When your deal ends.
When a fixed or tracker deal ends, you can take a new deal with your current lender, called a product transfer, or move to a new lender, called remortgaging. A new deal can often be reserved months before the current one ends. If nothing is arranged in time, many lenders move you onto their standard variable rate, which is usually higher.
Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it.
Written by Nathan Lawes, independent mortgage broker. Figures sourced and dated. Last reviewed .Read them in this order.
Start with the timing, then the costs that come with the move.
What clients ask first.
MoneyHelper’s free guide to remortgaging explains how it works and what to compare before you switch. You can check our authorisation on the FCA register.
When can I start looking at a new deal?
A new deal can often be reserved months before your current one ends, and looked at again if things move. Working back from your end date, with time for the valuation and the legal work, leaves room if anything is delayed.
What happens if my deal ends before a new one is arranged?
Many lenders move you onto their standard variable rate, which is usually higher than the deal you were on. A new deal can still be arranged from there, and you pay the higher rate until it starts.
Are free legals really free?
On many remortgage deals the lender pays for the legal work, which suits a straightforward case. Where the title or your circumstances have changed, the lender’s solicitor may step back. A deal with free legals can also carry a higher fee or rate, so compare the total cost.
Is it better to stay with my lender or move?
It depends on what each offers and on your circumstances. Staying, a product transfer, often involves fewer checks if you are not borrowing more; moving opens up the wider market but is a new application. Compare them on the total cost over the same term.
Where to go next
- ServiceRemortgaging with LawesHow we work, what it costs, and what we check before your deal ends.
- CalculatorWork back from the date your deal endsSee the standard variable rate set against a new deal, and find your date. An illustration, not an offer.
- Related guideSecond charge mortgages: a guide in reading orderBorrowing against your home while keeping your current deal.
- Talk it throughA 20-minute call with NathanNo obligation. We’ll look at when to start, and whether staying with your lender or moving fits.
Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it.