When to remortgage
Knowing when to remortgage can save you thousands of pounds over the life of your mortgage. This guide explains the best times to switch, when to hold off, and how far in advance you should start looking.
In this guide
When does your fixed-rate deal end?
The most common trigger for remortgaging is the end of your initial deal period. When a fixed, discounted, or tracker rate ends, you’re usually moved onto your lender’s standard variable rate (SVR) — and the jump can be significant.
The SVR trap
3.5–4.5%
Typical fixed rate
What you might pay on a competitive two or five-year fix
7–8.5%
Typical SVR
What many lenders charge once your deal expires
£200–£400+
Extra per month
What the SVR jump could cost on a typical £200,000 mortgage
How far in advance should you start looking?
Your remortgage timeline
6 months before deal ends
Start researching rates. Speak to a broker to understand your options and what’s available in the current market.
3–4 months before
Lock in a rate with your chosen lender. Most rate holds last 3–6 months, giving you a safety net if rates rise before completion.
6–8 weeks before
Complete the application and legal work. Your broker and solicitor will manage the paperwork and chase any hold-ups.
Deal end date
Your new deal starts seamlessly. No gap, no SVR, no interruption to your payments.
What are the best reasons to remortgage now?
- A higher property value means a lower LTV ratio
- Lower LTV unlocks better rates and cheaper monthly payments
- Even a small LTV improvement (e.g. 85% to 80%) can mean a meaningfully lower rate
When should you NOT remortgage?
Remortgage now vs wait
Consider waiting if…
- You’re still within a fixed deal with high ERCs
- Your property value has fallen and your LTV is now higher
- You’ve recently changed jobs or your income has dropped
- You have recent credit issues that could affect your application
- Your remaining mortgage is very small and fees would outweigh savings
Remortgage now if…
- Your deal has ended and you’re on the SVR
- Your property value has risen, giving you a better LTV
- You have stable income and a clean credit history
- You want to release equity for a specific purpose
- Rates are competitive and you can lock in a good deal
Should you try to time the mortgage market?
“The best time to remortgage is when your current deal is ending. The second-best time is when a broker can show you the numbers and prove a switch saves you money.”
Rather than gambling on rate movements, focus on securing a deal that works for your budget today. A broker can model different scenarios — two-year vs five-year fixes, for example — so you can make an informed decision without trying to predict the future.
Can you remortgage during a fixed-rate deal?
Technically, yes — but you’ll usually face an early repayment charge (ERC). This is a percentage of your outstanding balance, typically 1–5% depending on how far into the deal you are.
In some cases the savings from a lower rate can outweigh the ERC, especially if your current rate is significantly higher than what’s available. A broker can run the numbers to tell you whether breaking your deal early makes financial sense.
If you’re on a tracker or variable rate with no ERCs, you can usually remortgage at any time without penalty.
Get the timing right with expert help
At Clearview Mortgage Solutions, we monitor the market daily and proactively contact our clients when it’s time to review their deal. Whether you’re approaching the end of a fix, sitting on an expensive SVR, or wondering if now’s the right time to switch, we’ll give you clear, honest advice.
Get in touch for a free, no-obligation review of your current mortgage. We’ll tell you exactly what’s available and whether switching makes sense for you.
Related guides
More guides in our remortgage mortgage hub.
Speak to an Expert
Our calculators give you a useful estimate, but your actual mortgage and protection options depend on your full circumstances, credit history and lender criteria. Clearview Mortgage Solutions’ FCA regulated—our CeMAP-qualified advisers are on hand to explain how each calculator applies to you and to help you compare real mortgage quotes from 90+ UK lenders.
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