When Should You Remortgage? A Complete Guide

Remortgaging — switching your mortgage to a new deal, either with your current lender or a new one — is one of the most effective ways to reduce your monthly outgoings. Yet millions of homeowners miss the window to do it and end up paying over the odds.

In this guide, I'll walk you through exactly when to remortgage, what to watch out for, and how the process works.

What is remortgaging?

Remortgaging simply means replacing your existing mortgage with a new one. You're not moving house — you're just changing the deal. There are two main reasons people remortgage:

1. To get a better rate — particularly when a fixed or tracker deal is coming to an end
2. To release equity — to fund home improvements, consolidate debts, or other purposes

When should you start looking?

The single most important thing is not to leave it too late. I recommend starting the process 3 to 6 months before your current deal ends.

Here's why: most mortgage offers are valid for 3–6 months. If you start early, you can lock in a rate now. If rates drop before you complete, your broker can often switch you to the lower rate. But if rates rise, you're protected.

"Leaving your remortgage until the last minute — or worse, drifting onto your lender's standard variable rate — could cost you hundreds of pounds a month."

What happens when your fixed rate ends?

When your fixed-rate deal ends, you'll automatically roll onto your lender's Standard Variable Rate (SVR). SVRs are typically 2–4% higher than the best available market rates. For a £200,000 mortgage, that could mean paying £200–£400 more per month than necessary.

This is why remortgaging at the right time is so important.

Signs it's time to remortgage

• Your fixed rate is ending in the next 3–6 months — the most common trigger
• You're already on your lender's SVR — act quickly, you're probably overpaying
• Your home has risen significantly in value — a better loan-to-value ratio could unlock better rates
• Your financial situation has improved — higher income or a clean credit history may open up better options
• You want to borrow more — for home improvements or other purposes

What to consider before remortgaging

Other things to weigh up:

• Arrangement fees — some deals have low rates but high fees; a broker helps you compare the true cost
• Valuation costs — many remortgage deals include a free valuation
• Legal fees — some lenders offer free legal work for standard remortgages

How the remortgage process works

1. Assessment — your broker reviews your current deal, outstanding balance, and what's available
2. Recommendation — a new deal is recommended that saves you money over the full term
3. Application — similar documents to your original mortgage (income evidence, bank statements)
4. Offer — the new lender issues a mortgage offer (usually within 2–4 weeks)
5. Completion — the new lender pays off the old one. You start paying the new rate

Can I stay with my current lender?

Yes — this is called a product transfer. It can be quicker and simpler than switching to a new lender, and there's usually no legal fee or valuation. However, your lender's retention products may not be their best rates — the whole market could offer you a better deal. A broker compares both options for you.