When to remortgage, how much you could save, equity release, early repayment charges, and how we find you the most competitive deal.
Remortgaging means switching your existing mortgage to a new deal — either with your current lender or a different one — without moving home. It's one of the most financially impactful things a homeowner can do, yet many people leave it too long and end up paying far more than they need to.
The most common trigger is the end of a fixed or tracker rate period, when lenders move customers onto their Standard Variable Rate (SVR) — which is almost always significantly higher. But there are several other situations where remortgaging makes strong financial sense.
When a fixed-rate deal ends, your lender doesn't automatically move you to a competitive rate. Instead, they move you to their Standard Variable Rate — their own discretionary rate which they can change at any time.
SVRs are typically 2–4% higher than competitive fixed rates. On a £200,000 mortgage, that could mean paying £200–£400 more every month than necessary. Over 12 months, that's up to £4,800 wasted.
We start looking at your options 3–6 months before your deal ends so we can lock in a new rate early. Many lenders allow you to reserve a rate up to 6 months in advance, protecting you against any rate rises while you wait.
Most fixed-rate mortgages include Early Repayment Charges (ERCs) if you exit the deal before the fixed period ends. However, this doesn't automatically mean staying put is cheaper — we run the full calculation for you.
Usually 1–5% of the outstanding balance, tapering down each year. A 2-year fix might charge 2% in year 1 and 1% in year 2.
If the new rate is significantly lower and you have a large balance, the monthly saving can outweigh the ERC within a year or two.
If you're close to the end of your fixed period and the ERC is still significant, it usually makes sense to plan ahead and switch immediately when the deal ends.
Your existing lender may offer you a new deal (called a product transfer) without ERCs. We'll compare this against the whole market to ensure it's genuinely competitive.
If your home has gone up in value since you bought it, or you've paid down a significant portion of your mortgage, you may have equity you can access. A remortgage can allow you to borrow against that equity while keeping your property.
Common uses for equity release via remortgage:
Adding to your mortgage means paying interest on the additional amount for the rest of your mortgage term. We'll always show you the true total cost — not just the monthly saving — so you make a fully informed decision.
A remortgage review is quick — most of the information you'll need is straightforward. We'll ask for:
From there we run a full market search, compare your options including any product transfer offers from your existing lender, and present you with a clear recommendation.
Usually around three to six months before your current deal ends. Starting early means you can lock in a new rate and avoid slipping onto your lender's higher standard variable rate, which is often significantly more expensive.
Often yes, subject to affordability and the lender's criteria. We explain the benefits and the risks, including that securing other debts against your home and extending the term can increase the total amount you repay.
A remortgage involves a credit check, which can have a small short-term effect. We help you time the application well and avoid unnecessary searches, and a whole-of-market review means you only apply where you are likely to be accepted.