You can remortgage at almost any time, but whether it’s worth doing depends on your current deal, you’re the terms you agreed to and if there are any early repayment charges. This guide explains when you can remortgage, how early you can begin the process, and what to weigh up before switching.
Understanding remortgaging
People usually groan when it’s time to remortgage, but it only means switching from your current mortgage deal to a new one. You can either stay with your existing lender or move to a different one, depending on what’s available and what you need.
When is the right time to remortgage, and how soon can you start the proces? As a general guide, you could start the remortgaging process around six months before your existing deal ends. This gives you time to compare mortgage deals and check the costs involved before signing up to a new deal.
The interest rate is likely to be one of the first things you look at, but there’s more to consider. Your mortgage term, fees, early repayment charges and current finances can all play a part in deciding whether a new deal is right for you.
So, what could happen if you don’t arrange a new deal? Once your current mortgage ends, you may move onto your lender’s standard variable rate (SVR). This could be a much higher rate than the one you’re paying now, and could land you with higher monthly payments.
Reasons for remortgaging
There are plenty of reasons why you might choose to remortgage. For many homeowners, it’s about finding a new deal that offers a better rate or more suitable terms.
You might be thinking about remortgaging to:
Find a better mortgage deal
Fix your monthly payments
Borrow more money
Change your mortgage term
Change your mortgage type
With around 1.8 million fixed-rate mortgages due to come to an end in 2026, many homeowners will be looking at their mortgage options as their current deals finish. If your deal is one of them, start your research early to find your next mortgage deal.
How to remortgage: What actually happens
It helps to know what the remortgaging process looks like and what you’ll need along the way. Even though every lender has its own way of doing things, you can pretty much expect the following steps:
Start looking at your options – It’s a good idea to start comparing mortgage deals before your current one ends. This gives you time to see what’s available and think about whether staying with your current lender or switching to a new one could work best for you.
Check what you can afford – Before applying, get an idea of what your new monthly payments could look like. Our monthly repayments calculator can help you roughly see what you might pay based on the amount you borrow and the mortgage term.
Make your application – Once you’ve found a deal you’re happy with, you’ll need to apply. The lender will check that you can afford the repayments and might ask to see some documents, like proof of income and details of your finances.
Lenders checks – The lender may carry out a credit check and assess your income, outgoings and other financial bits and bobs. These checks can vary depending on the lender and your what you’re looking for.
Complete your remortgage – Your lender will carry out some final checks and might arrange a valuation of your property. You’ll usually need a solicitor or conveyancer to handle the legal side. Once everything’s approved, you can move on to your new deal.
Remortgaging gives you the chance to shop around, compare different deals and review your options. As your lifestyle changes, you might want to adjust the length of time you have a mortgage, change your monthly payments or borrow more money against your home.
How long does it take to remortgage?
Remortgaging typically takes around four to eight weeks, although the timeframe can vary depending on the lender and your application. No two applications are the same, so give yourself plenty of time for the process.
Having your paperwork ready can also help things run smoothly and avoid unnecessary delays.
Can you remortgage early?
Most people try to remortgage around six months before their current mortgage deal ends, there’s the option to remortgage sooner if you want to. It’s worth keeping in mind that you may need to pay an Early Repayment Charge (ERC) if you do this.
Speak to your mortgage adviser about remortgaging early, as they’ll be able to work with you to find the best option.
The cost of remortgaging
When it comes to remortgaging, there are several costs to think about, including Early Repayment Charges, legal and valuation fees, arrangement and broker fees. These can change depending on your mortgage and lender, so make sure you check what you may need to pay before deciding.
For more information, take a look at our guide on how much remortgaging could potentially cost you.
Timing your remortgage
How soon can you remortgage a property after a purchase?
You can technically remortgage at any point after buying your property, though there may be hefty early repayment charges (ERCs) should you choose to.
However, most lenders will allow you to remortgage up to six months before your fixed term ends, without you needing to pay any ERCs.
If you’re considering remortgaging before this six-month period, it’s a good idea to speak to your mortgage adviser. They can look at your options. help you understand what’s available and tell you if there are any ERCs to pay.
When is the best time to remortgage?
There’s no one-size-fits-all answer when it comes to the best time to remortgage, as everyone’s situation is different.
We have a service that delivers a monthly home report and helps you monitor your current mortgage, so you’re always kept up to date when a better deal becomes available.
How interest rates affect your mortgage
Interest rates can make a big difference to your mortgage payments. If your current fixed-rate deal is coming to an end, check what rates are available and how they could affect what you pay each month.
A fixed-rate mortgage can give you more certainty, as your rate stays the same for a set period. Other types of mortgages work differently, so it’s important to think about what could work for you and your finances when choosing your next deal.
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Tips for getting ready to remortgage
Getting geared up and ready early can help make the remortgaging process smoother. Here’s some tips to follow:
Start early: Give yourself plenty of time to look at your options before your current deal ends.
Work with a mortgage adviser: We know the market can be choppy at the best of times. For a bit of stability and reassurance, we recommend working with a mortgage adviser. They know the ins and outs of different lenders’ offer periods and can help you get the right mortgage deal.
Check your credit score: Make sure your details are up to date and take steps to improve your credit score if needed.
Avoid taking on new credit: Applying for credit or regularly dipping into your overdraft could affect your credit score.
Get organised: Lenders will need to see a plenty of paperwork throughout the mortgage application process. From bank statements and payslips to proof of address and ID documents, getting your paperwork in order can make the process smoother.
Pay your bills on time: Whether it’s your phone or utility bill, pay on time, every time. Late payments could linger on your credit file for years, so avoid it altogether by setting up direct debits.
Think you’re ready to remortgage?
Our mortgage experts are on hand to answer questions and help you through next steps. With access to mortgage deals not found on the high street, we’re here to make your remortgaging journey as straightforward as possible.
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Something to bear in mind...
Frequently asked questions
There’s no specific limit to the number of times you can remortgage your property. However, speaking with a mortgage adviser will ensure you make the most suitable decision for your circumstances.
Yes, if your home is worth more, you may have more equity and a lower loan-to-value (LTV), which could mean you can get your hands on more mortgage deals.
If you have a fixed-rate mortgage and you pay your mortgage off early, you'll likely need to pay an early repayment charge. Your mortgage documents will explain the conditions under which you'd have to pay an early repayment charge and how much this will be.
You can remortgage early if you're on a fixed rate, but you’ll likely need to pay an early repayment charge. We’ve explained a bit more about early repayment charges above.
When you remortgage, the lender might take a valuation of the property to calculate the loan-to-value (LTV) ratio, and its current market value. As always, an adviser will help answer this based on your personal situation.
Remortgaging to pay off debt is possible, whether by reducing your monthly mortgage payments, or by using the equity in your property to increase your loan amount. This isn’t a decision to be taken lightly, so it’s important to speak with a mortgage adviser to make sure it’s right for you.
If you remortgage with your current lender (known as a product transfer), you won’t need to undertake a legal transaction. However, you’ll need a solicitor if you’re remortgaging with a new lender.
You shouldn’t typically require a deposit in order to remortgage. This is because remortgaging involves using the money you’ve built up in your home (called equity) as security for the loan.
You’ll need to provide essential documentation when you remortgage, including three months’ worth of your most recent payslips and bank statements as proof of income.