When should I start my remortgage?
Around six months before your current deal ends. Most lenders let you lock a new rate up to six months ahead, if rates rise, you're protected; if they fall before completion, you can usually switch to the cheaper deal. Starting late risks an expensive month or more on the standard variable rate.
Why six months
- Rate insurance: securing a deal early costs nothing and protects you against rises. If pricing improves, Debbie can usually rebroke to the better rate before completion.
- The SVR cliff: drift past your end date and you land on the lender's standard variable rate, often dramatically higher. On a £180,000 balance, even one month on SVR can cost hundreds of pounds more.
- Time to fix problems: changed jobs, gone self-employed, new credit blip? Six months leaves room to choose the right lender calmly rather than firefight.
Remortgage vs product transfer
A product transfer (staying with your lender) is quick, light on paperwork, and sometimes the best deal. A full remortgage to a new lender opens the whole market and allows changes, borrowing more, altering the term, removing a name. Debbie compares both, including your existing lender's retention deals, before recommending either.
What it costs
Many remortgage deals include free valuation and legal work. Watch arrangement fees: a low rate with a £999 fee isn't automatically cheaper than a higher rate without one, it depends on your balance. This is exactly the sum an adviser does for you.
"Put a reminder in your phone for six months before your deal ends, or better, tell me the date and I'll diarise it. The remortgages that go wrong are nearly always the ones that started six weeks out, not six months."
Related questions
This page is general information, not personal advice. Whether a mortgage is available and suitable depends on your individual circumstances. Lender criteria and rates change regularly. Your home may be repossessed if you do not keep up repayments on your mortgage.
Quick answers
Can I remortgage before my deal ends?
Yes, but leaving mid-deal usually triggers an early repayment charge. The normal play is lining up the new deal to start the day the old one ends.
Do I need a solicitor to remortgage?
Yes for a new lender, though many deals include free legals. Product transfers with your existing lender don't need a solicitor.
Will I be credit checked for a product transfer?
Usually not for a like-for-like transfer with no extra borrowing - one reason transfers suit recently changed circumstances.
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