When should you start remortgaging?
6 months before your fix ends is the sweet spot. Here's why, and what happens if you leave it too late.
If you leave remortgaging until your fix actually ends, you'll roll onto your lender's Standard Variable Rate (SVR), which is normally higher than the products the same lender offers to new borrowers. On a £200,000 mortgage, each percentage point of difference is around £170 a month, every month you stay on SVR. It adds up fast.
The ideal window is to start 6 months before your current fix ends. Most lenders will let you agree a new rate 3-6 months in advance, lock it in, and swap over on the exact day your current fix expires. No SVR overlap, no ERC.
When to do what
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 you're remortgaging, lock in a new rate with a new lender. Most offers are valid for 6 months, so locking now means you're protected if rates rise. If rates fall, you can swap to a cheaper deal before completion.
4 months out
Application submitted, documents supplied, valuation booked (usually free). Process typically takes 4-8 weeks to offer.
2-3 months out
Mortgage offer issued. Solicitor works on the legal side (free legals package from most lenders). Completion date scheduled for the day your fix ends.
Fix end date
New mortgage completes. Old mortgage paid off. New rate starts. You haven't spent a single day on SVR. Seamless.
If you leave it too late
Less than 2 months before fix ends: still doable but rushed. Less than a month: you'll likely roll onto SVR for a month or two while remortgage completes. Every month on SVR costs £200-£400 extra on a typical mortgage.
Rate-lock strategy: you're not committing when you lock
When we lock a new rate 3-6 months in advance, it's a mortgage offer, not a commitment. You don't pay anything until completion. If rates drop meaningfully before you complete:
- Same lender. Some lenders let you swap to a new rate with them if it drops materially during the offer period.
- Different lender. We submit a new application to a cheaper lender. Might mean slight delay but can save £hundreds or £thousands.
So the lock is really just insurance against rates rising, with full flexibility to switch if they fall. There's almost no downside to locking early.
Frequently asked questions
What happens if I don't remortgage at all?
You roll onto your lender's SVR, typically 2-3% higher than competitive 5-year fix rates. Costs £200-£400 extra per month on a typical mortgage. Most lenders will then offer you a product transfer after some months, but every month on SVR is lost money.
Can I remortgage early and pay the ERC?
Sometimes yes. If rates have dropped a lot and your ERC is small (1-2% of balance rather than 5%), the saving from a new deal can outweigh the ERC within 1-2 years. We calculate this for clients asking about it.
Do I need to remortgage if I'm moving?
If you move home during your fix, you can usually port your mortgage to the new property, same rate, same terms, just different property. If you need to borrow more, you'd take a top-up at current rates. We handle this alongside the purchase.
How long before my fix ends will my lender offer me a rate?
Usually 3-6 months before. Most lenders now show the product transfer offer in your online banking. If it's not there, we can request it.
What if my income or credit has fallen since I took out the mortgage?
Product transfer with your current lender usually doesn't require reassessment. That's often the right call if remortgaging externally would be difficult. We'll assess both options.
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