Getting the timing right when remortgaging can make a significant difference to how much you save. Leave it too late and you could spend months on an expensive standard variable rate. Move too early and you might face hefty early repayment charges. This guide explains when to start the process and the key triggers that signal it is time to switch.
For a full overview of the remortgage process, read our complete guide to remortgaging.
The SVR Trap
When your initial mortgage deal expires — whether it is a two-year fix, three-year fix, or five-year fix — your lender will move you onto their standard variable rate (SVR). The SVR is the lender’s default rate and it is almost always significantly higher than the deal you were on. In many cases it can be 2–4 percentage points higher.
For example, if you were paying 4.5% on a fixed deal and your lender’s SVR is 7.5%, that is a 3 percentage point increase. On a £200,000 mortgage with 20 years remaining, that could mean paying around £350 more per month. Over a year, that adds up to over £4,000 in additional interest.
The SVR can also change at any time at the lender’s discretion. Unlike a tracker rate that follows the Bank of England base rate, there is no obligation for lenders to pass on base rate reductions to SVR customers. This makes budgeting unpredictable and almost always works against you.
Start Looking 3–6 Months Before Your Deal Ends
The single most important piece of timing advice is to start looking for a new deal three to six months before your current one expires. Most lenders will allow you to lock in a rate up to six months in advance, and the rate is typically held without commitment until completion.
- 01
6 months before
Start researching deals and speak to a broker. Most lenders let you lock in a rate this early.
- 02
3–4 months before
Submit your remortgage application. This allows time for valuation, legal work, and any issues.
- 03
1 month before
Completion is finalised and your new deal is ready to start the day your old one expires — no SVR gap.
This gives you several advantages. First, you secure a competitive rate before your deal ends, so there is no gap where you are paying the SVR. Second, if rates fall during the holding period, you can usually switch to an even better deal before completion without penalty. Third, it allows plenty of time for the application, valuation, and legal work to be completed without being rushed.
If your deal end date is approaching and you have not started looking, do not panic. Even a few weeks is usually enough time to get a new deal in place, particularly if you work with a broker who can fast-track the process.
When Remortgaging Early Might Make Sense
In some circumstances, it may be worth remortgaging before your current deal expires, even though you will likely face an early repayment charge (ERC). This could make sense if:
- Interest rates have fallen significantly since you took out your mortgage, and the savings over the new deal period outweigh the ERC
- Your property has increased substantially in value, moving you into a lower LTV band that qualifies for much better rates
- You need to release equity urgently for an important purpose such as essential home repairs or debt consolidation
- Your ERC is small or close to expiring (ERCs typically reduce each year during the deal period)
A mortgage broker can run the numbers for you to determine whether breaking your deal early makes financial sense after accounting for all costs. For more on what you will pay, see our guide to remortgage costs and fees.
Other Triggers for Remortgaging
Beyond the end of your deal period, there are other situations that might prompt a remortgage:
- Base rate changes: If you are on a tracker rate and the Bank of England raises rates, you might want to switch to a fixed rate for payment certainty.
- Change in circumstances: A salary increase, paying off debts, or improvements to your credit score could qualify you for a better deal.
- Property value increase: If your home is worth more than when you last mortgaged, your LTV may have improved, unlocking lower rates.
- Life changes: Divorce, inheritance, or other major events may require restructuring your mortgage.
Whatever your reason for considering a remortgage, speaking to a broker can help you understand whether now is the right time and which deals are available. You can get started by completing our short online form.
- Start looking for a new deal 3–6 months before your current one expires to avoid falling onto the SVR.
- The SVR can cost you £4,000+ per year more than a competitive deal — switching is almost always worth it.
- Most lenders let you lock in a rate up to 6 months ahead, with no commitment if a better deal appears.
- Remortgaging early can make sense if rate savings outweigh the early repayment charge — ask a broker to run the numbers.
- Life changes like a salary increase, property value rise, or base rate shift can all be good triggers to remortgage.