When should I start looking at a remortgage?
By Arifa Shakoor · Reviewed by Seema Babber
· 5 min read
Quick summary
- Start around six months before your current deal ends.
- Many lenders let you secure a new rate that far ahead, which gives you time to compare options and avoid moving onto your lender’s standard variable rate.
Why six months?
Most mortgage offers are valid for around six months. Applying early means the new rate can start the day your current deal ends, and you can usually still switch if a better-suited option appears before completion.
What to check first
- The exact date your current deal ends
- Any early repayment charge if you leave before that date
- Your outstanding balance and an estimate of your home’s value
Your two main routes
- Product transfer — a new deal with your current lender, usually with fewer checks.
- Remortgage to a new lender — a full application that may suit your circumstances better.
Your home may be repossessed if you do not keep up repayments on your mortgage.
Sources
MoneyHelper — remortgaging
Written by
Arifa Shakoor · Mortgage adviser
Arifa works with homeowners whose deals are ending, reviewing options early so there is time to decide without pressure.
More guides by Arifa →