Remortgaging: When, Why and How

When your mortgage deal ends, most lenders move you onto their standard variable rate — typically 1.5–2% higher than the best available deals. On a £300,000 mortgage that could cost £400+ extra every month.

When to start

Begin 4–6 months before your deal ends. Most offers are valid for up to six months, so you can lock in a rate and still switch if something better appears.

Your options

• Product transfer — stay with your lender on a new deal. Quick, no solicitors, but rarely the best rate.
• Remortgage to a new lender — usually the best rates, with free legal and valuation packages common.
• Further advance — borrow more for home improvements at mortgage rates.

What lenders check

Affordability is reassessed: income, outgoings and credit history. If your circumstances have changed — self-employment, a new job — a broker can point you to sympathetic lenders.

Watch for fees

Arrangement fees of £999–£1,999 are common. A fee-free deal at a slightly higher rate often wins on smaller loans — we calculate both scenarios for every client.