One of the most common questions we hear from homeowners is: “When should I start looking to remortgage?”
The answer can save you thousands of pounds. Get the timing right, and you’ll transition smoothly from your current deal to a better rate. Get it wrong, and you could face penalty charges or expensive reversion rates.
The Golden Window: 3-6 Months Before Your Deal Ends
The optimal time to start your remortgage search is 3 to 6 months before your current fixed or discounted rate period expires.
Why 3-6 Months Is Perfect
Lenders Allow Rate Reservations — Most mortgage lenders allow you to reserve a rate for 3-6 months before your current deal ends. This means you can lock in today’s rate while waiting for your existing term to expire.
Avoid Early Repayment Charges — Starting 3-6 months out gives you time to research without triggering early repayment penalties, which can cost thousands of pounds.
Time for Proper Comparison — Six months gives you time to compare the whole market, understand your options, and complete the application process without rushing.
Handle Unexpected Issues — If your application hits any snags, you have time to resolve them before your current rate expires.
What Happens If You Wait Too Long?
Standard Variable Rate (SVR) Trap
When your fixed rate ends, your mortgage automatically reverts to your lender’s SVR. This rate is typically:
- 2-3% higher than fixed rates
- £200-£500+ more per month in payments
- Variable — can increase at any time
Example: A £200,000 mortgage at 2.5% fixed costs approximately £895/month. On a 6.5% SVR, the same mortgage costs £1,264/month — that’s £369 more every month, or £4,428 per year.
Can You Start Earlier Than 6 Months?
Rate Reservation Limits
Most lenders won’t let you reserve a rate more than 6 months in advance. If you’re 12 months away, you can start researching, but you won’t be able to lock in a specific rate yet.
Early Repayment Charges
If you’re more than 6 months from your deal expiry, you’re likely still within your ERC period. These charges typically range from 1-5% of your outstanding balance.
Example: On a £250,000 mortgage with a 3% ERC, you’d pay £7,500 to exit early.
Special Situations: When to Start Earlier
1. Self-Employed or Complex Income
If you’re self-employed, start researching 9-12 months early. You’ll need extra time to:
- Gather 2-3 years of accounts or tax returns
- Work with a broker who understands self-employed lending
- Find lenders who assess your income type favourably
2. Adverse Credit History
If you have recent credit issues, start planning 6-12 months early to:
- Understand which lenders accept your credit profile
- Improve your credit score where possible
- Explore specialist lender options
3. Large Equity Release Needed
If you’re planning to release significant equity (£50,000+), start 6-9 months early.
Your Remortgage Timeline: Month by Month
6 Months Before
- Review your current mortgage terms
- Check your credit report
- Get a property valuation estimate
- Contact a mortgage broker
4-5 Months Before
- Compare whole market rates
- Decide: product transfer vs remortgage
- Gather documentation
- Get a formal mortgage recommendation
3 Months Before
- Submit your mortgage application
- Complete property valuation
- Instruct solicitor
- Reserve your chosen rate
1-2 Months Before
- Respond to lender queries
- Review and sign mortgage offer
- Complete legal work
Deal Expiry Date
- New mortgage completes
- Old mortgage paid off
- New rate begins
What If You’ve Already Missed the Window?
If your fixed rate has already ended and you’re on SVR, don’t panic — but act quickly:
- Contact a broker immediately
- Consider your lender’s product transfer (faster than full remortgage)
- Ask about backdating your new rate
- Calculate the cost — rushing into a poor deal costs more in the long run
Product Transfer vs Full Remortgage: Timing Differs
Product Transfer
- Start 3-4 months before deal ends
- Application time: 2-3 weeks
- No valuation or legal work usually required
Full Remortgage
- Start 4-6 months before deal ends
- Application time: 4-8 weeks
- Includes valuation and legal work
Key Takeaways
- Start 3-6 months early for a stress-free process
- Avoid SVR by planning ahead
- Complex situations need more time
- Don’t rush — even if late, take time to compare
- Speak to an expert for timing guidance
Ready to Start Your Remortgage?
If your fixed rate is ending in the next 3-6 months, now is the perfect time to explore your options.
Call us on 0800 612 3367 or request a callback to speak with a qualified mortgage adviser.
Your home may be repossessed if you do not keep up repayments on your mortgage.
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