

Fix end date

The new mortgage starts and the old mortgage is repaid when completion takes place. Check whether any early repayment charge or follow-on-rate payment applies. Completion on your deal end date is not guaranteed.

If you leave it too late

If your deal ends soon, contact your lender or adviser to discuss the options available within the time remaining. A remortgage may not complete before the deal ends. Check the follow-on rate, any product-transfer options and the likely costs rather than assuming a particular delay or saving.

What reserving a rate means

A reserved product or mortgage offer may have conditions, an expiry date and fees. Some costs may be payable before completion or may not be refundable. Ask your adviser what happens if you change your plans or product.

• Same lender. A lender may allow a change to an available product before completion. Eligibility, timing, fees and the effect on your offer depend on its rules.
• Different lender. Moving to another lender may require a fresh application, checks, valuation and legal work. Any potential benefit must be compared with costs and delays.

Some lenders may let you reserve a deal ahead of your current deal ending or change to an available rate before completion. The rules, timing, eligibility and any costs vary. Rates may rise or fall; a lower rate or a change to a reserved deal is not guaranteed.