When Should I Remortgage? The Best Time to Switch Deals
The honest answer most homeowners need to hear: start your remortgage 6 months before your fixed deal ends. Not 6 weeks. Not the day you get the lender's "your deal is ending" letter. Six months.
This article explains why that window matters, the other situations that should trigger a remortgage, and the few cases where staying put is the smarter move.
The 6-month window
Most UK lenders let you secure a new mortgage rate up to 6 months in advance without paying an early repayment charge. If rates rise during that 6 months, you keep the lower one you locked in. If rates fall, most lenders let you switch again to the lower rate before completion. It's a free option — there's no reason not to use it.
Set a calendar reminder for 180 days before your deal ends. That's the day you start shopping.
The cost of waiting too long
When your fixed deal ends, you're auto-rolled onto your lender's standard variable rate (SVR). In 2026, SVRs are typically 6.5–8.5%, against best-buy fixed rates around 3.8–4.4%.
On a £200,000 mortgage that gap is roughly £400/month — over £1,200 for the typical 3-month gap between deal end and a delayed remortgage completing.
This is pure dead money. The lenders count on it.
When else to remortgage
Beyond the 6-month rule, consider remortgaging when:
1. Rates have dropped meaningfully
If new fixed rates are at least 0.5 percentage points below your current rate, run the numbers. The saving may exceed the early repayment charge — but only if there's enough time left in your deal to recoup the ERC.
A simple rule of thumb: divide the ERC by the monthly saving. If the answer is fewer months than remain in your fixed period plus 12, remortgaging probably wins. See remortgage early repayment charges.
2. Your LTV has crossed a threshold
LTV bands are stepped: 60%, 65%, 75%, 80%, 85%, 90%, 95%. Crossing one of these into a lower band unlocks a better rate. If you've paid down enough loan, or if your house value has risen, you may have crossed without realising. Check before your deal ends — if you've crossed, the new product can be substantially cheaper. See What is loan-to-value?.
3. You want to release equity
If you've built equity (through repayment or rising house prices) and want to access it for renovations, debt consolidation, or a deposit on another property, remortgaging is usually cheaper than a personal loan or second charge. Read Remortgaging to release equity.
4. You want to overpay or change term
You can shorten the term (paying more monthly but less interest overall) or lengthen it (lowering monthly payments at the cost of more interest). Both require a remortgage or a product transfer. Most lenders allow you to overpay 10% per year penalty-free, which doesn't require remortgaging — see overpaying your mortgage.
5. You want to switch from interest-only to repayment
If you're on an interest-only mortgage, remortgaging to a repayment basis means each monthly payment now reduces the loan balance, not just the interest. Wise long-term move. See Repayment vs interest only.
6. Your circumstances have improved
A pay rise, paying off other debts, or a partner moving in (boosting joint income) all improve your affordability profile and may unlock better rates than you previously qualified for.
When NOT to remortgage
There are situations where you should stay put:
1. You're early in a fixed deal
Early repayment charges can be 5% in year 1, falling to 1% by year 5. Unless rates have collapsed, the ERC will swallow the saving.
2. The remaining balance is small
Many lenders won't remortgage balances below £25,000 — and even if they will, the fixed costs (legal, valuation, arrangement) eat the saving.
3. Your circumstances have deteriorated
Job loss, missed payments, new defaults — wait until things stabilise. The new lender's affordability check could leave you stuck.
4. You're moving house soon
If you'll move within 12–18 months, port your existing mortgage to the new property rather than remortgaging now. See Porting a mortgage.
5. Your property has structural issues
Cladding, subsidence, non-standard construction — these may make you a "mortgage prisoner" with limited options. Stay with your existing lender on a product transfer.
Should you remortgage at the start of a fixed period?
Yes — most homeowners should. The pattern: short fixed period (2 years), then remortgage, then short fixed period, then remortgage. This keeps you on competitive rates rather than slowly drifting up the SVR.
The downside is the legal fees and admin every 2 years. Some borrowers prefer 5-year fixes to halve that admin frequency. There's no objectively right answer — see 2-year vs 5-year fixed mortgage.
Triggering events to set a calendar reminder
Set reminders for:
- 180 days before your deal ends: start shopping
- 120 days: choose a product, submit application
- 30 days: confirm completion arrangements
- Day 0: deal ends, new deal kicks in
- Annually: review whether market rates have moved enough to consider an early switch
How long does the remortgage process take?
Typically 4–8 weeks from application to completion. Building this into your 6-month window gives you 4 months of cushion in case anything goes sideways. See How long does a remortgage take?.
Get a free mortgage quote — most brokers will run the numbers on whether to remortgage now or wait for free.
Frequently asked questions
Should I remortgage when interest rates are falling? Often yes — locking in a current rate protects you if they rise again, and many lenders let you switch down to a lower rate even after you've secured one, providing it's before completion.
Can I remortgage to a tracker if I think rates will fall? Yes — trackers move with the Bank of England base rate. They're cheaper than fixes when rates drop, and most have no ERC if you want to switch back to a fix later. See Fixed vs tracker mortgage.
Is now a bad time to remortgage with high rates? Compared to your fixed deal taken out 5 years ago at 1.5%, yes — almost any new deal is more expensive. But your only alternative is the SVR, which is worse still. Remortgage to the cheapest available product, even if it's higher than what you've enjoyed.
Will my credit score drop if I remortgage? The hard credit check causes a small, temporary dip. Within 3–6 months it recovers fully.
What if I want to remortgage but my partner doesn't? You can't unilaterally remortgage a joint mortgage. Both parties must agree. If circumstances have changed, see Remortgaging during a divorce.
This article is for informational purposes only and does not constitute financial advice. Always consult a qualified mortgage adviser before making a decision.