Yes, you can usually start reviewing a remortgage before your current fixed-rate deal ends. You may be able to arrange a new mortgage in advance so it starts when your current deal finishes. That is different from leaving the deal early, which could trigger an early repayment charge (ERC).
If your fixed rate ends in the next few months, the important question is not simply “can I get a lower rate?” It is: when should the change take effect, what will it cost, and which option fits your circumstances? Here is a practical guide to the choices.
How early should I start looking at remortgage options?
A useful starting point is around six months before your current deal ends. MoneyHelper recommends looking for a new arrangement in good time, rather than waiting until you move on to your existing lender’s standard variable rate (SVR). Mortgage offers and product-switch arrangements have different validity periods and lender rules, so six months is a planning guide, not a promise that every lender will hold a particular rate for that long.
You can review your finances earlier still. Check your existing mortgage statement, the exact deal end date, your remaining balance, any charges, and whether you expect to move home or change borrowing soon.
Source: MoneyHelper — Remortgaging to get the best deal.
Can I remortgage before the fixed-rate period actually finishes?
Often yes, but whether it makes financial sense depends on the costs. If your existing mortgage has an early repayment charge, redeeming it before the fixed-rate end date may be expensive. A lower rate on a new deal does not automatically make the overall move worthwhile.
The FCA explains that ERCs may apply when you repay a mortgage before a fixed or discounted deal ends. The charge depends on your mortgage terms and is commonly linked to the outstanding balance. Ask your lender for the specific charge and the date it stops applying before deciding to switch.
Source: FCA — Mortgage support and early repayment charges.
What is the difference between reviewing early and switching early?
These are two separate decisions:
- Reviewing or applying in advance: you compare options and, where the lender permits, arrange for a new deal to take effect after the existing fixed period ends. You generally want to avoid an unnecessary ERC by coordinating the dates correctly.
- Completing an early switch: your current mortgage deal is replaced or redeemed before its agreed end date. An ERC and other costs might apply.
Do not assume that signing paperwork, receiving a mortgage offer or securing a product rate immediately terminates your current deal. The relevant dates and obligations depend on the particular arrangement. Equally, do not assume every lender will let you reserve a rate months ahead.
Should I stay with my lender or move to a different one?
It is worth considering both routes. They are not always directly comparable.
Option 1: A product transfer with your existing lender
Your current lender may offer a different rate or product without a full remortgage to another provider. This can sometimes involve less paperwork, but the lender’s available products, fees and eligibility conditions still matter. A product transfer is not automatically the cheapest or most suitable option. Ask whether switching to the new product now, rather than at the current deal’s end, would attract a charge.
Option 2: A remortgage to a new lender
Another lender may offer a deal that better matches your requirements. It may, however, involve a new affordability assessment, valuation, conveyancing, product fees or other costs. Your credit profile, income, property type, equity and borrowing needs can all affect your options.
Our remortgage and capital-raising service can help you assess the choices in context rather than choosing based on a headline interest rate alone.
How much might an early repayment charge cost?
The charge is specific to your current contract. Many mortgage deals express ERCs as a percentage of the balance, and the percentage may change at different points in the deal. Some arrangements work differently or have no ERC.
When comparing an early exit against waiting, include the actual ERC quote from your lender plus any new product fee, legal or valuation charges, potential advice fee and the interest payable over the period being compared. Check whether fees are paid upfront or added to the mortgage: adding them to the borrowing can increase the amount of interest you pay over time.
A modest reduction in the monthly payment is not, by itself, evidence of a saving. A longer mortgage term might lower the monthly payment while increasing total interest. Ask for a like-for-like comparison using the same balance and term where possible.
What if mortgage rates fall before my existing fixed rate ends?
If you have already selected a future deal and a cheaper option later appears, whether you can change depends on the lender’s rules, availability and any fees. Some product-transfer arrangements may permit changes before they take effect; others have restrictions. Do not count on being able to switch to every subsequent lower rate.
It is also possible for rates to rise or fall while you wait. No adviser can guarantee what mortgage pricing will do next. See our related explanation of why fixed mortgage rates can move even when Bank Rate does not.
What if my current fixed deal has already expired?
If you have moved onto your lender’s SVR or another follow-on rate, you may have more flexibility to move, though you still need to check the actual contract for any charges. Staying on an SVR could mean paying more than necessary, but there is no universal rule that every new fixed deal will be better for every borrower.
Review the current payment, the follow-on rate, how comfortable you are with payment changes and any costs of switching. If affordability is already difficult, speak to your lender promptly rather than waiting for missed payments.
Could a change in my circumstances affect a remortgage?
Yes. Changing jobs, becoming self-employed, taking parental leave, increasing other borrowing, or a change in household income can affect lender assessments. If you stay with your current lender and choose an eligible product-transfer route, the checks may be different from moving to a new lender, but do not assume a transfer is guaranteed.
Property value also matters. If your home is worth more or your outstanding mortgage has reduced, your loan-to-value (LTV) may have improved. Conversely, if the property’s value has fallen, or you need to borrow more, the range of options may be different.
For more complex income situations, see our guides to applying with income from two jobs and mortgages for company directors who retain profits.
What if I want to borrow extra money when I remortgage?
Raising money for home improvements or another purpose may change the comparison. You might be looking at a larger remortgage, a further advance with your current lender, or another arrangement. Each has its own borrowing criteria, costs and risks. It may be inappropriate to replace a favourable existing mortgage simply to raise a relatively small additional amount.
Any additional borrowing secured against your home needs a clear purpose and a realistic repayment plan. Discuss the total cost, affordability and potential effect of extending the mortgage term before deciding.
Six practical checks before your fixed rate ends
- Confirm the exact end date. Check your lender statement or contact your provider directly.
- Request an ERC figure. Ask how much it would cost to leave now and when that charge reduces or expires.
- Check your balance and estimated property value. They help establish likely LTV and affordability.
- Compare product transfers and full remortgages. Include fees, incentives, loan terms and not just the monthly repayment.
- Check timings. Ask when an application can be made, how long an offer lasts and when the new deal would start.
- Review your longer-term plans. A move, a change in employment or plans to borrow more could affect the best route.
How can TLA Finance help with a fixed-rate mortgage ending soon?
We can review your mortgage end date, current ERC, remaining balance, income and property position, then assess whether an existing-lender product transfer or a new-lender remortgage may be appropriate. The aim is to understand the total cost and suitability of each feasible option, not to promise the lowest headline rate.
Explore TLA Finance remortgage advice or contact our team to request a mortgage review. It is helpful to have your current deal end date and latest mortgage statement ready, but do not send sensitive documents through an insecure channel.
Important: This guide provides general information, not personal mortgage advice. Lender rules and products can change, and an application is always subject to assessment. Early repayment charges, product fees and other costs may apply. Your home may be repossessed if you do not keep up repayments on your mortgage.
