Mortgage deals don’t last forever. As the end date approaches you have to make the important decision of what comes next. Starting your mortgage too late could mean falling into lender’s expensive standard variable rates, whilst beginning too early could lead to you being locked in a deal that doesn’t suit future market conditions.
In this article we will discuss when the right time to remortgage is, ensuring you have all the information that you need to make an informed decision at the right time.
When Should I Start the Remortgage Process?
Within the industry we recommend that you begin the remortgaging process around four to six months before your current deal ends. By following this timeframe you ensure that you have time to explore your options without having to rush into a decision.
We don’t recommend starting too early, around twelve months ahead, as this means that you may miss out on better deals that become available closer to your end date. However, leaving it to the last minute creates unnecessary pressure that limits your negotiating power with lenders.
Your mortgage statement will clearly show your deal end date. Make a note of it and work backwards. For example, if your deal ends in September, begin serious enquiries in April or May.
What If I Want to Lock in a Rate Early?
Lenders tend to allow you to secure a new mortgage deal up to three to six months before your current deal ends. This ‘insurance rate’ strategy protects you if rates rise between now and your completion date. If rates fall, you can often abandon the early lock-in and take advantage of better deals available later.
However, early rate locks sometimes come with upfront fees for valuation, arrangement or legal costs. These are typically paid at completion, meaning you won’t lose them if you change your mind before completion. But, always check your lender’s specific terms as some charge non-refundable booking fees, whilst others offer fee-free reservations.
How Long Does the Remortgage Actually Take?
Once you’ve chosen your lender and submitted a formal application, the process will usually take 6 to 8 weeks. This includes credit checks, property valuation, legal work and final underwriting. Some cases resolve faster, especially with your current lender via a simple product transfer, this can happen in just 2 to 3 weeks.
Your solicitor or conveyancer will take care of the legal side, liaising with both your current and new lender. Ensure to leave time for surveys if your lender requires one and allow extra time during busy periods or in case complications arise.
What Should I Prepare Before Starting?
Before approaching lenders, we recommend gathering these details:
- Your outstanding mortgage balance
- Current interest rate and deal type
- Property valuation estimate
- Last three years’ accounts or recent payslips
- Details of any early repayment charges on your current deal
You can accelerate the process significantly through having everything ready. If you’re self-employed or have complex finances, preparing documentation early can prevent delays later.
Why Should I Use a Mortgage Broker?
Qualified mortgage brokers are able to access deals across multiple lenders, navigating rate variations and product availability that you won’t find searching independently. They understand lender criteria, explain all your options and handle the application paperwork on your behalf. Thai professional guidance often reveals cheaper deals and ensures you’re not paying unnecessary fees.
Ready to Remortgage With Confidence?
Remortagging doesn’t have to be stressful, that’s why we recommend preparing accordingly. By starting four to six months before your deal ends you have control over the process and access to competitive rates.
At Stuart Brown Mortgage Services, we guide remortgage clients through every step, finding the best deal for your situation and handling the complexity for you. Whether you’re looking to reduce your monthly payments or switch to a better rate, we’re here to help.
Get in touch today to discuss your remortgage plans. Our friendly team is here to help.
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