Whens should you remortgage? The best time to switch your mortgage

Hundreds of thousands of UK households are coming off cheap fixed rates every year through 2027, many of them deals fixed below 3% in a world that no longer exists. What you do in the months before your deal ends will decide whether you move smoothly onto a competitive rate or drift onto your lender's standard variable rate and pay hundreds a month for the privilege. This article is general information rather than financial advice, and a mortgage broker can advise on your specific circumstances.

This guide covers when to start, what doing nothing costs, the fix-now-or-wait question, and the fees involved in switching.

Start looking three to six months before your deal ends

The consistent message from brokers and lenders alike is to begin the process three to six months out. Most lenders let you lock in a new deal up to six months in advance and switch when your current deal expires with no early repayment charge. That structure creates a genuinely useful free option: secure a rate now as insurance, and if rates fall before your switch date, you can usually still move to a cheaper deal instead.

Leaving it late carries a real cost, because a remortgage to a new lender is a full legal transaction: valuation, affordability checks and conveyancing typically take four to eight weeks end to end.

What happens if you move onto your lender's SVR?

When a fixed deal ends and nothing replaces it, you land on the standard variable rate. In 2026, SVRs at major lenders typically sit between 7 and 9%, while competitive fixed remortgage deals have been available around 4 to 5%.

The difference can be substantial.

For example, on a £200,000 interest-only mortgage:

• 7.5% SVR: £1,250 per month (£15,000 per year)

• 4.5% fixed rate: £750 per month (£9,000 per year)

That's a difference of £500 every month, or £6,000 each year, simply because the mortgage wasn't switched in time. Even one accidental quarter on the SVR outweighs most of the fees involved in switching promptly.

Fix now or wait for cheaper deals?

The honest answer is that nobody reliably knows where rates go next, and expert expectations for 2026 cluster around stability with modest easing rather than dramatic falls. That is why many borrowers are choosing certainty: five-year fixes for payment stability, two-year fixes for flexibility if they expect to move or believe rates will drift lower.

The six-month lock-in window softens the dilemma considerably. Securing a deal early is not a bet that rates have bottomed; it is insurance against them rising, with a reasonable chance to re-deal if they fall. Whatever you choose, compare on total cost over the deal period, fees included, not on headline rate alone.

If you're planning to move home instead of remortgaging, our hidden costs of moving house guide can help you understand the wider costs involved.

The costs of remortgaging

Switching is not free, though it is usually far cheaper than not switching. Budget for some combination of:

• Lender fees: arrangement or product fees, often around £999 on the sharpest rates, sometimes traded against a higher rate with no fee; plus a possible valuation fee, though many remortgage deals include a free valuation.
• Legal and exit costs: conveyancing to move lenders, frequently included as a free legals package, and any early repayment charge if you complete before your current deal ends, which is precisely what good timing avoids.

A product transfer, staying with your current lender on a new deal, involves no conveyancing at all and can be quick, but you give up the chance to shop the whole market, so compare both routes.

When remortgaging is not the right move

Switching is not always the answer, and a good broker will tell you so. If your remaining balance is small, arrangement fees can swallow the interest saving, and some lenders set minimum loan sizes for new deals.

If your circumstances have changed since your last application, a new job, reduced income, or a dip in your credit record, a full remortgage application can be harder to pass than staying put, and a product transfer with your existing lender, which usually involves no new affordability assessment, may be the smoother route. And if you are inside a fixed deal with a heavy early repayment charge, the maths of leaving early rarely works unless rates have moved dramatically.

The same review moment is also when many households consider borrowing more, for home improvements or to consolidate debts. Releasing equity at remortgage can be sensible, but consolidating short-term debt into 25 years of mortgage usually costs more in total interest than it saves in monthly cash flow, so run the full-term numbers before deciding.

The bottom line

The best time to start looking for a new mortgage deal is three to six months before your current fixed rate expires. Locking in a competitive deal early can protect you from future rate rises while still giving you flexibility if rates improve before completion. More importantly, it helps you avoid accidentally moving onto your lender's Standard Variable Rate, which could cost hundreds of pounds every month.

If you're switching to a new lender, don't forget that you'll usually need legal work to complete the remortgage. You can compare conveyancing quotes for your remortgage through Moving Compared to find experienced solicitors at competitive prices.