Should I remortgage now?

For many homeowners, the decision isn’t just whether to remortgage, but when to do it. The right timing can affect your monthly outgoings, the overall cost of your mortgage, and how much flexibility you keep for the future.

This guide explains the main factors that influence whether remortgaging now is likely to be beneficial—particularly around deal end dates, early repayment charges, and changes in your home’s value.

The key question: what are you trying to achieve?

Start by clarifying your goal. Remortgaging can be used to:

reduce monthly repayments
lower the overall cost over time
change the mortgage term (for example, moving to a shorter or longer repayment period)
access additional borrowing (for home improvements or other priorities)
restructure borrowing, such as consolidating other debts (where appropriate)

Your objective matters because “best value” isn’t always the same as “lowest monthly payment”. A deal with lower repayments may cost more overall if it extends the term or includes higher fees.

Why timing is critical

Timing can change the outcome. If your current deal is ending, you may be approaching a point where your mortgage rate could increase or become less predictable.

Common reasons people review their mortgage before their deal ends include:

a fixed rate is nearing its end date
you want to adjust your repayments or mortgage term
you expect your circumstances to change (for example, income, household costs, or plans to move)
your property value may have changed, affecting your Loan-to-Value (LTV)

Even if you’re not ready to commit immediately, reviewing options early can help you avoid being forced into a decision at short notice.

Remortgage now vs wait: the trade-off

A useful way to think about the decision is as a balance between:

the potential cost of staying on your current arrangement for longer
the potential cost of leaving early (particularly early repayment charges)

When waiting can make sense

Waiting may be sensible if one or more of the following apply:

your current deal has limited time left and you’re comfortable with the rate you’ll pay if you do nothing
early repayment charges (if any) are likely to be high relative to the savings you expect
you’re still clarifying your plans and want to avoid committing too early

When remortgaging now can be worth considering

Remortgaging now may be more attractive if:

your current deal is ending soon and you want to avoid moving onto a less favourable rate
you expect the savings from a new deal to outweigh any early exit costs
you want to change your mortgage structure (term, repayments, or borrowing amount)

Early repayment charges (ERCs): how they affect the decision

If you’re on a fixed-rate mortgage, leaving before the end of the fixed term can trigger early repayment charges (ERCs). ERCs are intended to compensate the lender for interest they expected to receive.

This doesn’t automatically mean you should wait. Instead, it means you should compare options using the full picture:

the ERCs you might pay to switch now
the likely cost of staying on your current rate until it ends
the difference between what you’d pay on a new deal now versus later

In some cases, switching earlier can still work out better overall—particularly if the alternative is paying a higher rate for a period you care about.

LTV changes: how your home’s value can open up options

Your Loan-to-Value (LTV) is one of the factors lenders use when pricing mortgage deals. If your property has increased in value since you took out your mortgage, your LTV may be lower now than it was originally.

A lower LTV can sometimes mean access to a wider range of deals or more competitive pricing.

It’s also worth noting that LTV thresholds can matter. Even a modest change in LTV may move you into a different pricing band, which can influence the options available.

Can you remortgage before your deal ends?

In many cases, borrowers can apply for a new mortgage product before their current deal finishes. This can help reduce the risk of a gap between arrangements and may allow you to plan around your end date.

However, the exact timing depends on your lender and your mortgage terms. If you’re considering switching early, it’s important to understand:

whether any early repayment charges apply
what notice or cut-off dates are relevant
whether the new product can be arranged to start immediately when the current deal ends

Fixed vs variable: choosing the right type of deal

When deciding whether to remortgage now, it’s also helpful to consider the type of rate you want.

Fixed-rate mortgages

A fixed rate can provide predictability. Your repayments are set for the fixed period, which can make budgeting easier.

Fixed deals may be particularly appealing if you:

want protection from rate changes during the fixed term
prefer stability and certainty in your monthly outgoings

Variable-rate mortgages

Variable options can offer more flexibility, but repayments may change over time depending on how the rate is set.

A variable approach may suit borrowers who:

value flexibility and the ability to respond to future changes
are comfortable managing the possibility of repayment increases

The “right” choice depends on your risk tolerance and how long you expect to keep the mortgage.

If you have multiple mortgage parts

Some homeowners have more than one mortgage portion with different end dates. This can change the decision because early repayment charges may apply to only the part you’re switching.

In these situations, it’s often helpful to consider:

which portion is ending first
whether switching early triggers charges on one part or more
how the overall cost compares if you stagger changes

A practical checklist for deciding

Before deciding whether to remortgage now, consider these points:

How soon does your current deal end?
Will you face early repayment charges if you switch now?
What’s the likely cost of staying where you are until your deal ends?
Has your LTV improved since you took out the mortgage?
Do you want to change your term, repayments, or borrowing amount?
Would a fixed or variable rate better match your plans and risk comfort?
Are there fees to factor in (such as valuation, legal costs, or product fees)

Common scenarios: when remortgaging now is often considered

Your fixed rate is ending and you want to avoid a higher rate

If your current deal is due to end and you expect your repayments could increase afterwards, remortgaging now can be a way to secure a new rate and reduce uncertainty.

Your home value has increased and your LTV has improved

If your property has risen in value, your LTV may be lower than before, potentially improving the deals you can access.

You want to restructure your mortgage

If you’re aiming to change your term, adjust repayments, or borrow more (for example, for home improvements), switching at the right time can help align the mortgage with your goals.

Final thoughts

Whether you should remortgage now depends on timing, the costs of switching (especially early repayment charges), and what you’re trying to achieve—whether that’s lower repayments, a different term, additional borrowing, or greater stability.

For many borrowers, reviewing options ahead of the end date provides more room to compare choices and make a considered decision rather than one made under time pressure.

Should I remortgage now?