Remortgaging
01 · When your deal ends
When a fixed, tracker or discounted deal ends, the mortgage moves to the lender’s standard variable rate. That rate is usually well above the deals available, so doing nothing tends to be the most expensive option.
There is usually no early repayment charge once you are on the standard variable rate, which is why most people aim to move straight from one deal to the next on the day the old one ends.
02 · When to start
Most lenders let you secure a new deal up to six months before your current one ends. Under the Mortgage Charter, which lenders reaffirmed in 2026, you can lock in a new deal up to six months ahead and still ask for a better like-for-like deal before it starts if rates fall.
Securing a rate early costs nothing extra in most cases, and it removes the risk of rates rising while you wait. That is why we diarise a review six months before every client’s deal ends.
03 · Staying or switching
| Product transfer (stay) | Remortgage (switch lender) | |
|---|---|---|
| What it is | A new deal with your current lender | A new mortgage with a different lender |
| Choice | Limited to your lender’s range | The whole market |
| Checks | Usually no affordability check if you are up to date with payments | A full application, including affordability and a credit check |
| Valuation and legal work | Not usually needed | Needed, though many lenders include free legal work |
| Time | Often days | Usually several weeks |
Neither is automatically better. Staying is quicker and simpler; switching can be cheaper. The right choice depends on the deals available to you at the time, which is why we compare both.
04 · Costs to compare
Compare the total cost over the length of the deal, not just the rate. A low rate with a large fee can cost more than a slightly higher rate with none. Our guide to comparing costs explains how.
05 · Borrowing more or changing term
Remortgaging is also the natural point to borrow more, for example for home improvements, to change the length of your mortgage, or to move from interest-only to repayment. Any extra borrowing goes through the lender’s affordability checks.
If payments are becoming hard to manage, the Mortgage Charter also lets borrowers who are up to date switch to interest-only for six months or extend their term without a new affordability check. Both reduce payments now but increase the total you pay, so speak to your lender or to us before deciding.
06 · What we need
07 · A typical timeline
| When | What happens |
|---|---|
| 6 months before | We review your options and compare staying with switching. |
| 4–6 months before | A new deal is secured with your lender, or an application goes to a new one. |
| 3–4 months before | For a switch: valuation and legal work, then the mortgage offer. |
| The day your deal ends | The new deal starts, with no gap on the standard variable rate. |
08 · Quick answers
Most lenders let you secure a new deal up to six months before your current one ends. Under the Mortgage Charter you can lock in early and still ask for a better like-for-like deal before it starts.
Staying is quicker and usually involves no new affordability check if you are up to date; switching gives you the whole market and can be cheaper. The right answer depends on the deals available at the time.
Your mortgage moves to the lender’s standard variable rate, which is usually much higher than the deals on offer.
09 · Sources
Correct as at October 2026. Lender criteria, rates and rules change; this is general information, not a personal recommendation.
Tell us when your deal ends and we will compare staying with switching, and secure the better option in good time.
Get in touch →