Why remortgaging matters

When your initial fixed or tracker deal ends, your mortgage automatically reverts to your lender's standard variable rate — usually significantly more expensive. Remortgaging onto a new deal, either with your existing lender or a new one, before that happens typically saves a substantial amount over staying on SVR.

When to start looking

Most mortgage offers are valid for three to six months, so starting the process three to six months before your current deal ends gives time to compare the market and complete a switch (or a product transfer) right as your existing deal expires, without a gap on the more expensive SVR in between.

Checking for early repayment charges

If you want to remortgage before your current deal actually ends, check your existing mortgage terms for early repayment charges (ERCs) — these can be substantial, and it's worth calculating whether switching early still saves money once the ERC is factored in, or whether waiting until the deal naturally ends makes more sense.

What changes since you last applied

Lenders reassess affordability at remortgage based on your current income, outgoings and credit history, not just your original application. Changes in your circumstances — a change of job, new debts, or a lower credit score — can affect what's available, so it's worth checking your credit report and finances before applying, not assuming approval is automatic just because you already have a mortgage.

Fees to weigh against the savings

New deals often come with arrangement fees, valuation fees, or legal fees (sometimes offered free as an incentive). Compare the total cost of a deal — rate plus fees — against your current arrangement, rather than focusing on the interest rate alone, since a lower rate with high fees isn't always the cheapest overall option, especially over a shorter deal period.

Key takeaways

  • Remortgaging before your deal ends avoids reverting to the more expensive standard variable rate.
  • Start comparing the market three to six months before your current deal expires.
  • Check for early repayment charges if switching before your deal naturally ends.
  • Compare total cost (rate plus fees), and be aware lenders reassess your full financial situation again.