When should you remortgage?
The best time to remortgage is three to six months before your current deal ends, so a new rate completes the day the old one expires and you never roll onto the standard variable rate. You can also remortgage mid-deal — to release equity, consolidate debt or escape an unsuitable lender — but you then have to weigh any early repayment charge against the saving. For contractors, a change in how you earn is itself a strong trigger to switch.
When is the best time to remortgage?
Answer first: the sweet spot is three to six months before your current deal ends. Remortgaging takes several weeks, and a mortgage offer usually stays valid for three to six months, so starting in that window lets you secure the new deal and have it complete exactly when your old one expires.
Get the timing right and the handover is invisible — you step from one competitive rate straight to the next. Get it wrong and you fall into the gap: your deal ends, the new one isn’t ready, and you spend weeks or months on the lender’s standard variable rate. That gap is where lenders quietly make their margin, and avoiding it is the single biggest reason to plan ahead. The mechanics of the whole switch are in how to remortgage.
Why does starting early matter so much?
A remortgage isn’t instant. There’s an application, a credit check, a property valuation and legal work, and any of those can take time. Because most offers are valid for three to six months, you can complete all of that in advance and simply hold the offer until your deal end date.
This also gives you options if the market moves. A locked offer isn’t binding until completion, so if rates fall while you wait, your broker can often re-apply for the better one. Starting early therefore protects you against both the SVR and a rising market, while still letting you benefit from a falling one.
Can you remortgage in the middle of a deal?
Yes — but you have to do the maths. Most fixed and many tracker deals carry an early repayment charge if you leave during the deal period, usually a percentage of the balance that often tapers over time. Remortgaging mid-deal makes sense only when the benefit clearly beats that charge.
Common reasons to consider it include a sharp fall in rates, a need to release equity, consolidating expensive debt, or being stuck with a lender that no longer fits your circumstances. The decision always comes back to total cost: charge plus new costs versus the saving over the remaining term.
How do you avoid the standard variable rate completely?
The trick is overlap. Apply for the new deal early enough that its completion can be set for the day your current deal ends. Because there’s no early repayment charge once your deal is genuinely over, you switch cleanly with nothing to pay for leaving — you just need the new mortgage ready to take over on day one.
If you’re switching slightly before your deal ends to grab a better rate, the usual play is to apply early but complete the day after your deal and any charge expire. That captures the new rate with no penalty.
Is timing different for contractors?
For a contractor or company director, there’s a second trigger beyond the calendar: a change in how you earn. If you’ve gone self-employed, moved to a day rate, or started trading through a limited company since your last mortgage, your existing lender’s renewal process may no longer read your income well — so it offers weak rates and you drift onto the SVR.
That change of circumstances is itself a reason to remortgage, regardless of where your deal end date sits. Moving to a lender that applies contract-based underwriting can both fix the rate and reflect your true earning power. The full route is in remortgaging as a self-employed contractor, and if you’ve recently incorporated, see remortgaging after going limited.
What if rates are higher than when you fixed?
It still usually pays to act, because you’re not really comparing the new rate with the old one you fixed at — that rate is gone. You’re comparing the new rate with the SVR you’d otherwise roll onto, and a deal is nearly always cheaper than the SVR. Put your own numbers into the remortgage calculator to see the monthly difference for your balance; the comparison usually makes the decision for you.
The bottom line
The best time to remortgage is three to six months before your deal ends, completing the day it expires so you never touch the SVR. You can also switch mid-deal when the saving beats any early repayment charge, and a change in how you earn is a strong trigger in its own right. Whatever the timing, compare against the SVR you’d otherwise land on, not the rate you once fixed. To map this to your own deal end date, speak to an adviser. Neutral guidance on switching is also available from MoneyHelper.
- Start three to six months before your deal ends; most offers stay valid that long.
- Completing the day your deal expires means you avoid the standard variable rate entirely.
- You can remortgage mid-deal, but check the early repayment charge first.
- A falling market before completion can often be captured, because an offer isn't binding until completion.
- Going self-employed or limited since your last mortgage is a reason to remortgage in itself.
Remortgage, answered
How early can I lock in a new remortgage rate?+
Most lenders let you secure a new rate up to six months before you need it, and the resulting offer typically stays valid for three to six months. That window is exactly what lets you arrange the new deal in advance and complete it the day your current rate ends.
Should I remortgage before my fixed rate ends?+
Sometimes. If a much better rate is available and your saving outweighs any early repayment charge, switching early can pay off. More often, the move is to apply early but time completion for the day after your deal and its charge end, so you capture the new rate without paying the penalty.
What happens if I miss my deal end date?+
You roll onto the lender's standard variable rate, which is almost always more expensive. There's no penalty for leaving the SVR once your deal is over, so you can still switch at any time — but every month on it is money lost, so act quickly.
Is it worth remortgaging if rates have risen?+
Often yes, because the comparison that matters is your new deal against the SVR you'd otherwise roll onto — not against the old rate you fixed at. A new deal is nearly always cheaper than the SVR, so acting still protects you even in a higher-rate market.