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Remortgage before your deal ends. Switch tracks, skip the SVR.

When a fixed rate ends, most lenders move you onto their standard variable rate, which is usually well above the best new deals. Line up the next deal before the old one runs out.

Start my remortgageSee the remortgage timeline
  • Start up to six months before your deal ends
  • Your lender’s offer compared with the wider market
  • Free first consultation
A Homie on a railway handcart pulling a red lever to switch the tracks towards a house with a red door
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The short answer

Remortgaging in 30 seconds

  • When: start about six months before your deal ends. Many lenders let you lock in a rate that early.
  • If you wait: you move onto your lender’s SVR, usually well above the best new deals.
  • Two routes: a product transfer with your lender, or a remortgage to a new one. Compare both.
  • Penalties: check your offer for early repayment charges and their end date.
  • Cost: fees vary, and many remortgages include free valuation and legal work.
A Homie with a calculator and a red tie

The remortgage clock

Six months out to the day your deal ends.

Most people start too late. Here is when each step happens, and what it costs to miss the end date.

  1. 6 months

    Check your end date and penalty

    Find the deal end date and any early repayment charge on your mortgage offer or annual statement.

  2. 5 months

    Compare the two routes

    Ask your lender for its product transfer rate, and have a broker compare other lenders against it.

  3. 4 months

    Lock in a rate

    Apply for the new deal. If rates fall before it starts, a broker can often move you to the cheaper one.

  4. 2 months

    Valuation and legal work

    A new lender values the home and a conveyancer handles the switch. A product transfer usually skips both.

  5. Deal ends

    New deal starts, or SVR does

    With a deal ready, the new rate starts straight away. Without one, your lender moves you onto its SVR.

What drifting onto the SVR costs you

Put in your own numbers from your mortgage offer and annual statement. The figures below start as an example.

On the new deal
£1,292 a month
On the SVR
£1,581 a month
Extra on the SVR
£288 a month

Repayment mortgage, same rate for every month shown, no fees. An illustration, not a quote.

Two ways to switch

Product transfer or remortgage?

Product transferRemortgage to a new lender
Who lends Your current lender A different lender, chosen for you
Paperwork Usually no new affordability check Full application and affordability check
Valuation and legal work Not usually needed Needed, often free with the deal
How long it takes Often days Usually several weeks
Borrowing more Possible, may need a check Possible, subject to affordability
Best for Speed, or when your lender’s rate is competitive A lower rate elsewhere, or a change to the loan

Why use a broker

Your lender only shows you its own rates.

A product transfer letter is designed to be easy to accept. Our partner mortgage broker checks it against the wider market, so you know whether the easy option is also the cheap one.

  • Your lender’s product transfer compared with other lenders
  • Rate locked months ahead, and switched if rates fall
  • Any advice fee confirmed in writing before you go ahead
Start my remortgage
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FAQ

Remortgage questions, answered.

When should I start looking to remortgage?

Start around six months before your current deal ends. Many lenders let you secure a new rate that far ahead, and the offer usually stays valid while you wait. If rates fall before you complete, a broker can often switch you to the cheaper deal.

What happens if I do nothing when my fixed rate ends?

Your lender moves you onto its standard variable rate (SVR), usually from the first day after the deal ends. SVRs are normally well above the best fixed and tracker rates, and they can change at any time. There is usually no early repayment charge on an SVR, so you can leave as soon as you have a new deal.

Is a product transfer better than remortgaging?

A product transfer is a new deal with your current lender. It is often quicker, with no new valuation or legal work. Remortgaging moves you to a new lender, which can open up lower rates or let you borrow more, but takes longer. A broker can compare both against each other.

Will I pay an early repayment charge?

If you leave during a fixed or discounted deal, most lenders charge an early repayment charge, often a percentage of the balance that falls each year. Many lenders let you lock in a new deal without penalty if it starts on or after your current deal ends. Check your mortgage offer for the exact dates and amounts.

Can I borrow more when I remortgage?

Often, yes. You can release equity for home improvements or to pay off other debts, subject to the lender’s affordability checks and valuation. Moving short-term debts onto a mortgage can cost more in total, because you pay interest over a longer term.

What does remortgaging cost?

Costs can include a lender arrangement fee, a valuation fee and legal fees. Many remortgage deals include free valuation and free standard legal work instead. Compare the total cost over the deal, not just the rate, because a low rate with a large fee can work out more expensive on a small loan.

The rest of your move

Homemove sorts every part of a move, and it all sits in one dashboard.

Your next deal, ready before the last one ends.

A free first call, your lender’s offer compared with the market, and a rate lined up months ahead.

Start my remortgage
A Homie adviser ready to help
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