Mortgages2 min read · Updated 19 October 2026
When to remortgage: timing, fees and how to tell if it pays
When to start looking for a new mortgage deal, what it costs, and a worked example of what remortgaging saves after fees.
When to start
Check the end date on your mortgage paperwork. Begin about six months before. You can often lock a deal now and switch when the old one ends, with no charge. If rates fall before then, ask whether you can swap to a better product.
A worked example
Balance £200,000, 20 years left, currently 5.5%, new 5-year deal at 4.2%, fees £999.
| Monthly payment now | £1,376 |
| Monthly payment on new deal | £1,233 |
| Interest over 5 years, current rate | £50,923 |
| Interest over 5 years, new deal | £38,462 |
| Saving after fees | £11,462 |
What it costs
Typical costs are an arrangement fee, a valuation and legal work. Many remortgage deals include free valuation and legal work. Leaving a fixed deal early often triggers an early repayment charge, commonly a percentage of the balance.
Product transfer or full remortgage
A product transfer moves you to a new deal with your current lender, with little paperwork. A full remortgage moves you to a new lender and can find lower rates but needs a new application. A broker can compare both.
Common questions
How early can I remortgage?
Many lenders let you book a new deal up to six months before your current one ends.
Is it worth remortgaging for 0.5%?
It can be on a large balance with low fees. Use the planner to see the payback time.
What happens if I do nothing when my deal ends?
You usually move to the lender standard variable rate, which is often higher than a new fixed deal.