When should you remortgage in the UK?

“Remortgaging” means moving to a new mortgage deal — either with a new lender (a remortgage) or your existing one (a product transfer). For most households it is the single largest renewal of the year, and the one where doing nothing costs the most. This guide gives you the timeline, the cost of missing it (with a calculator), and the rights you have while you decide.

The key numbers

Why the timing matters: what the SVR costs

When a fixed or tracker deal ends you don’t keep the rate. You move to the lender’s standard variable rate (SVR) — a discretionary rate that is usually well above the fixed deals the same lender is offering new customers, and which can rise at any time. Every month on it is money you didn’t need to spend. Put your own numbers in:

The difference compounds quietly: three months “just while we look around” on a £200,000 balance can cost more than the arrangement fee on the deal you eventually choose.

The remortgage timeline

1. 6m
   6 months before the deal ends — startMost lenders let you secure a new deal up to 6 months ahead (the Mortgage Charter commits signatories to this). Ask your lender for its product-transfer offer and get a whole-of-market view — a broker, or comparison plus direct lenders.
2. 4m
   4 months before — decide the routeProduct transfer if the gap is small or your finances look worse on paper than they are; remortgage if the market clearly beats it. Apply now if switching lender: 4–8 weeks is the norm, longer if the valuation or solicitor is slow.
3. 2w
   Up to 2 weeks before — re-check the rateUnder the Charter you can ask your lender for a better like-for-like deal right up until the new term starts. Most lenders will swap you onto a cheaper rate if one has appeared since you locked in — but only if you ask.
4. 0
   Deal ends — new rate starts the same dayNo SVR, no early repayment charge. Put the new end date straight back into the renewals list with a 6-month reminder.

Product transfer vs remortgage

A worked test: on a £200,000 balance with 20 years left, a 0.3-point gap is about £30 a month, £360 a year — £720–£1,800 over a 2–5 year fix, which usually beats the effort of switching. On £60,000 with 8 years left the same gap is under £10 a month, and the product transfer wins on convenience. Our product transfer vs remortgage guide has the fuller decision.

Early repayment charges — the trap when remortgaging early

Inside a fixed deal, leaving early triggers an early repayment charge, typically 1–5% of the outstanding balance, often stepping down each year of the fix (e.g. 5% in year one, 1% in year five). On £200,000 that is £2,000–£10,000. Unless rates have fallen dramatically, the ERC wipes out the saving — which is why the standard advice is to line up the new deal to start the day the old one ends, not before. Most deals allow 10% overpayment a year without charge if you want to reduce the balance meanwhile; see mortgage overpayments explained.

Your rights under the Mortgage Charter

Agreed in June 2023 between the government, the FCA and lenders covering around 90% of the mortgage market:

• Lock in a new deal up to 6 months ahead, and request a better like-for-like deal from your lender right up until the new term starts if one becomes available.
• If you are up to date with payments: switch to interest-only for 6 months, or extend the term, with no affordability check and no impact on your credit score — reversible within 6 months.
• No forced repossession within 12 months of a first missed payment, except in exceptional circumstances.
• Lenders must offer tailored support if you contact them about payment difficulty, without that contact itself affecting your credit file.

What lenders check when you switch

For a remortgage: income (payslips or 2–3 years’ accounts), outgoings and affordability at a stressed rate, credit history, the property valuation, and your loan-to-value — a lower LTV band (below 60%, 75%, 85%) unlocks cheaper rates, so check whether your home’s value or your overpayments have moved you down a band. For a product transfer, typically none of this if you aren’t borrowing more.

The one-page checklist

1. Find the deal end date and the ERC schedule on your mortgage offer or annual statement.
2. 6 months out: get the product-transfer offer; get a market view.
3. Compare total cost over the fix — rate, arrangement fee, valuation/legal fees, cashback — not the headline rate.
4. Apply for the winner; if switching lender, allow 4–8 weeks.
5. 2 weeks out: ask if a cheaper like-for-like rate has appeared.
6. Confirm the new rate starts the day the old one ends.
7. Write the new end date where both partners can see it, with a 6-month reminder.

In short

Treat the deal-end date as a hard deadline. Start 6 months out (you can lock a rate that early), get both the product-transfer and market prices, apply in time for a 4–8 week remortgage, and re-check for a better rate up to 2 weeks before the switch. Done right, you never pay the SVR at all — and the calculator above shows what that’s worth.