When to start looking, product transfers vs switching lender, early repayment charges, fees, the paperwork you need, and how to compare deals on total cost.
Most UK mortgages start on an introductory deal, such as a two- or five-year fix. When it ends, you normally move onto the lender's standard variable rate (SVR), which is usually much higher. Remortgaging, or switching to a new deal with your current lender, before that happens is one of the biggest money decisions most households make regularly. This guide takes you through it.
Your options when a deal ends
- Product transfer: a new deal with your existing lender. Usually quicker and simpler, often with no legal work, and some lenders do not need a full affordability check if you are not borrowing more.
- Remortgage to a new lender: may offer a better rate, but needs a full application, a valuation and legal work (often free or subsidised on remortgage deals).
- Do nothing: you move to the SVR. That can suit you briefly if you plan to sell or repay soon, because SVRs rarely have early repayment charges, but it is usually the most expensive option for longer.
When to start?
Many lenders let you secure a new deal around three to six months before your current one ends. Starting early gives time to compare and, if rates rise in the meantime, you may already have an offer reserved. If rates fall before completion, some lenders let you switch to a cheaper product. Check your mortgage offer or annual statement for your deal's end date.
Check for early repayment charges
If you leave a deal before it ends, you will usually pay an early repayment charge (ERC), often a percentage of the amount repaid that falls each year of the deal. Your offer document shows the exact figures. Time your switch so the new deal starts after the ERC period, unless a calculation shows paying it is still worthwhile.
What affects the rate you'll be offered?
- Loan to value (LTV): the loan as a percentage of your home's value. If your home has risen in value or you have paid down the mortgage, you may move into a lower LTV band and qualify for cheaper rates.
- Your income and outgoings: lenders must check you can afford the mortgage, including whether you could still pay if rates rose.
- Your credit file: check all three credit reference agencies before applying.
- Type of deal: fixed, tracker or discount, and its length.
Compare on total cost, not just the rate
A low rate with a large arrangement fee can cost more than a slightly higher rate with no fee, especially on a smaller loan. For each deal, add up over the deal period:
- the monthly payments × number of months;
- arrangement, booking and valuation fees;
- legal costs, if not included;
- any ERC on your current deal.
Be careful about adding fees to the loan: it is convenient, but you pay interest on them for the whole term.
Step by step
- Find your end date and ERCs in your offer or annual statement.
- Estimate your home's value using recent local sold prices, and work out your LTV.
- Ask your lender for its product transfer options.
- Compare the wider market, using comparison tools or a mortgage broker. Brokers can see deals from many lenders; ask how they are paid and whether they cover the whole market.
- Gather documents if switching lender: payslips or accounts, bank statements, ID and your current mortgage details.
- Apply, then review the mortgage offer carefully before accepting.
- Check the switch date so the new deal starts as the old one ends.
Thinking of borrowing more?
Raising extra money on your mortgage, for home improvements say, spreads the cost over many years, so the total interest can be far higher than a shorter-term loan, even at a lower rate. And the debt is secured on your home. Think carefully before using it to consolidate unsecured debts.
If you're struggling with payments
Contact your lender early. Under FCA rules, lenders must treat customers in financial difficulty fairly and consider options such as temporarily reducing payments or extending the term. Free debt advice is available from MoneyHelper, StepChange and Citizens Advice.
Frequently asked questions
Will remortgaging affect my credit score?
A full application involves a hard search. A product transfer with your existing lender often does not.
Can I remortgage if I'm self-employed?
Yes, though you will usually need two or more years of accounts or tax calculations.
Sources and further reading
Facts checked on 20 October 2026. Spotted an error? Tell us and we will correct it.