Many homeowners assume they need to wait until their current mortgage deal ends before they can start looking at remortgage options. In reality, that’s not usually the case. A question we are frequently asked is:
“Can I remortgage before my fixed rate ends?”
The answer is often yes. In fact, many lenders allow borrowers to secure a new mortgage deal several months before their current one expires, which can provide valuable peace of mind and protection against future rate changes. In this guide, we answer some of the most common questions about remortgaging before the end of a fixed-rate mortgage.
Quick Answer
Yes, you can often arrange a remortgage before your fixed rate ends. Many lenders allow borrowers to secure a new mortgage up to six months before their current deal expires. This means you may be able to lock in a new rate early while avoiding unnecessary delays or last-minute decisions. However, it’s important to understand whether any Early Repayment Charges (ERCs) apply before proceeding.
Who This Guide Is For
This guide may be helpful if you:
- Have a fixed-rate mortgage
- Are due to remortgage this year
- Want to avoid moving onto your lender’s standard variable rate
- Are concerned about future mortgage rates
- Want to understand your remortgage options
- Are looking to reduce monthly payments
How Early Can I Remortgage?
This depends on the lender. Many lenders allow borrowers to secure a new mortgage deal:
- Three months before expiry
- Six months before expiry
- Occasionally even earlier
The exact timeframe varies, but starting the process early can often provide more options and reduce stress.
Will I Pay A Penalty For Remortgaging Early?
Potentially. Most fixed-rate mortgages include Early Repayment Charges (ERCs). These charges are designed to compensate the lender if you leave the mortgage before the agreed fixed-rate period ends.
This is why it’s important to understand:
- When your fixed rate ends
- Whether ERCs still apply
- Whether the potential savings outweigh any charges
In many cases, borrowers arrange the new mortgage in advance so it completes when the existing deal ends.
Why Do People Remortgage Early?
There are several common reasons:
- To secure a new rate before deals change
- To avoid moving onto a higher variable rate
- To reduce monthly payments
- To borrow additional funds
- To release equity
- To gain certainty over future costs
In uncertain markets, many borrowers value knowing what their mortgage payments will be ahead of time.
Can I Secure A Rate Now And Complete Later?
Often, yes. Many lenders allow mortgage offers to remain valid for several months. This means you may be able to secure a rate today and complete the remortgage when your current deal ends. This can be particularly useful when mortgage rates are changing frequently.
Should I Stay With My Existing Lender?
Not necessarily. Your current lender may offer a product transfer, which can sometimes be quick and straightforward. However, it’s also worth comparing the wider market.
Another lender may offer:
- A more competitive rate
- Better flexibility
- Different product features
- Improved affordability options
Every situation is different.
Common Remortgage Mistakes
Some common mistakes include:
- Waiting until the last minute
- Automatically accepting a lender’s first offer
- Forgetting about ERCs
- Not reviewing affordability
- Focusing only on headline rates
- Failing to compare the wider market
A little planning can often save both time and money.
Oportfolio Insight
Across London and the South East, we regularly speak to homeowners who believe they should wait until their fixed rate has ended before seeking advice. In reality, some of the best remortgage opportunities come from planning ahead. Starting early gives borrowers more time to review options, compare lenders, and avoid unnecessary pressure as their existing deal approaches expiry.
Key Takeaways
- You can often arrange a remortgage before your fixed rate ends
- Many lenders allow applications up to six months in advance
- Early Repayment Charges should always be considered
- Planning ahead can provide more options
- Comparing the wider market may uncover better deals
- Remortgaging early can help provide certainty over future payments
Need Help Reviewing Your Remortgage Options?
If your fixed-rate mortgage is due to end within the next six months, now could be a good time to start exploring your options. At Oportfolio Mortgages, we help homeowners compare lenders, review affordability, and secure suitable mortgage products before their current deal expires. Book a confidential mortgage review and get tailored lender-backed guidance before you apply.
