Start six months before your fixed rate ends. Most lenders let you secure a new deal that far ahead, and if rates fall before your new deal starts, it can often be switched to a cheaper one. Leaving it late risks drifting onto your lender's standard variable rate, which averages over 7%.
- 01A simple remortgage timeline
- 02Product transfer or full remortgage?
- 03What drifting onto the SVR costs
- 04Use the remortgage as an opportunity
01A simple remortgage timeline
- Six months before: review your options and secure a rate. Remortgage offers usually last up to six months.
- Three to four months before: if moving lender, the valuation and legal work happen now.
- One month before: final checks, and a last look at whether a cheaper rate has appeared.
- Your deal end date: the new mortgage starts with no gap on the standard variable rate.
02Product transfer or full remortgage?
| Product transfer | Remortgage to a new lender | |
|---|---|---|
| Speed | Often days | Usually four to eight weeks |
| Affordability checks | Usually minimal | Full assessment |
| Legal work and valuation | Normally none | Needed, often free on remortgage products |
| Choice of rates | One lender | Whole market |
| Borrowing more | Sometimes | Yes, subject to affordability |
A product transfer is often the right answer, especially if your income has fallen or your circumstances have become more complex. But it is only right if the rate is competitive, so it is worth comparing it with the wider market first.
03What drifting onto the SVR costs
On a £300,000 repayment mortgage over 30 years, a payment at 6% is about £1,799 a month. On a standard variable rate of 7.13% it is about £2,022, roughly £223 a month more.
04Use the remortgage as an opportunity
- Release equity for an extension, a deposit for a family member or another property.
- Shorten the term or make overpayments if your income has risen.
- Consolidate expensive debts, carefully, as it can increase the total interest you pay.
- Add or remove a borrower after a marriage or separation.
Every Artillium client gets a reminder six months before their deal ends, with a comparison of their lender's offer against the market.
Frequently asked questions
How early can I remortgage?
Most lenders let you secure a new deal up to six months before your current one ends. Some allow product transfers even earlier.
Can I remortgage before my fixed rate ends?
Yes, but leaving a fixed rate early usually triggers an early repayment charge. Arrange the new deal to start the day the old one ends.
Do I need a solicitor to remortgage?
For a product transfer, normally not. To move lender, yes, but many remortgage products include free legal work.
Will remortgaging affect my credit score?
A full application involves a hard credit search, which is visible to other lenders. A product transfer often does not.