The short answer
Start looking at remortgage options six months before your current fix or deal ends. Letting it lapse onto your lender's standard variable rate (SVR) typically costs £200 to £400 extra per month. A product transfer with your current lender is the easiest route; a broker or direct comparison is the way to check you are not leaving money on the table. The process takes 4 to 8 weeks and you can lock a rate up to 6 months ahead.
Why it matters (the SVR trap)
When your fixed or tracker deal ends, your lender automatically moves you onto their standard variable rate, which is currently 7 to 8.5 percent at most high-street lenders. On a £200,000 mortgage, the difference between a 4.5 percent fix and a 7.5 percent SVR is roughly £350 per month. That is not a rounding error; it is a holiday, a car payment, or a year of childcare.
The trap works because the end of a deal feels like nothing: no letter, no alarm, just a quietly larger direct debit that most people notice three months later. The Renewal Radar inside HouseChapter exists to break that silence six months early.
The six-month timeline
| When | What to do |
|---|---|
| 6 months before | Check your current deal's end date. Log into your lender or check your mortgage statement. Start comparing rates |
| 5 months before | Decide: product transfer (same lender, minimal paperwork) or full remortgage (new lender, new valuation, new legal work). Get a broker's view if your case has any complexity |
| 4 months before | Apply. Most lenders let you lock a rate 3 to 6 months ahead, so you can secure today's rate while your current deal runs out |
| 2 months before | Chase the application if you've not had an offer. Solicitor should be working on the legal transfer if switching lenders |
| Deal end date | New rate starts. If you're cutting it fine, phone your lender and ask for a rate hold or temporary extension |
Product transfer vs full remortgage
| Product transfer | Full remortgage | |
|---|---|---|
| What it is | Switching to a new deal with the same lender | Moving your mortgage to a different lender |
| Effort | Online or one phone call; often no valuation, no solicitor | Full application, valuation, legal work |
| Cost | Usually £0 (no fees, no valuation, no legal) | £0 to £1,500 (many lenders offer free legals and valuations as incentives) |
| Speed | Days to a week | 4 to 8 weeks |
| When it wins | Your lender's retention rate is competitive and your circumstances haven't changed | Another lender's rate is significantly better, or your equity has grown enough to access a lower LTV band |
When a broker earns their fee on a remortgage
For a straightforward product transfer, you probably don't need a broker. But if any of these apply, a broker's market view saves more than their fee.
- ✓Your income has changed (self-employed, new job, reduced hours): lenders' affordability models differ wildly
- ✓You want to borrow more (for renovations, debt consolidation): the amount you can add varies by lender
- ✓Your property value has risen enough to cross an LTV threshold (e.g. 85% down to 75%): lower LTV means lower rates, and a broker knows which lenders will accept your valuation
- ✓Your current lender's retention rates are not competitive: you won't know without comparing, and a broker compares for a living
Early repayment charges: the one number to check
If you are still within a fixed or tracker deal (not at the end of it), breaking early triggers an early repayment charge, typically 1 to 5 percent of the outstanding loan. On a £200,000 mortgage, that is £2,000 to £10,000. Sometimes it's worth paying to escape to a much lower rate; usually it's not. Run the maths: monthly saving times remaining months must exceed the ERC for it to make sense.
Quick answers
When should I start thinking about remortgaging?
Six months before your current deal ends. Most lenders allow you to lock a new rate 3 to 6 months ahead, which means you can secure today's rate while your current deal runs out. Starting at six months gives you time to compare without rushing.
Does remortgaging cost anything?
A product transfer with your existing lender is usually free. A full remortgage to a new lender can involve a product fee (£0 to £1,000, often added to the loan), a valuation fee (frequently waived as an incentive), and legal costs (again, often free via the lender's panel solicitor). Compare the total cost, not just the rate.
Can I remortgage to release equity for home improvements?
Yes, most lenders allow further borrowing on a remortgage, subject to affordability and LTV limits. The rate may be higher on the additional borrowing. A broker can advise on which lenders are most generous for capital raising and whether the numbers make sense compared to a separate loan.
Put this guide to work
General information for England & Wales, not financial or legal advice. Costs are typical 2026 ranges and vary by region and circumstances.