Remortgage Deals UK (2026)
Move too late and you fall onto your lender's standard variable rate. Here's the timeline and the numbers that matter.
The single biggest remortgage mistake is timing. Most borrowers should start comparing deals 3 to 6 months before their current fixed rate expires, since mortgage offers stay valid for 3 to 6 months and can be locked in early. Miss that window and you're moved onto your lender's standard variable rate, typically 7 to 8%, against an average 2-year fixed rate of around 4.5%. On a £200,000 mortgage, that gap works out to roughly £350 extra a month.
When to start looking for a new deal
Start comparing 3 to 6 months before your current fixed rate ends. Because mortgage offers are typically valid for 3 to 6 months, you can secure a new rate well ahead of your switch date. If a cheaper deal appears before then, you can usually reapply at no extra cost.
What happens if you do nothing
When your fixed rate expires without a new deal in place, you move onto your lender's standard variable rate. SVRs typically run 7 to 8%, compared with an average 2-year fixed rate of around 4.5%. On a £200,000 mortgage, moving from a 4.5% fix to a 7.5% SVR costs roughly £350 more each month, and more generally the shift can add £300 to £500 a month.
Early repayment charges if you switch mid-deal
Repaying or switching lender inside your fixed period usually triggers an early repayment charge, typically 1 to 5% of the outstanding balance. On a £200,000 mortgage, that's a penalty of roughly £2,000 to £10,000. Check this figure against the savings from switching before you break a deal early.
How your loan-to-value affects your new rate
Your loan-to-value ratio, the percentage of the property's value you're borrowing, is the single biggest factor affecting your remortgage rate. A 90% loan-to-value mortgage costs significantly more than a 75% loan-to-value deal. Building a larger deposit, paying down your balance, or waiting for your property's value to rise before remortgaging, is one of the most effective ways to cut your cost. Most fixed-rate deals also allow overpayments of up to 10% of the balance per year without penalty, a straightforward way to shift into a cheaper band before you switch.
Costs of remortgaging
Expect an arrangement fee of £500 to £2,000 on most remortgage deals, whether you stay with your existing lender or switch. You can pay it upfront or add it to the new loan, but adding it means paying interest on the fee for the whole term.
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Questions answered
Most borrowers should start comparing 3 to 6 months before their current fixed rate expires. Mortgage offers are typically valid for 3 to 6 months, so you can lock in a rate well ahead of your switch date. If a better deal appears before then, you can usually reapply at no extra cost.
You move automatically onto your lender's standard variable rate, or SVR. SVRs are typically 7 to 8%, well above the average 2-year fixed rate of around 4.5%. Falling onto the SVR, even briefly, is one of the more expensive mistakes in personal finance.
On a £200,000 mortgage, the difference between a 4.5% fix and a 7.5% SVR works out to around £350 extra per month. More broadly, moving to the SVR can add £300 to £500 a month to your payments depending on your loan size and the rates involved.
Usually yes. Repaying or switching lender during your fixed period typically triggers an early repayment charge of 1 to 5% of the outstanding balance, which on a £200,000 mortgage could mean a penalty of £2,000 to £10,000.
Most offers are valid for 3 to 6 months. That window works in your favour: you can secure a rate early, and if rates fall before your switch date, you can usually reapply for the better deal at no cost.
Yes, it's the single biggest factor. A 90% loan-to-value mortgage costs significantly more than a 75% loan-to-value deal. If your property has risen in value or you've paid down some balance, you may now qualify for a cheaper band.
It can. Building a larger deposit, or waiting until your equity grows before remortgaging, is one of the most effective ways to cut your mortgage cost, since the most competitive rates typically start at 75% loan-to-value.
Most mortgage deals let you overpay up to 10% of the outstanding balance per year without penalty. Overpaying reduces your balance and can move you into a better loan-to-value band, which may qualify you for a lower rate on your new deal.
Most remortgages carry an arrangement fee of £500 to £2,000, whether you move to a new lender or a new deal with your existing one. You can pay this upfront or add it to the new loan, though adding it means paying interest on it for the full term.
Fixed rates give certainty: payments stay the same for the fix period, usually 2 or 5 years, which protects you if rates rise. Variable rates, including trackers and the SVR, move with the Bank of England base rate. Most UK borrowers currently choose fixed deals.