Coming to the end of your fixed rate? Worried about moving to your lender's SVR? Here's everything you need to know about remortgaging and when to start the process.
What Is Remortgaging?
Remortgaging means switching your existing mortgage to a new deal — either with your current lender (called a product transfer) or with a different lender. Most people remortgage when their initial fixed or tracker rate ends to avoid moving onto their lender's Standard Variable Rate (SVR), which is almost always significantly more expensive.
For example, if you're currently on a 2-year fix at 4.29% and your deal is ending, you might be moved to an SVR of 7.5% or more. Remortgaging to a new deal could save you hundreds of pounds per month.
When Should You Start the Remortgage Process?
The golden rule is to start looking 3-6 months before your current deal expires. Most mortgage offers are valid for 3-6 months, so you can secure a new rate well in advance without any risk — if rates drop further before your switch date, you can often re-apply for a better deal.
Starting early also gives you time to compare options, gather documents, and complete the application process without rushing. If you wait until your deal has already expired, you could spend weeks or months on the expensive SVR while your new application is processed.
Should You Remortgage or Do a Product Transfer?
A product transfer is when you switch to a new deal with your existing lender. It's usually quicker and simpler — often no valuation or legal work is needed. However, your current lender may not offer the most competitive rate.
Remortgaging to a new lender involves more paperwork (similar to your original mortgage application) but gives you access to the whole market. The savings can be significant — even a 0.25% rate difference on a £200,000 mortgage saves around £500 per year.
We always compare both options for our clients. Sometimes a product transfer is the best choice (especially if the rate difference is small and you want to avoid fees), but often switching lenders can save you thousands over the term of your new deal.