Compare remortgages

When your current mortgage deal ends, whether that's a 2-year fix, 5-year fix, or tracker, you have 2 choices:

• Stay with your current lender and move to a new deal (product transfer)

• Switch to a different lender (remortgage)
  

If you do neither, your lender automatically moves you to their standard variable rate (SVR). In 2026, SVRs are running at 7–8%, which is significantly higher than the best available fixed deals. Most people remortgage to avoid this.

You can start the process up to 6 months before your current deal ends, locking in a new rate now and switching seamlessly when your existing deal expires, with no gap on the SVR.

• Your current deal is ending - once your current deal ends, you'll be moved on to your lender's standard variable rate (SVR). This is normally higher than other rates available in the market so it's usually best to remortgage to another deal to save money.

• To find a better rate - remortgaging may allow you to get a better rate than you're currently on (particularly if you are currently on your lender's SVR). It's best to speak with a whole-of-market broker who can compare mortgages to find the best deal for you.

• Your property value has increased - remortgage to a lower loan-to-value (LTV) ratio as this may get you access to better rates.

• To release equity - If you want to borrow more money, you can do this by releasing equity from your property when you remortgage. This involves switching to a higher LTV deal.

• To shorten your mortgage term - When you remortgage, you can switch to a deal with a shorter mortgage term. This means you're paying off your mortgage in a shorter time period with higher monthly repayments, but you'll end up paying less in interest overall.

• To change onto a fixed-rate - If you're currently on a variable rate mortgage, you might want to remortgage to a fixed-rate mortgage to make sure your payments don't increase for a period of time.

To improve your chances of getting the best remortgage deal, you should consider doing the following:

• Have a high credit-score - improving your credit score will make you more appealing to mortgage lenders when it comes to borrowing money as they can trust that you'll make each monthly repayment.

• Look for remortgages with lower fees - watch out for the remortgage deals with a lower interest rate because although it seems to be a good deal at first, the fees can add up.

• Reduce your loan-to-value (LTV) - a lower loan-to-value ratio means you could be offered better remortgage deals, so try and borrow less if you can.

• Lock in a remortgage deal early - you can lock in a new rate up to six months in advance and then switch when your current mortgage term ends. Switching before the deal ends means you're likely to have to pay early repayment charges (ERCs).

• Shop around - it might be tempting to stay with the same mortgage lender, but you're better off comparing remortgage deals from a range of lenders for a better chance of finding the best deal for you. Our expert mortgage broker can help you with this.

The standard advice is to start 6 months before your current deal ends. Here's why:

• 6 months before deal ends: Start comparing remortgage deals. Most mortgage offers are valid for 6 months, so you can lock in a rate today with no penalty, and switch on the day your current deal expires - no standard variable rate (SVR) gap.

• Check the rate lock terms: Some lenders allow you to switch to a lower rate if deals improve before you complete. This makes locking in early a low-risk move.

• 3-4 months before deal ends: Submit your application. A straightforward remortgage typically takes 4–8 weeks. Starting here gives buffer time if anything delays the process.

• At deal end: Your new rate starts automatically. If you've locked in 6 months early, the switch is seamless with no SVR exposure.

• Already on the SVR: Act immediately. Every month on the SVR at 7-8% versus a fixed deal at 4-5% costs you more than it should. There are no early repayment charges (ERCs) once your deal has ended.

Remortgaging isn't free, but the costs are often much lower than staying on the SVR. Here's what to budget for:

Always calculate the total true cost of a deal and not just the headline rate. A 0.1% lower rate with a £2,000 arrangement fee may work out more expensive than a slightly higher rate with no fee, especially on a smaller mortgage or a shorter fixed term.