How early can you remortgage?
Wondering how early you can remortgage, or whether you can leave your current deal before it ends? Here is a plain English guide to timing, costs and what to do next.
Most people can start looking at a new mortgage deal around six months before their current one ends, and some lenders let you secure a rate even earlier. So if you are asking how early can you remortgage, the answer is usually sooner than you might think.
You can also remortgage before your deal ends, but you may have to pay an early repayment charge. Whether it makes sense depends on your own figures, which is where we can help. Your first chat with us is free and there is no obligation.
How early can I remortgage before my deal ends?
Many lenders allow you to lock in a new rate several months before your current deal finishes, often up to six months ahead. Some allow longer. Securing a rate early can protect you if rates rise, and in many cases you can switch to a better deal if rates fall before the new mortgage starts.
Starting early also means you are not rushing when your deal ends. If you do nothing, many lenders move you onto their standard variable rate, which can be higher than a new deal.
Can you remortgage early and leave your deal?
Yes, you can, but there may be an early repayment charge, often a percentage of the amount you still owe. Charges usually fall as your deal runs down. We can work out whether the saving on a new deal outweighs the charge, and what the total cost could look like.
You should also think about arrangement, valuation and legal fees on the new mortgage. We will explain all the costs before you commit to anything.
What to do next
Check when your current deal ends and whether it has an early repayment charge. Then speak to an adviser, who can compare what is available to you and explain the options. If you are in Portsmouth or the surrounding area, see our remortgage in Portsmouth page.
How early can you remortgage: your questions answered
How early can I remortgage?
Many people start looking about six months before their current deal ends. Some lenders let you secure a new rate earlier. We will check what applies to your lender.
Can I remortgage early without paying a charge?
Usually not during a fixed or discounted period, as most have early repayment charges. Once the deal ends you can normally switch without one. Check your mortgage paperwork or ask us.
Is it worth remortgaging early?
Sometimes. It depends on your current rate, the new deal, the early repayment charge and any fees. We will compare the total costs so you can decide.
Can I remortgage to borrow more?
Possibly, subject to affordability and the lender’s criteria. Borrowing more can increase your payments and the total you repay.
Do I need to pay to speak to an adviser?
Your first chat with us is free and there is no obligation. We will explain how we are paid before you decide to go ahead.
Your first chat is free, and there's no obligation.
Tell us what you're planning. We'll tell you honestly what's possible.