When Is the Best Time to Remortgage Your Home?
- Luke Atkinson
- 13 minutes ago
- 8 min read
If you’ve ever felt like your mortgage deal crept into the background—only to reappear with a bang (and a bigger monthly payment) when you least expected it, you’re not alone. Keeping track of when to remortgage isn’t always top of the to-do list—until it suddenly really matters.
But here’s the thing: catching the right moment to remortgage can save you a serious chunk of money—and save you from the nasty surprise of landing on your lender’s standard variable rate (SVR).
As a whole-of-market mortgage broker here at Delta Mortgages, I’ve helped hundreds of homeowners across Dorset, Hampshire and beyond spot the perfect time to switch, save, and sometimes even unlock exciting new plans (hello, kitchen extension 👋).
In this guide, I’ll walk you through:
What remortgaging actually means (and why it’s easier than you might think)
The best times to consider switching deals
How to avoid common remortgage pitfalls (like early repayment charges that sneak up on you)
Whether you’re gearing up for the end of your current deal or just wondering if you could do better, let’s make sure your next mortgage move is a smart one—and stress-free too.
Let’s dive in.
What Is Remortgaging?
Think of remortgaging as giving your mortgage a bit of a makeover. It’s when you switch your current mortgage deal—either by moving to a new lender or sticking with your existing one but changing products—to get a different rate, borrow more money, or simply tidy up your finances.
If it’s been a while since you last looked at your mortgage paperwork (no judgement—it happens to the best of us), it might be time for a refresh. The good news is that the remortgage process is usually far simpler than buying your first home.
You’ll still need proof of income, a credit check, and usually a property valuation—but with the right support (like a lovely Delta Mortgages adviser by your side), it’s a smooth, straightforward journey that can make a big financial difference.
Remortgaging isn’t just for people nearing the end of a fixed-rate deal, either—it can also be a smart move if your home’s value has gone up or you want to borrow more for other plans.
When Is the Best Time to Remortgage?
Timing is everything—and when it comes to remortgaging, getting it right could mean locking in a better deal, or opening doors to new financial opportunities.
It’s not just about switching for the sake of it. It’s about making sure the move actually benefits you: whether that’s dodging a jump onto your lender’s standard variable rate (SVR), securing a lower fixed rate, or unlocking better terms because your home’s value has grown.
Here’s when remortgaging could be the smartest move:
When Your Fixed-Rate Mortgage Is Ending
Most favourable mortgage deals—like fixed rates and trackers—only last between two and five years.
When they finish, you’ll automatically move onto your lender’s standard variable rate (SVR), which is often higher and less predictable.
💡Pro Tip: Start shopping around for a remortgage about 3–6 months before your current deal ends.
Many lenders allow you to lock in a new offer ahead of time and "future date" your switch to line up smoothly with the end of your term.
When Interest Rates Are Rising (or Falling)
When the Bank of England base rate climbs—as it did sharply during 2022 and 2023—fixed-rate mortgages can sometimes tend to follow.
Remortgaging early lets you secure a competitive deal before rates rise further.
On the flip side, if rates are falling, it may make sense to:
Lock in a flexible product now (with no or low exit penalties)
Remortgage again later if better deals emerge.
Note that some exit penalties cancel out any benefit of remortgage savings, so always check your paperwork first.
Either way, it's important to think ahead—and have options lined up.
When You've Built Up More Equity in Your Home
As you repay your mortgage—and hopefully watch your home's value rise—you improve your Loan-to-Value (LTV) ratio.
The lower your LTV, the better the rates lenders are willing to offer.
Example:
At 90% LTV (small deposit), options are limited and rates are higher.
At 75% LTV or better (more equity), you unlock access to the very best remortgage rates.
This could be a powerful reason to review your deal even if you’re not near your term’s end. You can also check out your LTV with our Mortgage Affordability Calculator. Aren’t we lovely?
When You Want to Borrow More
You might find yourself in a position where you need extra funds for:
Home improvements (kitchen, loft extension, garden room)
Debt consolidation
A major life event like a wedding or helping children onto the property ladder
If your home has gained value, you could release equity through a remortgage rather than taking an unsecured loan—which usually means lower interest rates.
❗Remember: Borrowing more against your home is a big decision. Always consider whether this is the cheapest and safest way to access funds—and remember your home is at risk if you don’t keep up repayments.
When You Want to Overpay
Some mortgage deals cap how much you can overpay each year (typically at 10% of your balance).
If you've come into some extra money—through a bonus, inheritance, or savings—you might want to make a bigger dent in your mortgage.
Remortgaging to a new deal that allows unlimited or larger overpayments could help you pay it off faster—and save a significant amount in interest over the term.
So, Should You Remortgage Right Now?
If your fixed rate is ending, interest rates are on the move, or your home's value has shot up, it's definitely worth exploring your options.
But before you dive headfirst into a new deal, it’s important to know what to watch out for—because sometimes, hidden costs can quietly nibble away at your savings if you’re not careful.
Next up: the common traps to avoid when remortgaging—and how to make sure your next move potentially saves you money.
5 Things to Watch Out For When Remortgaging
Remortgaging can be one of the smartest financial moves you make—but like anything involving large sums of money, it pays to tread carefully.
Some deals look shiny on the surface but come with hidden fees or timing traps that could nibble away at your savings if you’re not paying close attention.
Here’s what you need to keep a sharp eye on when planning your remortgage:
1. Early Repayment Charges (ERCs)
If you’re still within the fixed or initial discount period of your current mortgage, switching early could trigger an Early Repayment Charge (ERC).
This is usually calculated as a percentage of your outstanding balance—and it can be hefty.
Typical example:
A 2% ERC on a £200,000 mortgage = £4,000 fee.
However, it’s always good to know that some ERCs reduce over time (e.g., 5% in year one, 4% in year two).
It’s always best to weigh up the cost of the ERC against the savings from a different rate—sometimes it's still worth switching, but sometimes not.
2. Arrangement Fees
Some of the lowest advertised mortgage rates come with chunky upfront fees—often between £999 and £2,000.
💡Pro Tip: Always work out the true cost of the mortgage over the full deal period, not just the headline rate.
In some cases, a slightly higher interest rate with a lower or no fee can be cheaper overall.
3. Legal and Valuation Costs
When you remortgage, you’ll often need:
A solicitor (or conveyancer) to handle the legal paperwork.
A new property valuation for the new lender.
The good news is that some remortgage deals come with "free legals" and "free valuations"—but check the small print carefully. "Free" legal services aren’t always as speedy or comprehensive as paid-for ones but if you’re unsure, our mortgage brokers have wonderful selection of brilliant solicitors throughout the UK and we can always point you in the right direction.
4. Early Exit Penalties on New Deals
Some new mortgages come with early exit penalties too—not just your old one. If you think you might move house, need flexibility, or want to overpay significantly, it’s always best to double-check:
Overpayment limits
Exit penalties
Porting conditions (whether you can move the mortgage to a new home)
And if you’re not sure, give us a call and we’ll happily chat these through with you.
5. Sneaky Higher Lending Charges (HLCs)
If your Loan-to-Value (LTV) is still high (typically above 85%), some lenders apply an additional fee called a Higher Lending Charge (HLC).
It’s rarer these days, but it’s always worth checking if any extra charges apply if you’re borrowing a high percentage of your property’s value.
What’s Happening with Interest Rates in 2025?
Trying to predict interest rates is a bit like trying to predict the British weather—you can read all the forecasts, but you still pack both sunglasses and an umbrella just in case.
As of April 2025, the Bank of England base rate stands at 4.5%.
That’s high compared to the historic lows of the late 2010s—but lower than the peak rates we saw during the rapid rises of 2022 and 2023.
But the big question is “Will rates fall later this year?”
Some experts are forecasting small rate cuts in late 2025 if inflation continues to cool off—but it’s far from guaranteed.
The economy, global markets, and government policy all have a part to play—and interest rates could stay higher for longer if inflation proves stubborn.
What This Means If You’re Remortgaging
If you’re within 6 months of your deal ending, it could make sense to lock in a new fixed rate now, before any potential volatility later this year.
Even if rates do fall slightly, locking into a secure deal now could offer:
Payment stability
Protection against sudden hikes
Peace of mind while others are left scrambling
Many lenders allow you to secure a remortgage offer up to six months in advance. If better deals appear before you complete, some lenders allow a free rate switch.
It’s all about planning ahead—because the best rates tend to go fast when market sentiment shifts.
Should You Wait for Rates to Drop?
Argh, we’re going to sit on the fence here and say …Maybe. Maybe not.
Waiting might work out for you if:
You’re still more than 6 months from your deal ending.
You’re happy to wait on potential market movements.
You’re financially flexible if payments rise slightly in the meantime.
If you’re risk-averse—or simply prefer knowing exactly what you’ll pay each month—locking in now could make more sense, even if slightly better rates appear later.
The best move is to get some experienced mortgage advice tailored to your specific situation. (That’s where we come in 👋).
Why Work with a Mortgage Broker When Remortgaging?
Remortgaging isn’t just about finding a better rate—it’s about finding the right deal for your circumstances, with as little stress as possible.
When you work with a whole-of-market mortgage broker like Delta Mortgages, you get experienced mortgage advice tailored to you, access to thousands of mortgage products you won't find on comparison sites, and support that makes the entire process faster, easier, and far less stressful.
We explain all the benefits of having a broker in your corner over here 👉 Why Use a Mortgage Broker?
Getting the Best Remortgage Deal for Your Unique Circumstances
Remortgaging isn’t just about chasing a lower rate—it’s about making sure your next mortgage fits where you are now, and where you want to go next.
If you’re thinking about switching deals, borrowing more, or just getting a clearer view of your options, I’d love to help.
Every client’s situation is different, and my job as a mortgage adviser is to make the remortgage journey simple, personal, and genuinely worthwhile for you.
You can call me directly on 0303 0033 606 or drop me a message at luke.atkinson@deltamortgages.co.uk—and we’ll have a proper, no-pressure chat about what’s possible.
Or if you prefer, you can Request a Call Back, and I’ll be in touch at a time that suits you.
Let’s find you the best remortgage deal that’s made for you.
Author:
Your property may be repossessed if you do not keep up repayments on your mortgage.