The short answer
You can usually arrange a new mortgage up to six months before your current deal ends, and in many cases switch to a better rate if one appears before you complete. The main thing to check first is whether an early repayment charge applies to your current deal, because that can make switching too soon expensive.
Why people look at remortgaging early
When a fixed or discounted rate ends, most borrowers move onto their lender's standard variable rate, which is often noticeably higher. Arranging the next deal before that happens avoids a period on the higher rate and gives you certainty about your payment.
Many lenders allow you to apply up to six months before your current deal ends, and the new rate is held for a period, commonly around six months, until you complete. Terms differ between lenders, so this is a guide rather than a rule.
Check for an early repayment charge first
Most fixed and discounted deals charge a fee if you repay or switch before the end date. It is normally a percentage of the balance and often reduces each year. The aim is to line the new deal up so it starts the day the old one ends, which is why the end date matters more than the application date.
Can I switch if rates fall after I have secured a deal?
Often you can. If a better rate becomes available before you complete, it may be possible to change to it, as long as the new application still fits your circumstances and the lender's criteria. Not every product allows this, so ask before you rely on it.
What to have ready
The paperwork is usually lighter than for a purchase, but lenders will still want to see your income and commitments, so it helps to have recent payslips or accounts and your latest mortgage statement to hand.
- Your current lender, balance, rate and end date.
- Any early repayment charge and when it stops applying.
- Recent proof of income and a note of any change to your circumstances.
- An idea of whether you want to borrow more, change the term or keep things as they are.
Where we can help
We can check the date your deal ends, work out when to start, compare the market for your circumstances and handle the application. If you have a deal ending in the next six to twelve months, get in touch and we will tell you when it makes sense to act.
Want this applied to your own situation?
Tell us what you are planning and we will look at it with you. There is no obligation for the first conversation.
This article is for general information only and is not personal advice. Mortgage products and criteria change often, and what suits one borrower may not suit another. MakeMyMortgage Ltd is an appointed representative of PRIMIS Mortgage Network. We typically charge a fee of £349 payable on application, which can vary with the complexity of your needs. Your home may be repossessed if you do not keep up repayments on your mortgage.