Don't default to your lender's standard variable rate.

When to start

3–6 months before your current deal expires. Most lenders allow a rate to be secured up to 6 months in advance — locking it in without commitment. If rates improve before you switch, the position can be reviewed.

SVR reversion cost

Defaulting to your lender's Standard Variable Rate when a deal expires typically costs 1–3% more than the rates available on new deals. SVRs are not tied to the Bank of England base rate and can change at any time.

Product transfer vs remortgage

A product transfer keeps you with your current lender on a new deal — simpler and faster. A full remortgage searches the wider market. The right answer depends on whether your lender's offer is genuinely competitive.

Early repayment charges

Most fixed deals carry ERCs of 1–5% of outstanding balance during the fixed period. Sometimes the saving on a lower rate over the remaining term outweighs the ERC — we model both on a total-cost basis.

Equity release

If your property has increased in value or you have paid down a material portion of the balance, you can raise additional funds at remortgage. Additional borrowing is assessed against income and affordability.

Buy-to-let remortgages

Assessed primarily on rental income coverage (ICR) at a stressed rate rather than personal income. Portfolio landlords (4+ mortgaged properties) must evidence all properties in the portfolio under PRA rules.

Rates and product availability correct at time of review, September 2026. Your home may be repossessed if you do not keep up repayments on your mortgage.

The optimal time to remortgage is three to six months before your current deal expires. Most lenders allow you to secure a new rate up to six months in advance, locking it in without obligation — so if rates improve before you switch, you can still take advantage. Waiting until your deal expires means defaulting to the Standard Variable Rate, which is typically 1–3% higher than the rates available on new fixed deals.

• Product transfer vs remortgage: a product transfer keeps you with your current lender on a new deal — simpler and faster, but you only see that lender's rates. A full remortgage searches the wider market including specialist lenders whose rates are not available to the public directly. The right answer depends on whether your lender's offer is competitive.
• Early repayment charges (ERCs): most fixed deals carry an ERC during the fixed period — typically 1–5% of the outstanding balance. In some cases the saving on a lower rate over the remaining term outweighs the ERC. We model both options so the comparison is on a total-cost basis, not just headline rate.
• Releasing equity: if your property has increased in value or you have paid down a significant portion of the balance, a remortgage can raise additional funds. This is assessed against income and affordability in the same way as a new mortgage — the additional borrowing adds to the overall loan.
• Costs involved: some remortgage products include free legal work and free valuation as incentives — worth factoring in when comparing rates. Arrangement fees (£0–£2,000 depending on the product) can usually be added to the loan, though interest then accrues on the fee amount.
• Buy-to-let remortgages: assessed primarily on rental income coverage at a stressed rate rather than personal income. Portfolio landlords face additional paperwork requirements under PRA rules — all properties in the portfolio must be evidenced, not just the one being remortgaged.

See our remortgage guide for a complete walkthrough of the process, timing and cost comparison.

Case study: remortgage rate review and capital raise — equity released at a competitive rate for a client who had been sitting on their lender's SVR for 18 months; additional borrowing used for a home improvement project.

Remortgage and £95,000 capital raise — five-year fix expiry: homeowner coming off a five-year fixed rate used the remortgage to raise £95,000 for a significant home improvement project, at a rate better than their existing lender's retention offer. The broader market search produced a meaningfully lower rate and the capital they needed — neither was available by staying put.