Key facts (2026): Remortgaging — switching your mortgage to a new deal or lender — can save significant money when your current fixed rate deal ends. Around 1.5 million UK fixed rate mortgages expire each year. Starting your remortgage search 3–6 months before your current deal ends gives you the best chance of securing a competitive rate without a gap.
Your mortgage fixed rate ending is one of the most significant financial events in any homeowner's calendar. Moving from a 2% fixed rate onto a 7–8% standard variable rate (SVR) adds hundreds of pounds per month to your payment. Acting early — before your deal expires — is the single most important thing you can do.
When Should You Remortgage?
Start looking 3–6 months before your current deal ends. Most lenders allow you to lock in a rate 3–6 months in advance with the option to switch if a better deal emerges before completion. If you are already on your lender's SVR (standard variable rate), you are likely overpaying — remortgage immediately. The average SVR in 2026 is approximately 7.5–8.5%, significantly above the best available fixed rates.
The Remortgage Process
Step 1: Check your current deal — note when it expires and if there is an early repayment charge (ERC). Step 2: Get your property valued — your loan-to-value (LTV) ratio affects the rates available to you. Step 3: Check your credit report and ensure it is accurate. Step 4: Research rates — use comparison sites and a whole-of-market broker. Step 5: Apply for a Decision in Principle. Step 6: Submit full application with documents. Step 7: Lender valuation and conveyancing (simpler and cheaper for remortgages than purchases). Step 8: New deal completes.
Remortgage Costs to Consider
Early Repayment Charge (ERC): if you remortgage before your current deal expires, your lender may charge 1–5% of the outstanding balance — this can outweigh the savings from a lower rate. Legal fees: most remortgage lenders include free legal work for straightforward cases. Valuation fees: often waived by lenders. Arrangement fees: new deal arrangement fees of £999–£1,999 are common — factor these into the total cost comparison, not just the headline rate.
Our Verdict
Remortgaging at the end of your fixed term is one of the highest-value financial actions a homeowner can take — the saving can be £3,000–£6,000 per year for an average mortgage. Start the process 3–6 months early, use a whole-of-market broker, and do not auto-renew onto your lender's SVR without shopping around. The conveyancing for a remortgage is simpler and cheaper than for a purchase — do not let the process put you off.
Frequently Asked Questions
When should I remortgage UK?
Start looking 3–6 months before your current deal expires. If you are already on your lender's SVR, remortgage immediately — SVR rates are typically 7.5–8.5%.
How long does remortgaging take UK?
Typically 4–8 weeks from application to completion for a straightforward remortgage to a new lender.
Does remortgaging affect your credit score?
A mortgage application involves a hard credit search which temporarily reduces your score slightly. Multiple applications in a short period can compound this — use a broker to identify the right lender before applying.
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Disclaimer: For informational purposes only. Always verify with official sources such as gov.uk or qualified professionals before making decisions.
Last updated: April 2026 · Author: Chandraketu Tripathi
