The Six-Month Remortgage Window
The majority of UK mortgage lenders will allow you to apply for a remortgage up to six months before your current deal ends. This means you can shop around, compare rates, and secure a new deal well in advance, without having to pay any early repayment charges on your existing mortgage.
When you apply within this window, your new lender will make you an offer that is typically held for between three and six months. The new mortgage does not actually start until your current deal expires, so you continue paying your existing rate until the switchover date. This arrangement gives you the security of knowing what your new payments will be, without any overlap or gap in your mortgage deals.
Some lenders have extended this window even further, with a handful now offering rate locks of up to nine months or even twelve months in advance. Your mortgage broker can advise which lenders offer the longest reservation periods if you want to plan even further ahead.
What Happens If You Remortgage Too Early
If you try to complete your remortgage before your current deal has actually ended, you will almost certainly face early repayment charges. These are penalties set out in your mortgage contract, typically ranging from 1% to 5% of your outstanding balance. On a 200,000-pound mortgage, that could mean paying between 2,000 and 10,000 pounds — a significant cost that would likely outweigh any savings from a better rate.
ERCs usually reduce each year you are in the deal. For example, a five-year fixed rate might have a 5% ERC in year one, reducing to 4% in year two, 3% in year three, and so on. It is worth checking your mortgage documents or contacting your lender to find out exactly what your ERC schedule looks like.
There are rare situations where paying an ERC could make financial sense — for example, if rates have dropped dramatically and the long-term savings far exceed the penalty. However, this requires careful calculation and is best discussed with a qualified mortgage adviser.
Planning Your Remortgage Timeline
A well-planned remortgage timeline helps ensure everything runs smoothly. At the six-month mark, start by reviewing your current mortgage terms and checking what deals are available. This is a good time to speak with a mortgage broker who can search the market and give you personalised recommendations.
Between four and five months before your deal ends, you should be ready to submit your application. This allows time for the lender to carry out their valuation, run affordability checks, and for the solicitor to handle the legal work. Most remortgages complete within four to eight weeks, but some can take longer if complications arise.
If your deal is ending in less than six months and you have not started the process yet, do not panic. You can still apply, and there is a good chance everything will be in place before your deal expires. Even if you do end up on the SVR for a short period, you will not be locked in — you can leave without penalty at any time.
Product Transfers: An Alternative to Remortgaging Early
If you would rather not go through the full remortgage process, your existing lender may offer you a product transfer. This means switching to a new deal with the same lender without the need for a full application, valuation, or legal work. Many lenders now contact customers three to four months before their deal ends to offer product transfer rates.
Product transfers are quicker and simpler, often completing in just a few days. However, the rates on offer may not be as competitive as what you could find elsewhere on the open market. It is always worth comparing your lender's product transfer rates against what a broker can find before making a decision.
One advantage of product transfers is that they typically do not require a new affordability assessment. This can be helpful if your circumstances have changed — for example, if you have become self-employed or your income has decreased — as a new lender might assess you more strictly.
Important: Your home may be repossessed if you do not keep up repayments on your mortgage. There will be a fee for mortgage advice. The actual rate available will depend on your circumstances. Think carefully before securing other debts against your home.