When Should I Start Looking at Remortgage Deals?

For the most part, people only start thinking about remortgaging once their fixed rate has already ended or is about to. By this point, they have often missed the window to act with the most choice and least pressure. It is an easy mistake to make, especially because a fixed-rate deal can feel settled and done until the date is suddenly much closer than expected.

If you’re coming up to renewal time, here’s the timeline worth working on instead.

The 6-Month Window

It’s widely recommended that the starting point for remortgaging is three to six months before your current fixed rate ends, with six months being the safer end of that window. This gives you enough time to compare your options properly, without the pressure of deadlines bearing down on you.

Importantly, looking six months out does not commit you to anything. Many lenders allow you to secure a new rate in advance, giving you the option to switch when your current deal ends. Starting early simply means you are protected against rate movements while keeping your options open rather than being forced to decide in a hurry. It also gives you time to gather any paperwork needed and address anything that might affect your application rather than discovering an issue at the last minute.

What Happens If Your Fixed Rate Ends and You Do Nothing

If your fixed rate ends and you have not arranged a new deal, you will automatically move onto your lender’s standard variable rate, often referred to as the SVR. This rate is set by your lender and can move at any time. It’s typically higher than the fixed rate you were paying, which usually means an increase in your monthly payments.

One of the most common situations we see is people reaching out only after they have noticed their payments have gone up. In these circumstances, acting a few months earlier would have given them far more choice. Reviewing your options ahead of time avoids this situation entirely.

How to Start the Process

Starting the process is actually much simpler than you might realise. It does not require an immediate decision. It begins with a review of your current mortgage, your fixed rate end date and your overall circumstances, so your options can be compared properly across the market rather than with a single lender. This also includes looking at your current outstanding balance, your property’s approximate value and any changes to your income or circumstances since you last arranged a mortgage, all of which can affect the options available to you.

From there, you can decide whether to proceed, wait or revisit your options closer to the time. There is no pressure to commit at this stage. The aim is simply to understand where you stand and what is available, so that when your fixed rate does come to an end, you are making an informed decision rather than a rushed one.

If your fixed rate is due to end in the next six to twelve months, now is a good time to start looking at your options with no obligation to proceed. Get in touch with Fosters Financial today to book a free remortgage review.