Mortgage guide
When to start preparing for remortgaging
Start looking around about six months before your current deal ends. It gives you time to understand your options without making a rushed decision at the point you might move onto a lender’s standard variable rate.
Six months out: get the dates and terms straight
Find your deal end date, the rate you will move to afterwards and any early repayment charge (ERC). An ERC can make switching early expensive, even if a new rate looks attractive. Also check whether your lender has a product-transfer option — moving to a new deal with the same lender can be worth comparing alongside a full remortgage.
Five months out: check your LTV
Write down your current mortgage balance and use a realistic property value to estimate your loan-to-value (LTV). Lenders commonly price deals in LTV bands, although the rate you are offered still depends on their full criteria. If you are close to a band, an overpayment may be worth exploring — but only after checking your allowance and keeping an emergency buffer.
Read how LTV affects remortgaging for the calculation and its limits.
Four months out: gather the everyday details
Applications can require evidence of income, regular spending and the mortgage you already have. Gather payslips or accounts if relevant, bank statements, ID, your mortgage statement and details of any other borrowing. The point is not to create a perfect file; it is to avoid a scramble when you are ready to compare or apply.
Three months out: compare the full cost
Look beyond the headline rate. Include arrangement, valuation, legal and exit fees, cashback and any ERC. Consider how long you expect to keep the deal, too: a lower rate with a large fee is not automatically cheaper for your circumstances. A broker or lender can explain the options, and regulated advice may be useful if you need a recommendation.
Two months out: decide and leave room for the process
Once you have chosen a route, allow time for an application, valuation and legal work where needed. Do not assume an offer is guaranteed: affordability and the lender’s valuation can affect the outcome. If your plans have changed — for example, you may move home soon — revisit whether a new fixed deal and its ERCs still fit.
Put the reminder where you will see it
Fledged keeps your fixed-deal date, LTV and overpayment plan together, so the next review is easier to start.
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