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), which is almost always higher.
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
Don’t sleepwalk onto the SVR
Around 800,000 UK mortgage holders are currently on their lender’s SVR, many without realising they could switch to a cheaper deal. If your fix has ended, you’re almost certainly paying more than you need to.
How far in advance should you start looking?
Most lenders will let you secure a new rate three to six months before your current deal ends, without committing. This means you can lock in a competitive rate early and still switch if something better comes along before completion.
Your remortgage timeline
- 01
6 months before deal ends
Start researching rates. Speak to a broker to understand your options and what’s available in the current market.
- 02
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.
- 03
6–8 weeks before
Complete the application and legal work. Your broker and solicitor will manage the paperwork and chase any hold-ups.
- 04
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?
Beyond the end of your deal, there are several situations where remortgaging makes financial sense.
Your property has risen in value
- 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
Your income has increased
- Higher income may let you borrow more or access better products
- You might pass affordability checks that previously held you back
- Consider overpaying or shortening your term to save on total interest
You want to consolidate debts
- Rolling high-interest debts into your mortgage can lower monthly outgoings
- Credit cards at 20%+ cost far more than mortgage rates
- Be aware: you’re securing the debt against your home and may pay more over the full term
You need to raise capital
- Remortgage to release equity for home improvements, helping family, or other goals
- Lenders will assess affordability on the larger loan amount
- A broker can help you find the best deal for additional borrowing
When should you NOT remortgage?
Remortgaging isn’t always the right move. There are situations where staying put or waiting could save you money.
Remortgage now vs wait
| Consider waiting if… | Remortgage now if… |
|---|---|
| You’re still within a fixed deal with high ERCs | Your deal has ended and you’re on the SVR |
| Your property value has fallen and your LTV is now higher | Your property value has risen, giving you a better LTV |
| You’ve recently changed jobs or your income has dropped | You have stable income and a clean credit history |
| You have recent credit issues that could affect your application | You want to release equity for a specific purpose |
| Your remaining mortgage is very small and fees would outweigh savings | Rates are competitive and you can lock in a good deal |
Should you try to time the mortgage market?
It’s tempting to wait for rates to drop, but trying to time the market is risky. Nobody can predict exactly where rates will go, and waiting too long could mean missing a competitive deal or landing on a costly SVR.
The better approach is to secure the best rate available to you now. If rates fall later, you can always remortgage again when your new deal ends.
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.