The remortgage mistake costing you monthly

Your fixed-rate mortgage expires in four months. You plan to “sort it closer to the time” because it feels like plenty of notice. Then you discover the best rates need securing three to six months in advance, processing takes longer than expected, and you roll onto your lender’s standard variable rate-paying far more each month-simply because you waited until it felt urgent instead of planning ahead.

Start six months before your deal ends

The ideal remortgage window begins six months before your current rate expires, not six weeks. This gives you time to compare deals, secure competitive rates, and complete applications without rushing.

Most mortgage offers remain valid for three to six months. Applying early lets you lock in today’s rates and switch automatically when your fixed term ends-avoiding expensive gaps on the standard variable rate.

Speak to brokers early, when they can assess the full market calmly-not during last-minute panic when options are limited.

Check whether switching actually benefits you

Remortgaging isn’t always the cheapest move. Early repayment charges on your current deal, arrangement fees, and valuation costs can outweigh savings from a lower interest rate.

If your property value has fallen, you may have fewer deal options due to a higher loan-to-value ratio. If it has risen, you may access better rates. Factor in your future plans too-if you’re likely to move soon, long fixed terms may not make financial sense.

Understand your borrowing position today

Your income, credit score, employment status, and outstanding debts all influence what lenders will offer. Check your credit file and resolve issues months before applying so nothing delays approvals.

Calculate your current loan-to-value ratio. The lower it is, the better the rates available. Knowing this early prevents unrealistic expectations.

Compare total costs-not just rates

The lowest advertised interest rate isn’t always the best deal. High arrangement fees, lack of overpayment flexibility, or restrictive terms can make a slightly higher rate cheaper overall.

Look at total cost over your chosen fixed period, including fees, legal incentives, and repayment flexibility-not just the monthly repayment.

Your remortgage strategy

Start planning six months before your deal ends. Evaluate whether switching really saves money. Check your credit and loan-to-value early. Compare true total costs. Choose terms based on your realistic plans, not hopes.

Borrowers who secure the best remortgage deals aren’t lucky-they’re prepared. Early planning protects you from higher rates, limited options, and unnecessary monthly costs.

Need help finding your best remortgage options? Get expert advice today