TL;DR: Yes, a UK borrower can remortgage at any time during the term of a mortgage, but doing so during a fixed or discounted-rate "deal period" usually triggers an early repayment charge (ERC) from the existing lender, typically 1-5 percent of the outstanding balance. The ERC has to be weighed against the savings from the new deal. Remortgaging in the last few months before the existing deal ends (or just after the deal period ends, when the lender's standard variable rate applies and ERCs no longer apply) is the most common scenario. Most lenders accept mortgage applications up to 6 months before completion, so the new deal can be lined up to start the day the existing deal ends, with no gap and no ERC.
Last reviewed May 2026
Remortgaging means moving the mortgage on an existing property from one product or one lender to another. It can be a product transfer (staying with the same lender, switching to a new product), a remortgage to a new lender, or a "further advance" arrangement that adds borrowing while keeping the existing mortgage in place.
This guide explains when a remortgage is legally possible, the role of the early repayment charge, the timing options for matching a new deal to the end of an existing one, the specific scenarios where remortgaging early is worthwhile (releasing equity, switching for a better rate, debt consolidation), the FCA framework, and the alternatives where an early remortgage does not stack up.
The legal position: remortgaging is always allowed
A UK borrower has the legal right to redeem (pay off) the mortgage at any time. This right is part of the mortgage deed and cannot be removed by the lender. The lender can, however, impose an early repayment charge for redemption during a defined "deal period" (typically 2, 3, 5 or 10 years). The ERC is a contractually agreed charge that compensates the lender for the cost of unwinding its funding for the agreed term.
The right to redeem also covers partial overpayments. Most fixed-rate mortgages allow overpayments of up to 10 percent of the outstanding balance per year without an ERC. Overpayments above the threshold attract the ERC on the excess. The overpayment rules are set out in the offer.
After the deal period ends, the mortgage moves to the lender's standard variable rate (SVR) or follow-on rate. The ERC no longer applies once the deal period has ended (typically the ERC has a "step-down" structure that reaches zero on the deal end date). Remortgaging after the deal period ends is therefore free of ERC, though it usually still has its own arrangement and exit fees.
How early repayment charges work
ERCs are typically expressed as a percentage of the outstanding loan balance and step down each year. A 5-year fixed-rate mortgage might have ERCs of 5 percent in year 1, 4 percent in year 2, 3 percent in year 3, 2 percent in year 4 and 1 percent in year 5, falling to zero after the deal period ends. The exact structure varies by lender and product.
On a 200,000 pound outstanding balance, a 3 percent ERC is 6,000 pounds. The saving from the new mortgage (compared to the existing rate over the remaining deal period) needs to exceed the ERC plus the new mortgage's arrangement and exit fees to make the early switch worthwhile. A mortgage broker should model the comparison.
Some borrowers can break the ERC threshold profitably when rates have moved dramatically. A borrower on a 5-year fixed at 5.5 percent with 3 years left, faced with current rates of 3.5 percent, might find the savings outweigh the ERC. Other borrowers find the ERC is the controlling factor and wait until the deal ends. Each case needs its own arithmetic.
The 6-month look-ahead window
Most UK lenders accept mortgage applications up to 6 months before the desired completion date. This means a borrower with a deal ending on (say) 1 October can start the remortgage process in April, get the offer secured by June, and have the new mortgage complete on 1 October, the day after the existing deal ends.
This is the most common path. The new offer is valid for 3-6 months. If rates fall during this period, many lenders allow the borrower to switch to a lower rate (a "downward rate switch") before completion. If rates rise, the borrower keeps the rate originally offered.
The 6-month window means there is rarely a reason to remortgage substantially in advance of the deal end date. The exceptions are scenarios where the borrower wants to release equity or consolidate debts and cannot wait for the deal end; in those cases, the ERC may need to be paid.
Scenarios where remortgaging early is worth the ERC
The first scenario is a significant downward shift in rates during the deal period. If the borrower is locked into a high fixed rate and the market has fallen substantially, the savings over the remaining deal period plus the new deal period can outweigh the ERC. This was a common scenario in 2024-25 as rates fell from the 2023 peak.
The second scenario is debt consolidation. A borrower with expensive unsecured debt (personal loans, credit cards) might remortgage early to release equity and pay off the unsecured debt. The ERC plus the higher mortgage cost over the remaining term needs to be compared with the unsecured debt cost over the same period. The arithmetic often works for expensive unsecured debt; it rarely works for cheaper debt or where the consolidation extends the repayment period substantially.
The third scenario is a property change that does not allow the existing mortgage to continue (such as letting the property out where the existing mortgage prohibits letting, or moving to a different country). In these cases, the existing mortgage has to be redeemed regardless of the ERC.
Porting the existing mortgage to a new property
Most modern UK mortgages are portable: the existing mortgage and its current rate can be moved to a new property as part of the house move, avoiding the ERC. The lender's underwriting still applies to the new property, so the borrower needs to qualify on income and the new property needs to qualify on valuation. Porting also has practical timing constraints: the new purchase must complete on the same day as the sale of the existing property (or within a few months at most, per the lender's rules).
Porting can be combined with a top-up where the new property is more expensive: the existing mortgage rate ports on the original balance, and any additional borrowing is at a new product rate. The split-rate mortgage that results is sometimes complex to manage.
Porting is not always possible: some specialist lenders do not allow it, and some borrowers cannot meet the new property's underwriting criteria. Where porting is not possible, the existing mortgage must be redeemed (with the ERC if within the deal period) and a new mortgage taken for the new property.
Product transfers: switching with the same lender
A product transfer is a switch to a new product with the same lender, without re-underwriting and usually without an ERC trigger (because the existing mortgage is being amended rather than redeemed). Product transfers are typically simpler and quicker than a full remortgage to a new lender, but only access the existing lender's product range.
For borrowers in their existing deal's last few months, the product transfer is often the path of least resistance. The lender offers a follow-on product, the borrower selects one, and the new product starts the day after the existing deal ends. No solicitor, no valuation in most cases, and no fees beyond a possible product fee on the new deal.
The downside is that the existing lender's products may not be the best in the market. A whole-of-market broker can usually identify whether a remortgage to a different lender would be more cost-effective once arrangement fees and valuation fees are taken into account. Many borrowers find the product transfer is slightly more expensive in rate terms but cheaper overall once switching costs are factored in.
The FCA framework and the affordability assessment
A full remortgage to a new lender is a regulated mortgage contract subject to the FCA's MCOB rules. The new lender must assess affordability, including income, outgoings, existing debts, and a stress test at a higher rate. A borrower whose income has dropped or whose outgoings have risen since the original mortgage may struggle to qualify for the new mortgage on the same amount.
A product transfer with the existing lender does not always require a full affordability re-assessment. The FCA introduced rules (the "mortgage prisoner" relief) allowing existing lenders to offer like-for-like product transfers without a full affordability check, provided the borrower is not taking on additional borrowing. This is significant for borrowers who would otherwise struggle with the affordability rules.
Borrowers stuck on an SVR who cannot remortgage due to affordability should consider Mortgage Conduct of Business sourcebook rule MCOB 11.9 relief, and explore the options with their existing lender. The FCA's "modified affordability assessment" framework specifically addresses this scenario.
How we verified this
This article reflects the FCA's Mortgage Conduct of Business Sourcebook (MCOB) including the affordability framework and the modified affordability assessment provisions, UK Finance's mortgage lender practice on early repayment charges and portability, the Financial Ombudsman Service's published approach to remortgage complaints, and the Bank of England's mortgage market data. Specific lender ERC structures and follow-on rates are published in each mortgage offer and on each lender's website.
Disclaimer: This article is general information about UK remortgaging and is not personal financial advice. Whether an early remortgage is the right choice depends on the early repayment charge, the new product's rate, the borrower's circumstances, and the overall arithmetic. A whole-of-market mortgage broker authorised by the FCA can model the specific case and identify the most cost-effective path.
Frequently asked questions
Can I remortgage early in the UK?
Yes. A UK borrower has the legal right to redeem a mortgage at any time. However, redeeming during a fixed-rate or discounted-rate deal period normally triggers an early repayment charge (typically 1-5 percent of the outstanding balance). The ERC has to be weighed against the savings from the new mortgage to determine whether the early switch is worthwhile.
How much is an early repayment charge?
ERCs are usually expressed as a percentage of the outstanding loan balance and step down each year. A 5-year fixed might have ERCs of 5/4/3/2/1 percent in years 1-5, falling to zero after the deal period ends. The exact structure is in the mortgage offer. On a 200,000 pound balance, a 3 percent ERC is 6,000 pounds.
How long before my deal ends can I start a remortgage?
Most UK lenders accept mortgage applications up to 6 months before the desired completion date. A borrower can start the remortgage process 6 months before the existing deal ends, secure an offer, and complete on the day after the existing deal ends. If rates fall before completion, many lenders allow a switch to a lower rate.
What is the difference between a product transfer and a remortgage?
A product transfer stays with the existing lender, switching to a new product. It is usually simpler, quicker, and does not require full re-underwriting. A remortgage moves the mortgage to a new lender, with a full affordability assessment and valuation. Product transfers access the existing lender's products only; a remortgage accesses the whole market.
Can I port my existing mortgage when I move home?
Most modern UK mortgages are portable: the existing mortgage and its current rate can be moved to a new property as part of a house move, avoiding the ERC. Porting still requires the lender's underwriting to be satisfied for the new property and the borrower. Where additional borrowing is needed for a more expensive property, the additional amount comes on a new product rate, alongside the ported existing rate.
