When should I start looking at remortgaging?



When should I start looking at remortgaging?

Remortgaging is a financial move that many homeowners in the UK consider, it involves switching your current mortgage to a new one. It’s a step that can potentially lead to substantial savings and improved financial stability, but the timing is crucial.

In this article, we’ll explore the key factors that influence the decision to remortgage and provide you with valuable insights to help you determine when the optimal time might be for your specific situation.

Generally, it is a good idea to start looking at your remortgage options 3-6 months from when your existing deal ends.

We suggest that the earlier the better so 6 months would be advisable. This gives you plenty of time to make sure we can find you the most suitable deal for your circumstances whilst not stressing about your existing deal coming to an end.

There are many mortgage lenders that will offer a 6 month mortgage offer period which means you can secure the new mortgage and have this locked in for up to 6 months prior to your existing mortgage deal ending.

Factors affecting the Decision to Remortgage

Remortgage Interest Rates

One of the main factors that can make you think of remortgaging is the changing of interest rates in the market. Keeping an eye on the market’s interest rate trends is important if you are thinking of remortgaging. When rates drop, you could potentially secure a lower interest rate for your mortgage, leading to decreased monthly payments and overall savings. On the flip side, if rates are on the rise, then it may be a good idea to look at options to make sure you get the best possible deal available before they go up further.

Fixed-Rate Term Expiry: Timing Matters

If you initially chose a fixed-rate mortgage, it’s important to know when the fixed term is set to expire. Once the term ends, your mortgage typically reverts to the lenders standard variable rate, which is likely to be a lot higher.

Starting the remortgaging process well before the fixed term ends allows you to explore new fixed-rate deals and avoid potential higher rates associated with the standard variable rate period.

Equity Growth:

The value of your property can significantly impact your ability to remortgage. As your property’s value increases over time, so does your equity. This equity can be used to access better remortgage deals and potentially lower interest rates. Evaluating your property’s current value and comparing it to the original purchase price can provide a clear picture of how much equity you’ve gained, guiding your decision on when to remortgage.

Financial Goals and Circumstances: Planning for the Future

Your financial goals and life circumstances can signal the need to consider remortgaging. Changes such as a salary increase, family expansion, or nearing retirement can all impact your long-term financial outlook. Remortgaging can help align your mortgage terms with these changing circumstances, ensuring that your mortgage remains a suitable fit for your future goals.

How can I benefit from remortgaging?

There are several ways that you could potentially benefit from remortgaging, the most obvious one being that you could save yourself a lot of money over the term of the mortgage by securing the best deal possible based on your circumstances.

Even a slight reduction in your interest rate can lead to substantial savings over the life of your mortgage. By taking advantage of lower rates through remortgaging, you could free up funds for other financial goals or simply enjoy a more comfortable mortgage payment.

Our Plymouth based mortgage brokers will be able to talk you through all your options to help find you the most suitable remortgage for your circumstances. 

What if rates go down after I have already got my remortgage offer?

The other benefit to securing a mortgage early is that it gives you the flexibility to keep an eye on the market and interest rates leading up to the end of your existing deal.

If you secure a new mortgage deal 6 months prior and rates go up then you will be protected against this (as long as you have applied for a fixed rate) and your rate will not be affected, if rates go down and a better deal becomes available then you will most likely be able to switch to the new rate hopefully saving you money.

This gives you flexibility and makes sure you have the best chance of securing the most cost-effective mortgage product for when your existing deal ends.

Can I apply to take more money out when I remortgage?

Applying for extra money when you remortgage is something that people often look to do. Whether you can or not will depend on your personal circumstances and it will be different from lender to lender.

We can help establish what your options would be and if this is a possibility for you.

There are several reasons people look to raise extra money from their mortgage when remortgaging, examples are:

  • Home Improvements
  • Debt Consolidation
  • Divorce or Separation
  • Deposit for Investment Buy to Let Property

Are there any fees when remortgaging?

It is common for there to be fees involved when looking to remortgage, but this will vary from lender to lender. When we are looking to find you the most suitable deal, we will also take into consideration any fees that may be payable to make sure it is the most cost-effective deal overall.

The type of fees that may be payable are solicitor fees, lender fees, valuation fees and mortgage broker fees. 

There are remortgage deals that will not charge some of the above fees, so it is always important to make sure you account for this when assessing how cost effective a new deal really is. As remortgage experts we can help make sure it is the most cost-effective option once all fees have been taken into consideration.

Steps to Take When Considering a Remortgage

Once you’ve recognized it’s time to remortgage then it’s time to take action. Here’s a step-by-step guide to help you navigate the remortgaging process:

Initial Remortgage Research:

Start by researching available remortgage deals. As whole of market mortgage brokers we can provide expert guidance tailored to your financial situation. We can complete our initial research and find what remortgage deals would be available to you and your circumstances.

Assessing the Costs and Savings: Calculate all associated costs, including arrangement fees and potential early repayment charges from your current lender. We can help compare the different deals available and work out all the costings to make sure it is the right financial decision for you.

Remortgage Application: Once we have identified the right mortgage option we will need to prepare the necessary documents and information, such as proof of income, proof of ID, credit history etc.

We will then submit your remortgage application to the chosen lender and make sure that everything goes through as smoothly as possible.


Remortgaging can lead to significant financial advantages. By understanding the key factors, indicators, and steps involved, you’ll be better equipped to make an informed decision that aligns with your financial goals.

If you’re coming to the end of your current mortgage deal or just want to see if remortgaging is an option for you then contact us today as we would love to help.

Mortgage broker

Mortgage Broker

01752 905011

Your Home (or property) may be repossessed if you do not keep up repayments on your mortgage. There may be a fee for mortgage advice. The actual amount you pay will depend upon your circumstances.

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