When should you remortgage your home?

Most homeowners should review their mortgage around 3 to 6 months before their current deal ends.

Remortgaging can help you reduce your monthly payments, release equity or secure a better deal, but timing is key.

In this guide, we explain when it makes sense to remortgage and what to consider before making a move.

What is remortgaging?

Remortgaging is when you switch your existing mortgage to a new lender.

People typically remortgage to:

• Get a better interest rate

• Reduce monthly payments

• Release equity

• Move onto a more suitable product

When is the best time to remortgage?

Before your current deal ends

The most common time to remortgage is 3 to 6 months before your current fixed or tracker deal ends.

This allows you to secure a new rate before moving onto your lender’s standard variable rate (SVR), which is usually higher.

When your current rate is no longer competitive

If rates have improved since you took out your mortgage, you may be able to switch to a better deal.

However, it’s important to consider any early repayment charges before doing so.

When your circumstances have changed

Remortgaging may be worth considering if:

• You want a more competitive deal

• You want to change some of the terms, for example; from repayment to interest-only

• Your income has increased

• Your property value has gone up

• You want to borrow more

When you want to release equity

You can remortgage to release funds for:

• Home improvements

• Debt consolidation

• Property investment

What costs should you consider?

Before remortgaging, check:

• Early repayment charges (if still in a fixed deal)

• Arrangement fees

• Valuation or legal costs

In many cases, these can be added to the mortgage or are already included in the new deal, but it’s important to understand the overall cost.

Should you stay with your current lender or switch?

You may be able to switch to a new deal with your existing lender (a product transfer), which is often quicker and involves less paperwork.

However, switching lenders can sometimes offer better rates or more flexibility.

How do you know if remortgaging is right for you?

Every situation is different.

The best option depends on your:

• Current deal

• Future plans

• Financial position

FAQs

When should you remortgage your home?

Most homeowners should review their mortgage around 3 to 6 months before their current deal ends.

Can you remortgage before your deal ends?

Yes, but early repayment charges may apply depending on your current mortgage terms.

Why do people remortgage?

People remortgage to secure a better rate, reduce monthly payments, release equity or move to a more suitable product.

Want to see if you could get a better deal?

You can review your options or get a quick estimate using our mortgage calculator.

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