When should you re-mortgage? Six moments that matter for Altrincham homeowners
The short answer is about six months before your current deal ends. But a fixed rate running out is only the most obvious reason to look at your mortgage, and homeowners who wait for it often miss five other moments when switching would have saved them money.
Here are all six, what to check at each one, and what it actually costs to move.
What re-mortgaging actually means
Re-mortgaging is switching the mortgage on the home you already own onto a new deal. You're not moving house and you don't have to borrow more. In most cases you're swapping one interest rate for another on the same property.
There are two routes:
A re-mortgage moves your mortgage to a different lender. It's a full application, so the new lender checks your income, your credit file and the value of your home.
A product transfer keeps you with your current lender on one of their new rates. It's quicker and usually needs far less paperwork, but you only see that one lender's deals.
Both are worth comparing. Which one wins depends entirely on your circumstances, and it isn't always the cheaper headline rate that works out better once fees are counted.
The six moments that matter
1. Your current deal ends in the next six months
This is the one most people know about, and it's still the one most people leave too late.
Most lenders will hold a new rate for three to six months, so you can lock something in now and still switch to a better rate if one appears before completion. There's usually no cost to doing that and no obligation.
If you do nothing, you don't stay on your current rate — you roll onto your lender's Standard Variable Rate. With the Bank of England base rate at 3.75%, average SVRs are sitting around 7%, which is typically well above the fixed rates available to someone with equity in their home.
What to check: the exact end date of your current deal. It's on your annual mortgage statement, and it's rarely the date people remember.
If your fixed rate is the reason you're here, we've written about that specific situation in more detail: your fixed rate is ending — what to do next.
2. You're already on the Standard Variable Rate
If you've already rolled onto the SVR, there is almost nothing to weigh up.
SVRs aren't tied to the base rate — lenders set them themselves and can change them whenever they like. There's normally no early repayment charge once you're on one, which means you can switch whenever you want, without penalty.
This is the single most expensive place to sit and the easiest one to leave. If this is you, it's worth a conversation this week rather than this year.
What to check: your most recent statement for the words "standard variable rate" and the rate next to them.
3. Your home is worth more than when you bought it
Lenders price mortgages in loan-to-value bands — typically 90%, 85%, 80%, 75% and 60%. Drop a band and you usually unlock a lower rate.
Two things move you down a band: the value of your home going up, and your balance coming down. Both have been working in your favour if you bought in Altrincham several years ago and have been making repayments since.
It's worth doing the arithmetic rather than assuming. If you borrowed £270,000 on a £300,000 home, you started at 90%. If the house is now worth £340,000 and the balance is down to £245,000, you're at 72% — two bands lower, and in a different pricing bracket entirely.
What to check: your current balance against a realistic value for your home. Be conservative. The lender's own valuation is what counts, not a portal estimate, and a valuation that comes in lower than you hoped can push you back up a band at the worst moment.
4. You want to borrow more
Extensions, loft conversions, a new kitchen, a deposit to help a child buy. Releasing some of the equity in your home is a common reason to remortgage, and the timing often works well alongside a rate switch.
You have two options: a further advance from your current lender, which sits alongside your existing mortgage on its own rate, or a remortgage for a larger amount with a new lender. One is simpler, the other sometimes cheaper. Worth comparing both.
What to check: whether the extra borrowing is affordable on current rates rather than the rate you're on now, and what it does to your loan-to-value band — borrowing more can push you back up one and raise the rate on the whole balance, not just the new part.
A word on consolidating debts. Rolling credit cards or loans into your mortgage lowers your monthly outgoings, and it can be the right answer. But think carefully before securing other debts against your home: you'll usually be paying that borrowing back over a much longer term, which can mean paying considerably more in total even at a lower interest rate — and unlike a credit card, the debt is now secured on where you live.
5. Your early repayment charge is about to end
Most fixed deals carry an early repayment charge if you leave before the end of the term, and it often tiers down year by year — 5% of the balance in year one, 4% in year two, and so on.
That doesn't automatically mean waiting is right. If rates have moved in your favour, paying a 1% charge to switch a few months early can cost less than staying put. It's a straightforward sum, but it's a sum, not a rule of thumb.
What to check: the charge as a cash figure, not a percentage, and the date it drops or disappears. Your lender will tell you both if you ask for a redemption statement.
6. Something in your life has changed
A mortgage arranged around the life you had five years ago may not fit the one you have now. Any of these is a reason to review it:
You've gone self-employed, changed jobs, or your income is now bonus or commission-heavy
You've had a child, or someone's hours have changed
You've separated, or you're buying someone out
You're letting the property out, or moving someone in
An interest-only period is coming to an end
You want to shorten the term, or extend it to bring payments down
You're close enough to retirement that the term now runs past it
Some of these make a remortgage harder rather than easier — a recent move to self-employment is the classic example, because many lenders want two or three years of accounts. That's exactly the situation where seeing the whole market matters, because lender criteria on this varies enormously and the answer from your own bank isn't the answer from the market.
What to check: whether anything has changed since your last application that a lender would want to know about. If it has, find out before you apply rather than after.
What a re-mortgage costs
Be wary of anyone who tells you remortgaging is free. The costs are usually modest and often absorbed by the lender, but they exist:
Product or arrangement fee — charged by the lender, sometimes added to the loan rather than paid up front. A fee-free deal at a slightly higher rate can work out cheaper on a smaller mortgage
Valuation fee — frequently free on a remortgage, but not always
Legal fees — many remortgage deals include free legals, or a cashback contribution towards them
Early repayment charge — only if you're leaving your current deal early
Broker fee — nothing from us. We don't charge for our advice; we're paid by the lender
A product transfer typically avoids the valuation and legal costs altogether, which is part of why it sometimes beats a cheaper rate elsewhere.
Frequently asked questions
How early can I start a re-mortgage?
Around six months before your current deal ends. Most lenders will hold a rate for three to six months, and starting early means you're not forced onto the SVR if the application takes longer than expected.
Will re-mortgaging affect my credit score?
A full remortgage to a new lender involves a credit check, which leaves a footprint. It's a normal part of borrowing and the effect is usually small and short-lived. A product transfer with your existing lender often doesn't require one at all.
Can I re-mortgage if I've become self-employed?
Often yes, but it depends on how long you've been trading and how your income is structured. Lenders differ a great deal here — some want three years of accounts, others will consider one. It's worth getting advice before applying anywhere.
Is a product transfer always easier than re-mortgaging?
It's usually quicker and involves less paperwork, and sometimes it's the better deal. But you're only seeing one lender's rates. The point of comparing is to know what you're turning down.
How long does a re-mortgage take?
Typically four to eight weeks from application to completion. A product transfer can go through in days.
Does it cost anything to speak to us?
No. We don't charge a fee for our advice.
If any of the six moments above sounds like where you are, it's worth a conversation before your options narrow. Our adviser, Rachel Taylor, will look at your current deal, what's available across the market and what your own lender is offering, and tell you plainly whether moving is worth it. Get in touch — our advice is fee-free and there's no obligation.
About the author
Matthew Horan CeMAP is Principal of Clarity Mortgages and Protection, an independent, fee-free mortgage and protection broker based in Altrincham. He has over 10 years' experience helping individuals, families and business owners with mortgages and protection, and writes about them in plain English because most people aren't given the chance to understand what they're signing.
Rates correct as at 8 October 2026. The Bank of England base rate is reviewed roughly every six weeks; the next decision is due 5 November 2026.
Your home may be repossessed if you do not keep up repayments on your mortgage or any other debts secured on it.
Think carefully before securing other debts against your home. Consolidating debts into a mortgage may reduce your monthly payments but increase the total amount you repay.
This article is general information, not advice. What's right for you depends on your own circumstances.
