Last updated: 9 June 2026
By Stiv · Design, technology and personal finance
I've been remortgaging and overpaying my own Nationwide mortgage since October 2021, using Sprive to make £100 monthly overpayments. This guide draws on that real experience alongside verified market data.
Knowing when to remortgage UK is one of the most valuable financial moves you can make as a homeowner. Get it right and you could save thousands over the life of your deal. Get it wrong and you risk haemorrhaging money to your lender's standard variable rate while you scramble to sort a new deal. A surprising number of homeowners either leave it too late or jump too early and pay penalties they did not need to. Several of us on the CoolCuration team have remortgaged in the last couple of years, so this guide draws on real experience alongside verified market data.
This article contains affiliate or referral links. If you click through and sign up I may earn a commission or referral bonus at no extra cost to you. It does not affect my editorial view.
Important: This article is for informational purposes only and does not constitute financial or mortgage advice. CoolCuration is not authorised by the Financial Conduct Authority and does not provide regulated mortgage advice. Always consult a qualified mortgage adviser before making decisions about your mortgage. Your home may be repossessed if you do not keep up repayments on your mortgage.
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What is remortgaging?
In simple terms, remortgaging means switching to a new mortgage deal. You can do this with your existing lender (sometimes called a product transfer) or by moving to a completely different one. Most homeowners remortgage when their current fixed-rate or tracker deal comes to an end.
Here is the key thing to understand: when your deal ends, your lender will automatically move you onto their standard variable rate (SVR). The SVR is almost always significantly more expensive than any introductory deal. As a result, doing nothing when your deal expires is essentially giving your lender extra money for no reason.
According to MoneySavingExpert, remortgaging is one of the single biggest money-saving moves a homeowner can make. For many people, the mortgage is their largest monthly outgoing, so even a small rate improvement can add up to hundreds or thousands of pounds saved.
When should you start looking to remortgage?
The general rule is to start looking three to six months before your current deal ends. Most mortgage offers from mainstream lenders are valid for six months from the date they are issued, although some specialist lenders offer shorter windows of around three months. That means you can lock in a rate well ahead of time and let it sit until your current deal expires.
We started looking about four months before our fixed rate ended. That felt early at the time, but brokers told us most offers last six months, so we could secure a rate with no immediate commitment. It turned out to be one of the smartest things we did.
Here is a worked example. If your five-year fix ends in March 2027, you should start seriously looking around September or October 2026. Get an Agreement in Principle, compare rates and lock in a deal a few months ahead. That gives you a comfortable buffer and means you are not caught off-guard if the process takes longer than expected.
Rates can move either way. They climbed earlier in 2026 amid Middle East-related energy pressures, then eased slightly into the summer while the Bank of England held the base rate at 3.75%. Locking in early still protects you against future increases. On the other hand, if rates start falling, most brokers will let you reapply closer to the time for a better deal without losing anything.
The SVR trap
This deserves its own section because it is where homeowners lose the most money. The SVR is the default rate your lender moves you onto when your deal ends. It is set by the lender, not directly tied to the base rate, and is almost always the most expensive option available.
As of June 2026, the average SVR sits at around 7.13%, while the average two-year fixed rate is roughly 5.68% and the average five-year fix is around 5.63%, according to Moneyfacts. That gap matters enormously.
On a £200,000 repayment mortgage over 25 years, the difference between a 5.5% fix and a 7.13% SVR works out at roughly £200 per month. Over just six months on the SVR, that is £1,200 you did not need to spend. Over a year, it climbs above £2,400.
One of us forgot to remortgage and sat on the SVR for three months. The payment jumped by nearly £300 a month overnight. Do not be that person.
What to think about when remortgaging
There are several practical things to weigh up when choosing a new deal. None of these are recommendations, just the trade-offs worth understanding. A qualified mortgage adviser can help you decide what fits your situation.
Fixed, tracker or variable?
A fixed rate locks your payments for a set period (typically two or five years). You know exactly what you will pay each month. A tracker rate follows the Bank of England base rate plus a margin, so payments can go up or down. A standard variable rate, as mentioned above, is best avoided in almost all cases. Each option has trade-offs depending on your appetite for certainty versus flexibility.
Term length
When you remortgage, you can choose to keep the same remaining term or extend it. A shorter term means higher monthly payments but less total interest paid. A longer term reduces your monthly outgoing but costs more overall. Think about what fits your budget and your long-term plan.
Fees to factor in
Arrangement fees, valuation fees and legal fees can all add to the cost. According to MoneySavingExpert, arrangement fees commonly sit around £1,000, though many lenders offer fee-free deals at a slightly higher rate. Sometimes the fee-free option works out cheaper overall, so always do the maths across the full deal term rather than just comparing headline rates.
Overpayment allowance
Before you sign up for a new deal, check the overpayment terms. Most lenders allow you to overpay up to 10% of your outstanding balance each year without incurring early repayment charges (ERCs). However, not all do, and the limits vary. If overpaying is part of your plan, this is a crucial detail to confirm. For more on how overpayments work, see our guide to overpayment rules.
Portability
If you are thinking of moving house in the next few years, check whether the mortgage deal is portable. A portable mortgage lets you transfer the deal to a new property, which can save you from paying ERCs if you move before the fixed period ends. Not every deal offers this, so it is worth asking upfront.
Early repayment charges
If you are considering remortgaging before your current deal ends, you may face ERCs. These can be substantial, often between 1% and 5% of the outstanding loan. In some cases, the savings from a better rate still outweigh the penalty, but you need to run the numbers carefully. A broker can help with this.
Should you use a mortgage broker?
In short, probably yes. Most UK mortgage brokers are free to use because they earn a commission from the lender rather than charging you directly. They search across the whole market (or most of it) to find deals you might not spot yourself, and they handle most of the legwork.
Brokers are particularly useful if your circumstances are complex. If you are self-employed, have multiple properties, hold an unusual income structure or have a patchy credit history, a broker can match you with lenders most likely to accept your application. Even if your situation is straightforward, brokers often know which lenders are offering the most competitive deals at any given moment.
If the thought of comparing all this yourself feels overwhelming, a mortgage broker does the legwork for you. We have written about the easiest options in a separate guide.
What to do while you wait (and after you switch)
Once you have locked in your new deal, the months before it starts can feel like dead time. But they are actually a brilliant window to set up habits that will save you money for years to come.
If your new deal allows overpayments (and most do, up to 10% per year), even small regular overpayments can knock thousands off the total interest you pay over the mortgage term. The biggest surprise for us was how much the monthly payment changed between a 4.2% and a 4.8% rate on the same balance. On a £200,000 mortgage over 25 years, that difference is roughly £70 a month. Over a five-year fix, that is over £4,000. Overpaying even a little each month shrinks the balance that difference is calculated on.
This is where Sprive comes in. It is an app that automates mortgage overpayments. It analyses your spending, sets aside small amounts and routes them into overpayments without you having to think about it. It also has a cashback feature where shopping through the app earns money that goes straight off your mortgage balance.
We have been using Sprive alongside our new fixed rate. It is not dramatic month-to-month, but the projected savings over the full term are eye-opening. If you want to understand the mechanics in more detail, our full guide to paying off your mortgage faster walks through the numbers, and our overpayment explainer covers the basics.
Sprive Limited (FRN 919863) is an appointed representative of Connect IFA Ltd (FRN 441505), which is authorised and regulated by the Financial Conduct Authority. You can verify Sprive on the FCA register and Connect IFA on the FCA register. Money in the Sprive wallet is held by PrePay Technologies Ltd (FRN 900010) as safeguarded e-money, not FSCS-protected.
A quick note on energy and household bills
If you are remortgaging because money is tight, it is worth checking you are on the cheapest energy deal too. Switching to Octopus Energy saved us a decent chunk on our energy bill, and our full guide to cutting household costs covers plenty more quick wins. Every pound you free up elsewhere is a pound you could put towards your mortgage.
What is happening with mortgage rates right now?
The UK mortgage market has had a turbulent 2026. According to Moneyfacts, average fixed rates climbed sharply earlier in the year as the Middle East conflict pushed up energy prices, before easing slightly through the spring. By early June 2026, the average two-year fix had edged down to around 5.68% and the average five-year fix to around 5.63%.
The Bank of England held the base rate at 3.75% on 30 April 2026 in an 8-1 vote, and its next decision lands on 18 June 2026. With April CPI inflation at 2.8% but the Bank still flagging energy-related risks later in the year, most economists expect another hold rather than a cut for now.
In this environment, locking in a rate sooner rather than later is worth considering. Rates could climb again if energy prices spike, although some forecasters still expect gradual easing later in the year if inflation cools. Waiting and hoping carries risk. You can usually secure a deal now and still switch to a cheaper one if rates fall before completion.
Important: This article is for informational purposes only and does not constitute financial or mortgage advice. Mortgage products, rates and terms change frequently. Always verify current rates with lenders or a qualified mortgage adviser. Your home may be repossessed if you do not keep up repayments on your mortgage. CoolCuration is not authorised by the Financial Conduct Authority. This page contains affiliate or referral links; if you sign up through one, I may earn a referral bonus at no extra cost to you.
Frequently asked questions
When should I start looking to remortgage UK?
Start looking three to six months before your current deal ends. Most mainstream lenders issue mortgage offers that are valid for six months, so you can lock in a rate early without committing straight away. This gives you time to compare deals and avoid being rushed onto your lender's SVR.
What happens if I don't remortgage when my deal ends?
Your lender will automatically move you onto their standard variable rate (SVR). As of June 2026, the average SVR is around 7.13%, which is significantly more expensive than most fixed or tracker deals. Every month on the SVR is money you are giving away unnecessarily.
How long does a remortgage take UK?
The full process typically takes four to eight weeks from application to completion, though it can be quicker or slower depending on your circumstances and how fast your solicitor works. Starting early gives you a cushion if anything slows down.
Can I remortgage early?
You can, but you may have to pay an early repayment charge (ERC). These range from 1% to 5% of your outstanding balance and can be significant. In some cases, the savings from a better rate still make it worthwhile, but always run the numbers first. A mortgage broker can help you work out whether it makes financial sense.
Do I need a solicitor to remortgage?
If you are switching to a new lender, you will usually need a solicitor or conveyancer to handle the legal work. Many lenders include free legal fees as part of their remortgage deals, so this does not always mean an extra cost out of pocket. If you are doing a product transfer with your existing lender, you typically will not need a solicitor at all.
Is it worth remortgaging for 0.5% less?
On a £200,000 mortgage over 25 years, a 0.5% rate reduction saves roughly £55 per month, or around £660 a year. Over a five-year fix, that adds up to over £3,000. Whether it is worth it depends on any fees involved, but in most cases the answer is yes, particularly if the new deal comes with low or no arrangement fees.
Can I remortgage with the same lender?
Yes. This is called a product transfer. It is often quicker and simpler because the lender already holds your details and may not require a new valuation. However, it is still worth comparing what your current lender offers against the wider market, as you might find a better deal elsewhere.
Should I overpay my mortgage after remortgaging?
If your deal allows it (most do, up to 10% per year), overpaying can save you a significant amount of interest over the mortgage term. Even small regular overpayments make a difference. Apps like Sprive can automate this process. Read our overpayment rules guide to check your limits before you start.
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