Can I remortgage if I’m in the middle of my mortgage deal?

Yes—remortgaging while you’re still within an existing mortgage deal is often possible. Whether it’s a sensible move depends on how much it would cost to leave early, what rate and deal structure you could switch to, and whether you’re remortgaging to reduce repayments, raise cash, or fund something specific.

Below is a practical overview of the main factors to consider when you’re thinking about changing your mortgage partway through a deal.

Early repayment charges (ERCs): the cost of leaving early

If your current mortgage is fixed-rate or discounted, you may face early repayment charges (sometimes called ERCs) if you redeem the mortgage before the end of the deal.

ERCs can vary by lender and product, and they’re usually calculated as a percentage of the outstanding balance (often reducing over time as your deal progresses). That means the “right” time to remortgage can be heavily influenced by how long is left on your current term.

How to think about ERCs

A common approach is to compare:

• The total cost to exit (ERCs plus any other relevant fees)
• The total savings from switching to a new rate (including how long you expect to stay on the new deal)

If the savings over the remaining period are larger than the exit costs, remortgaging may still make financial sense.

Comparing your current rate with what you could get next

Even if you can remortgage, the decision usually comes down to whether the new interest rate and deal structure are meaningfully better than what you’re currently paying.

When comparing options, it’s important to look beyond the headline rate and consider costs such as:

• Product fees (sometimes payable upfront)
• Valuation and legal fees (where applicable)
• Whether the new deal is fixed, discounted, or variable
• The term length you’re offered (extending or shortening can change affordability and total interest)

A useful way to frame the decision

If your current deal is expensive compared with what’s available now, remortgaging may reduce monthly payments or the overall cost of borrowing. But if the difference is small, the fees and ERCs may outweigh the benefit.

Remortgaging to borrow more: releasing equity and increasing repayments

Some borrowers remortgage mid-deal to access additional funds, for example for:

• Home improvements or renovations
• Consolidating other debts
• Major repairs
• Supporting a change in household circumstances

This is often described as borrowing more against your property (subject to lender criteria and affordability checks).

What to consider when borrowing more

Borrowing additional money typically means:

• A higher loan amount
• Higher monthly repayments (even if the interest rate is lower)
• A different balance between term length and total interest paid

It’s also worth considering whether the extra borrowing is likely to remain manageable if interest rates rise later (particularly if you’re not moving onto a long fixed period).

Porting your mortgage: an alternative if ERCs are a problem

If you’re trying to move home and leaving your current deal would trigger significant ERCs, porting may be an option.

Porting generally means transferring your existing mortgage deal to a new property, rather than ending the mortgage early.

Key points about porting

• It depends on your lender’s rules and the specific mortgage product
• You may still need to meet affordability and property value requirements
• If you need to borrow more on top of the existing balance, the additional amount may be subject to different terms

Porting can reduce or avoid early exit costs, but it isn’t always straightforward—especially if your circumstances have changed since you took out the original mortgage.

Timing: when remortgaging mid-deal can be most beneficial

Timing can make a major difference because ERCs often reduce as your deal matures.

Some situations where remortgaging mid-deal may be worth exploring include:

• You’re partway through a fixed deal and the remaining ERC is lower than it would have been earlier
• Rates have moved and the new deal you could access is clearly better than your current one
• Your personal circumstances have improved, making it possible to qualify for a more suitable product
• You have a clear reason to act now, such as needing funds for essential home works

Conversely, remortgaging may be less attractive if:

• You’re very early in the deal and ERCs are likely to be high
• The best available switch would only produce a marginal saving once fees are included
• You’re close to the end of the deal and waiting could avoid unnecessary costs

Exclusive or better-value deals: why advice can matter

Mortgage pricing and product availability can be complex, and not every option is presented in the same way to every borrower.

Working with a mortgage professional can help you:

• Identify products that match your situation (including any constraints from your current lender)
• Compare deals on a like-for-like basis, including fees and term structure
• Understand how borrowing more, switching types of deals, or porting could affect the outcome

Practical examples of how the decision can play out

Example 1: Switching to a lower rate

You’re 18 months into a fixed-rate mortgage and your lender’s ERC is still payable if you exit. If the new rate you could secure is significantly lower, the savings over the remaining period may outweigh the exit costs.

Example 2: Borrowing more for home improvements

You remortgage partway through your deal to release equity for renovations. Even if the interest rate is competitive, the additional borrowing increases your loan size, so the key question becomes whether the new repayments remain comfortable long term.

Example 3: Moving house and avoiding ERCs

You need to relocate and leaving your current deal would trigger substantial ERCs. Porting may allow you to keep the existing deal terms, subject to lender requirements.

The bottom line

Remortgaging while you’re in the middle of a mortgage deal is often possible, but it’s rarely a simple “yes or no” decision. The most important considerations are usually:

• Early repayment charges and how much is left to pay
• Whether the new deal is genuinely better once fees are included
• Whether you’re borrowing more and what that means for affordability
• Whether porting is relevant if you’re moving home
• Timing, because costs and potential savings can change as your deal progresses

If you’re weighing up your options, the most effective next step is to ensure any calculation accounts for ERCs, deal fees, and the realistic savings (or costs) over the period you’re likely to stay on the new mortgage.