Should you remortgage?
For most homeowners, the main reason to remortgage is simple — saving money.
Your mortgage is usually your largest monthly commitment, so even small rate changes can have a big impact over time. When a fixed or discounted deal ends, lenders typically move you onto their Standard Variable Rate (SVR), which is often significantly higher.
In some cases, staying on your lender’s SVR may make sense — but it should always be a conscious choice, not something that happens by default.
Who shouldn’t remortgage?
Remortgaging isn’t always the right option. The decision should come down to whether the potential savings outweigh the costs.
- You’re already on a strong long-term deal: If you’re locked into a competitive fixed rate with low Early Repayment Charges, it may be better to stay put — even if you’re looking to raise additional funds.
- Early Repayment Charges are too high: Some mortgages carry hefty ERCs during the initial incentive period. Switching too early could wipe out any savings.
A good rule of thumb is to review the market around 3–6 months before your current deal ends, so you’re ready to act at the right time.
What type of mortgage should you choose?
Remortgaging opens up a wide range of options — fixed rates, trackers, discounts, flexible mortgages, interest-only, and more.
The right choice depends entirely on your plans and circumstances. For example:
- If you plan to move home soon, a long fixed-rate deal with heavy ERCs may not be suitable
- If you value certainty, a fixed rate may offer peace of mind
- If you expect rates to fall, a tracker or variable option may be worth considering
There’s no universal “best” product — only the most suitable one for you.
What mortgage term should you choose?
Your term plays a major role in affordability and total interest paid.
- Shortening the term: Reduces the total interest paid and helps you become mortgage-free sooner, but increases monthly repayments.
- Keeping flexibility with overpayments: Many mortgages allow overpayments, which can reduce the effective term without committing to higher payments long-term.
- Extending the term: Can reduce monthly payments if finances are tight, but usually results in paying more interest overall.
Choosing the right term is about balancing affordability today with long-term cost.
How important are fees when remortgaging?
The headline rate is only part of the picture.
Some low-rate deals include fees such as:
- Arrangement fees
- Valuation fees
- Legal fees
In some cases, a slightly higher rate with no fees — or even cashback — can work out cheaper overall, particularly for smaller loan amounts.
Always look at the total cost over the incentive period, not just the rate.
When is the best time to remortgage?
The best time to start planning a remortgage is usually several months before your current deal ends.
This allows time to:
- Secure a new rate in advance
- Avoid falling onto your lender’s SVR
- Choose the right product without rushing
Most lenders allow you to secure a deal up to 6 months ahead of completion.
Why use a mortgage broker?
Remortgaging isn’t just about finding a lower rate — it’s about finding the right deal for your situation.
A mortgage broker:
- Searches the market for suitable options
- Considers fees, features, and criteria
- Helps avoid applications you’re unlikely to qualify for
- Guides you through the process from start to finish
We don’t charge a fee for our service, and our access to lender panels means we can often see options that aren’t obvious through comparison tables alone.