When can you remortgage?

Key takeaways

• There's no limit to how many times you can remortgage, but it needs to make financial sense for your situation
• Most people start the remortgage process 3-6 months before their current deal ends to avoid rolling onto their lender's standard variable rate (SVR). Start yours today
• Remortgaging early could trigger early repayment charges (ERCs), which might cost more than you'd save.
• Most lenders require you to wait 6 months after buying a property or remortgaging before you can remortgage again.
• If you're at the end of your fixed-rate deal, remortgaging is almost always worth exploring to avoid expensive SVR rates

How often can you remortgage?

There's no limit to how many times you can remortgage during your mortgage term, you could do it multiple times if it makes sense for your situation. But here's the thing: just because you can remortgage doesn't always mean it's the right move for you. Sometimes remortgaging can work out more expensive than sticking with what you’ve got.

If you have a bad credit rating, you bought your property in the last 6 months, or your income has fallen since you got your existing deal, you may find it harder than others to access a new mortgage deal.

Plus, if you’re locked into a fixed rate deal and you want to exit early to remortgage, you might be hit by an early repayment charge (ERC).

The good news is that we could help you overcome these remortgage obstacles. To discover what remortgage options are open to you, complete your details online with us today to see your best deals from over 100 mortgage lenders.

When is the best time to remortgage?

When you should remortgage depends on your goals, but it’s a good idea to start exploring your options well before your current deal ends.

If you want to remortgage to get a better rate or protect yourself from future interest rate rises, you can lock in a new deal up to 6 months before your current one ends. This way, you won't automatically roll onto your lender's standard variable rate (SVR), which is usually much more expensive than fixed or tracker rates. 

With today's volatile mortgage market, you might feel uncertain about whether rates will rise or fall and locking in a rate six months early could feel risky. The good news is, all homeowners who apply to remortgage through us can benefit from our free rate checking service.

How early can you remortgage?

While there's no rule stopping you from remortgaging early, most people start the process 3-6 months before their current deal ends. Once you've chosen a new deal, you'll lock in the rate and switch over when your current deal ends.

But if you switch to a new mortgage before your current deal ends, you'll likely face an early repayment charge (ERC). This could make switching mortgage providers more expensive than changing deals at the end of your fixed term.

Read more: How to remortgage

Should you remortgage now?

If you're nearing the end of your fixed-rate deal or you're on a variable rate, now could be a smart time to explore remortgaging. Although mortgage rates are high at the moment, experts are predicting that interest rates will rise further, so waiting could see you paying more than locking in a rate early.

Learn more: 5 reasons why you should remortgage right now

Is remortgaging a good idea?

If you're at the end of your deal, remortgaging is almost always your best move. This is because your lender's SVR is usually much more expensive than the rates you'll find on fixed or tracker deals.

Even if your current deal hasn't ended yet, remortgaging could still make sense, especially with interest rates on the rise. It's worth chatting through your options with us to see what's best for your situation. Get started today.

Should you remortgage after a fixed term?

If you’ve reached the end of a fixed-term mortgage or you’ve got just a few months left, speak to a specialist mortgage broker to find out whether you should remortgage onto another fixed rate. When your fixed-term mortgage ends, you'll automatically roll onto your lender's standard variable rate (SVR), and this is usually higher, which means more expensive monthly repayments.

Remortgaging at this point could help you secure a lower interest rate elsewhere and keep your monthly repayments down. And if switching providers isn't an option, perhaps because your household income has changed, you could move to a new fixed rate deal with the same lender.

You can usually find fixed-rate deals for 2, 3, 5 and 10-year periods. If you're worried about rates rising further, you could lock in a shorter fixed rate now. Then, when that deal ends, you can remortgage again, hopefully when rates have dropped.

Learn more: What happens when my fixed-rate mortgage ends?

Can you remortgage multiple times?

Yes, you can remortgage multiple times during your mortgage term; there's no limit to how many times you do it. Some people choose to remortgage every time they reach the end of a fixed-rate deal. However, fixed-rate mortgages won’t be right for everyone. There may be times when a variable mortgage is best for you.

Is it worth remortgaging every 2 years?

Remortgaging every two years works well for some people, but it's not right for everyone; it really depends on your situation and goals.

While a longer fix gives you more certainty, there's a trade-off: if you choose a 3 or 5-year deal, you'll likely face fees if you want to remortgage early. These early repayment charges (ERCs) can sometimes cost more than you'd save by remortgaging, which means switching might not be worth it.

Do you have to wait 6 months to remortgage?

If you've recently bought a home or remortgaged in the last few months, most lenders will ask you to wait 6 months before remortgaging again. Many lenders won't approve new mortgage applications within 6 months of you buying a property or remortgaging.

This rule exists because of a loophole that lets homeowners and investors borrow up to 100% of their property's value shortly after buying it. While this reduced risk for borrowers, it increased risk for lenders, which is why most now have this 6-month waiting period.

If you need to remortgage urgently, you'll need to find a lender without this 6-month rule. Some lenders look at each situation individually and may lend up to 80-90% of your property's value.

These flexible lenders can be tricky to find on your own; many aren't on the high street or comparison websites. So if you’re hoping to remortgage within 6 months of taking out your current deal, Tembo can help you. We’ll work out whether you’re eligible for a new deal and whether it will make financial sense for you.

Working out the true cost of remortgaging can be a challenge. It’s important to speak to an expert mortgage broker who can help you weigh up your options and find the best deal for you.