Are you nearing the end of your mortgage’s fixed-rate period and wondering when to start the remortgage process? Perhaps you still have a way to go before your deal ends, but you are keen to swap to a lower interest rate or remortgage to release equity. Whatever your reason for remortgaging, there are several factors to consider, such as the terms of your current deal, your financial situation and the potential costs involved.
You can remortgage before your existing mortgage ends, but check if exit fees apply first, as they may outweigh the savings.
It’s best to start the remortgage process around 3-6 months before your fixed-term ends. This gives you time to consider your options, secure a new deal and avoid transferring to your lender’s Standard Variable Rate.
Read on for YesCanDo’s guide on when to remortgage, including pros and cons and the steps involved. For personalised advice, please get in touch and speak with one of our friendly team members.
Can you remortgage before your fixed-rate mortgage ends?
You’re free to remortgage whenever you wish, but before you move from your existing mortgage deal, check if you have to pay an early repayment charge (ERC). If you are switching to take advantage of a lower interest rate, the ERC may reduce or even wipe out the potential savings, so it’s important to compare the full cost before making a decision.
Why might you remortgage early?
There are several reasons people consider switching to a new mortgage deal early, most commonly:
- There has been a noticeable drop in interest rates compared with your current deal, which may reduce your monthly payments.
- Your property has increased in value, boosting your equity. This increased loan-to-value can sometimes give you access to more competitive mortgage rates.
- Your financial situation has improved. If your income has increased, your debts have reduced, or your credit history has improved, you may now qualify for a better deal than you could before.
- You want to release equity. Remortgaging can allow you to borrow more against your home, for things like home improvements or debt consolidation.
In any of these cases, it’s important to consider if an exit fee (or early repayment charge) applies and if it’s financially sensible to leave your mortgage deal early.
What is an early repayment charge (ERC)?
If you exit your mortgage deal early, even a few weeks before, you may be hit with an early repayment charge (ERC). Most fixed-rate mortgages include an ERC to cover the lender’s lost interest if you switch early.
ERCs typically range from 1% to 5% of the outstanding balance, depending on the lender and the terms of your mortgage. For example, if you owe £200,000 and your ERC is 3%, you would need to pay £6,000 to exit your deal early. That might sound like a lot, but if you save more money over the long term, it may be worth it.
Some lenders have a simple structure, such as a 2% charge throughout a 2-year fixed term. Other lenders use a sliding scale, and the charge reduces the longer you stay on the mortgage. For example, on a 5-year fixed-rate mortgage, the ERC might be 5% in year one and taper to 1% in year five.
Early remortgage example: cost versus savings
Before deciding to remortgage early for a lower interest rate, remember that a lower rate does not automatically mean you will save money in the long term. The true saving depends on whether the reduced mortgage payments exceed the early repayment charge.
A simple way to sense-check the numbers is to add up the savings you expect to make over the remaining period of your current deal, then compare that with your early repayment charge.
You must also factor in the cost of remortgaging, including arrangement fees, valuation fees, legal fees, broker fees, exit or admin fees and bank transfer charges. Note that some lenders include free standard legal work or a free valuation as part of the remortgage deal, but this is not always the case. The total cost could be anywhere between a few hundred and a few thousand pounds.
If the saving is comfortably higher than the overall cost, remortgaging early may be worth exploring.
For example:
£213 saving on monthly repayments × 36 months left = £7,668 total saving
£6,000 ERC + £1,200 fees = £7,200 total cost
Result = £468 potential saving
So, in this scenario, remortgaging early could save money, but only just.
How soon should I start the remortgage process before my deal ends?
Kickstarting the remortgage process 3-6 months before your deal expires is ideal.
This gives you plenty of time to:
- Compare remortgage deals without feeling rushed
- Secure a new rate before your existing deal ends
- Check whether your current lender can offer a product transfer
- Explore whether a new lender could offer a better deal
- Gather documents and prepare for affordability checks
- Arrange a property valuation if needed
Things to consider when remortgaging
Coming to the end of your mortgage deal gives you the opportunity to review your situation and make sure your next mortgage works for your finances, plans and long-term goals. Here are some things to consider:
Remortgaging with your current lender vs a new lender
Remortgaging with the same lender, i.e., a product transfer, can be quicker and simpler because your lender already has your details, and you may avoid some legal or valuation costs.
But switching to a new mortgage lender can sometimes give you access to a better rate or more flexible terms. On the other hand, it involves more paperwork and extra fees.
Give yourself enough time to research both routes properly, or work with a mortgage broker for professional advice.
If your circumstances are different to when you last took out a mortgage
If your income, credit history, debts and loan-to-value have changed for the worse or better, it may affect the number of mortgage products and mortgage rates available to you.
If your situation has improved, you may have more choice. If things have taken a turn for the worse, it is better to know early so you can plan.
Mortgage flexibility
Thinking beyond the interest rate, do you need anything else from your mortgage? For example, the ability to make overpayments or port the mortgage when you move home. The right deal should fit your life plans, not just look good on paper.
Releasing equity and borrowing more
Remortgaging is a good time to borrow more or release equity for things like home improvements and debt consolidation. While this can be tempting, remember that borrowing more may increase your monthly payments and the total interest paid.
What is the cost of remortgaging?
Whether you are remortgaging early or waiting until your deal expires, there can be costs involved in remortgaging. These can include arrangement fees, valuation fees, legal costs, broker fees and exit charges. Some lenders offer free valuations or legal work, so it is worth comparing the full deal, not just the interest rate.
Also, look out for other incentives, such as cashback, to reduce the overall cost of switching.
My current mortgage deal ends very soon. What should I do?
Hopefully, your mortgage provider or broker has prompted you about your mortgage expiring in the next 6 months. But if it’s crept up on you and it’s just around the corner, you’re definitely not alone. You may still have options, but it is important to act quickly.
If you do nothing, you will usually move onto your lender’s Standard Variable Rate (SVR) when your current deal ends. This is usually higher than a fixed-rate mortgage deal, meaning your monthly payments are likely to increase.
For example, in May 2026, a borrower with a £200,000 mortgage over 25 years could pay around £1,156 per month on a 4.89% fixed-rate deal, compared with around £1,465 on a 7.40% SVR. That is roughly £300 more per month, so even a short delay could become expensive.
To get the ball rolling quickly, consider talking to a mortgage broker about your options. They can help speed things up by comparing suitable mortgage deals, checking whether your current lender offers a fast product transfer, and identifying new lenders with quicker processing times. They can also help you get the right documents ready from the start, reducing the risk of delays with affordability checks, valuations or legal work.
Speak to YesCanDo Money about your remortgage options
Ready to remortgage? At YesCanDo Money, we have an assortment of products for both our current customers and those looking to switch from their current mortgage lender. Our process is made easy with a multitude of options available, whether you are looking for a lower rate, to borrow more or need more flexible terms.
The YesCanDo team is here to answer your questions, guide you towards the most appropriate deal and manage the remortgage process.
And the best part is that we are a fee-free broker, meaning you don’t pay us a penny for our advice.
Remortgaging doesn’t get easier than this. Contact us today to get started. has never been simpler.
Frequently asked questions – How soon can you remortgage before the end of a fixed-term mortgage?
Can you remortgage early without paying fees?
Remortgaging early without penalty is possible if your mortgage terms allow it or during specific promotional periods offered by some lenders. Some lenders offer mortgages with no early repayment charges.
How long do remortgage offers last?
Most remortgage offers are valid for three to six months after being offered. So, if your current mortgage deal has up to six months left, you can already start the process for your new mortgage, securing your new rate ahead of time.
Can I secure a rate now and change later if mortgage rates drop?
If you secure a mortgage offer now and rates drop before your new deal starts, you may be able to switch to a better rate with the same lender. However, this depends on the lender’s rules, the type of deal and how far along you are in the process.
In some cases, switching to a lower rate is straightforward. In others, you may need a new application, updated affordability checks or a revised offer. There may also be deadlines or admin steps involved.
This is one reason it helps to start the remortgage process early and use a mortgage broker. They can keep an eye on rates and let you know if a better deal becomes available before completion.
