Thinking About Remortgaging? Read This First.

If your fixed-rate deal ends in the next 6 months, the single most expensive mistake you can make is doing nothing. The default outcome of doing nothing is your lender quietly moving you onto their standard variable rate (SVR), which in April 2026 averages around 7.13 per cent across UK lenders. Compare that to the best 5-year fixed remortgage deals starting from around 4.09 per cent and you're looking at a difference of £300 to £400 a month on a £200,000 mortgage. Every month you sit on the SVR is money straight to your lender for no benefit.

Here's the actual sequence of what to do, and when.

The 6-month rule

Most UK lenders let you secure a new mortgage rate up to 6 months before your current deal ends. This is the single most useful feature of the remortgage market and most people don't know it exists.

Here's how it works in practice. You're 6 months out from your fix ending. You apply for a new deal at today's rates. The application is processed, the offer is issued, and the new mortgage sits there waiting to take effect the day your existing deal expires. You're not committed to it. If rates drop in the next 6 months, you can either swap to a lower rate with that lender (most allow this) or cancel the application entirely and start again. There's typically no penalty for either move.

What this gives you is downside protection. If rates rise (which they have done several times in the last 18 months due to swap rate volatility), you've already locked in today's rate and you're insulated. If rates fall, you benefit from the fall.

The technical name for this strategy is "lock and review." It's what the entire UK mortgage advice industry has been telling clients to do since 2022, and it's still the right answer in April 2026.

The remortgage timeline you should actually follow

Working backwards from your fix end date:

6 months before. Get a remortgage assessment. A broker can show you what rates you'd qualify for today, what rates your existing lender would offer on a product transfer, and what your monthly payment will look like under each option. No application yet, no credit footprint.

5 to 6 months before. Submit your remortgage application to your chosen lender. The application gets processed, the property gets valued (some lenders do this without physical inspection), and an offer is issued. The offer is typically valid for 3 to 6 months from issue.

3 months before. Review whether rates have moved meaningfully since your offer was issued. If they've dropped significantly, your broker can either request a rate switch with the same lender or start a fresh application elsewhere. If they've held steady or risen, you're in a good position.

1 month before. Final review. Confirm the new mortgage will complete on the exact day your existing deal ends, so you don't spend even one day on the SVR.

Day of completion. Existing deal ends, new deal starts, no gap.

Product transfer vs remortgage: the choice most people miss

There are actually two paths when your fix ends, not one:

Product transfer: a new deal with your existing lender. No legal work, no valuation, no affordability check. Sometimes available at competitive rates, particularly for borrowers whose circumstances have changed (income drop, new credit issues, etc.) and who might not pass a fresh affordability assessment.

Remortgage to a new lender: full application elsewhere. More paperwork, full affordability check, valuation required, legal work involved (though most remortgages now come with free legals via the new lender). Typically gives access to a wider rate market.

Most people default to a product transfer because it's easier. That's sometimes the right answer and sometimes leaves money on the table. The right move depends on three things: whether the new lender's rate is meaningfully better, whether your circumstances would pass a fresh affordability check, and whether the upfront effort of the remortgage is worth the monthly saving.

A 0.3 per cent rate improvement on a £250,000 mortgage is around £40 a month, or £2,400 over a 5-year fix. That's typically worth the legal work. A 0.05 per cent improvement is around £7 a month and probably isn't.

What's actually happening in the market right now

The April 2026 backdrop matters because it changes the calculus on timing.

The Bank of England base rate sits at 3.75 per cent and has been held there since December. Rates had been trending downwards through early 2026 with strong expectations of further cuts, but geopolitical events (notably the recent Middle East conflict and its impact on energy prices) have pushed swap rates up sharply. Lenders have been hiking fixed rates accordingly, even though the base rate itself hasn't changed.

What this means for your remortgage decision:

The earlier-2026 narrative of "wait, rates are about to drop" no longer holds reliably. The market is volatile. Some weeks rates fall, some weeks they rise, and predictions from even a month ago are out of date. The lock-and-review strategy is more important than ever in this environment because it gives you the protection of today's rate with the flexibility to take advantage if a clear downward trend re-emerges.

Trying to time the bottom of the market is a losing game even for professional traders. For homeowners, it's even worse because the cost of getting it wrong (rolling onto SVR for several months while you wait) usually exceeds any saving from catching a slightly lower rate.

Choosing your fix length

The choice between 2-year, 3-year, 5-year and 10-year fixes is the second-biggest decision in the remortgage process. There is no universally right answer, but there are clear principles:

Choose a 2-year fix if you genuinely believe rates will fall significantly in the next 24 months and you're prepared to remortgage again at that point. Lower upfront rates than longer fixes, but you'll pay arrangement fees more often.

Choose a 5-year fix if you want payment certainty over the medium term and don't want the hassle of remortgaging again soon. The current rate gap between 2-year and 5-year fixes is small, which is unusual historically and makes the 5-year more attractive than it often is.

Choose a 10-year fix if you want maximum payment stability and you're confident you'll stay in the property for the long term. Early repayment charges typically apply if you exit the deal early, which is the main risk to weigh.

The wrong reasons to pick a fix length: a friend told you, the headline rate looked best in isolation, or you're picking the shortest one because it feels less committal. Each of those costs people money.

What to actually check before you commit

Before signing any new mortgage offer:

The total cost over the fix period, not just the headline rate. A 4.50 per cent rate with a £999 arrangement fee can be more expensive over 5 years than a 4.65 per cent rate with no fee, depending on your loan size. Below roughly £150,000 borrowing, the fee usually outweighs the rate saving. Above £300,000, the rate matters more than the fee.

The early repayment charges. Most fixed rates carry ERCs that scale down each year of the fix. If there's any chance you might move home, sell the property, or pay off a chunk of the mortgage during the fix period, the ERC structure matters as much as the rate.

Whether the mortgage is portable. If you might move during the fix, a portable mortgage lets you take the existing deal with you to the new property (subject to lender criteria at the time). Not all deals are portable.

The standard variable rate it reverts to. If the deal expires and you don't remortgage immediately, you'll go onto this rate. Some lenders have noticeably lower SVRs than others, which matters as a backstop.

The most common remortgage mistakes

Three I see repeatedly:

Waiting too long to start. "I'll deal with it next month" becomes "the fix ends in three weeks and I haven't done anything." At that point your options narrow significantly and you risk SVR exposure.

Just accepting the existing lender's product transfer offer without comparing. Lenders rely on inertia. Their product transfer offer is often competitive but rarely the best on the market. A 30-minute comparison conversation with a broker takes care of this.

Picking the deal with the lowest headline rate without checking total cost. Lenders structure fees deliberately to make headline rates look attractive. A proper comparison includes the rate, the fee, any cashback, valuation costs, and legal costs across the full fix period.

What to do this week

If your fixed rate ends within the next 6 months, the next step is straightforward: get an assessment of what you'd qualify for at today's rates from both your existing lender and the wider market. That conversation costs nothing and leaves no footprint on your credit file. Once you know your numbers, you can make the lock-and-review decision properly.

If your fix ends 6 to 18 months from now, set a calendar reminder for the 6-months-out date and forget about it for now. Trying to act earlier than 6 months out is rarely useful because most lenders won't issue an offer that far in advance.

If your fix has already ended and you're on the SVR, this is the most expensive position you can be in and it should be addressed within days, not weeks.

Frequently asked questions

When should I start the remortgage process in the UK?

Start your remortgage process 6 months before your current fixed rate ends. Most UK lenders allow you to lock in a new rate up to 6 months in advance, with no obligation to take that deal if a better one appears before completion. Starting later risks rolling onto your lender's standard variable rate (SVR), which currently averages around 7.13 per cent, well above any fixed-rate alternative.

What happens if my fixed rate ends and I haven't remortgaged?

Your mortgage automatically reverts to your lender's standard variable rate (SVR). UK SVRs in April 2026 average around 7.13 per cent, significantly higher than the best fixed-rate remortgage deals which start from around 4.09 per cent for 5-year fixes. On a £200,000 mortgage, the difference can be £300 to £400 a month.

What is a product transfer and how does it differ from a remortgage?

A product transfer is switching to a new deal with your existing lender, with no affordability check, no legal work, and no valuation. A remortgage moves your loan to a new lender entirely, which involves full underwriting and legal work but typically gives access to a wider range of competitive rates. The right choice depends on whether your circumstances have changed and what rates each option provides.

Can I switch to a better remortgage rate after locking one in?

Yes. UK lenders typically allow you to swap to a lower rate at any point before completion if their rates drop, or you can cancel the application entirely without penalty. This is why the standard professional advice is to lock in a rate as soon as you're 6 months from your fix ending, then keep it under review until completion.