When Should I Remortgage?
If you're a homeowner in Alsager or Cheshire, knowing when to remortgage can potentially save you money. This guide explains the key triggers for remortgaging and how to make sure you don't miss the optimal window.
The 6-Month Rule
Start looking at remortgage options around 6 months before your current deal ends.
Why 6 months? Many lenders allow you to secure a new rate up to 6 months in advance. This means you can potentially lock in current rates without paying early repayment charges on your existing deal. If rates change before your new deal starts, some lenders may allow you to switch.
Signs You Might Want to Remortgage
Your Fixed Rate is Ending Soon
If you're within 6 months of your fixed rate ending, it's a good time to start exploring your options. Moving onto your lender's Standard Variable Rate (SVR) could increase your monthly payments.
You're Already on the SVR
If your fixed deal has already ended and you're on the SVR, you may be paying more than necessary. SVRs are typically higher than fixed rates, so remortgaging could potentially reduce your monthly payments.
Your Property Has Increased in Value
If your home is worth more than when you bought it, your loan-to-value (LTV) ratio may have improved. A lower LTV often means access to better interest rates.
Your Circumstances Have Changed
Higher income, paid off debts, or improved credit score? You might now qualify for better rates than when you originally took out your mortgage.
What Happens If I Don't Remortgage?
When your fixed-rate deal ends, you'll automatically move to your lender's Standard Variable Rate (SVR). SVRs are typically higher than fixed rates.
Example: As of January 2026, SVRs from major lenders typically range from around 7-8%, while fixed rates may be available at lower levels. The difference could mean paying significantly more each month. Rates change regularly, so it's worth checking current options.
The Remortgage Process
Remortgaging is generally simpler than getting your first mortgage:
Speak to a Broker
Around 6 months before your deal ends, contact a mortgage broker to discuss your options.
Compare Options
Your broker will compare your current lender's new deals with what's available from other lenders.
Apply
Similar documents to your original mortgage will be needed. Your broker will guide you through this.
Legal Work
If switching lenders, you'll need legal work — but many lenders offer free legal services as part of their remortgage package.
New Deal Starts
Timed to when your old deal ends, so there's no gap or overlap.
Should I Stay or Switch Lenders?
Staying (Product Transfer)
- Usually no valuation needed
- No legal work required
- Quicker and simpler process
Switching Lenders
- May find better rates elsewhere
- Many offer free legal services
- Access to wider range of products
A mortgage broker will compare both options and recommend the best route for your situation.
Remortgaging to Release Equity
If your property has increased in value, you may be able to remortgage for more than your current balance and release the difference as cash. Common reasons include:
- Home improvements
- Helping family members
- Major purchases
The amount you can release depends on your property value, income, and the lender's criteria. A broker can assess what might be possible in your circumstances.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
Interest rates and product availability change regularly. The information on this page is for guidance only. Please speak to a mortgage broker for advice specific to your situation.
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