Remortgage LabUK decision tools

When should you remortgage?

Most homeowners remortgage as a fixed deal ends. The useful question is when to start — and whether leaving early is worth an ERC.

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RLPublished by Rodway Labs — not a mortgage adviser

Published

Remortgaging means replacing your current mortgage with a new deal — usually with a different lender, though some people use “remortgage” loosely for any new product. The best time is typically in the months before your fixed (or discounted) period ends, so you avoid drifting onto a standard variable rate (SVR) that is often more expensive.

A practical timeline

  • 6 months out: check your redemption statement, note any ERC end date, and gather income/outgoings documents.
  • 3–4 months out: get Agreement in Principle / Decision in Principle quotes; compare a product transfer from your current lender with remortgage offers.
  • Near completion: aim for the new deal to complete as the old one ends so you minimise ERC and SVR time.

Leaving early

Sometimes a much lower rate justifies paying an early repayment charge. Run the numbers with our true cost calculator and ERC estimator. If the break-even stretches beyond your planned horizon, staying put (or a product transfer) may be cleaner.

Checklist

  • ERC end date and method on your offer / Key Facts Illustration
  • Current balance, remaining term, and estimated property value (for LTV)
  • Fees on any new deal (product, valuation, legal, broker) and cashback
  • Whether you need portability, overpayment flexibility, or offset features

This guide is general information, not advice. Individual circumstances and lender criteria differ.

Related

Calculators and articles on Remortgage Lab are illustrative and not personalised financial advice. Always check current lender terms and, where appropriate, speak to an FCA-authorised adviser. England & Northern Ireland focus where tax rules are cited; Scotland and Wales differ.