Should I Remortgage Now?

Should I Remortgage Now or Wait?

Whether you should remortgage or wait depends on your particular circumstances. Generally, it’s a good idea to remortgage if:

1. You current deal is coming to an end

Fixed-rate and tracker mortgages offer preferential rates for a set period, specifically for between two and five years. And once that period expires, your lender will move you onto their standard variable rate, which implies that your monthly repayments will go up.

So that you’re not paying over the odds, you should start comparing new mortgage deals six months before your existing one finishes. If you’re not sure when your introductory or tie-in period ends, be sure to check through your mortgage paperwork or by getting in touch with your lender.

2. You’re after a better rate, or are worried rates will go up

Even if you’re within your current deal’s tie-in period, you should still keep an eye on the wider mortgage market to see if more competitive rates are available. In this context, however, you need to be aware of if you’d incur an early repayment charge for remortgaging early, which could work to offset any or all of the savings you’d make.

Likewise, if your mortgage isn’t on a fixed rate (e.g., you’ve got a tracker deal), then your payments will increase if the Bank of England raises the base rate. Switching to a fixed-rate mortgage in such cases gives you greater stability and protection against future rate rises if your budget is struggling for this reason.

3. Your loan-to-value ratio has gone down

If your home has increased in value or you’ve paid off a substantial part of your mortgage, your loan-to-value (LTV) ratio will have decreased, meaning you now have a larger share of your property.

The LTV represents the size of your mortgage compared with the current value of your home, expressed as a percentage. The lower your LTV, the less risk you pose to lenders, and so this consequently opens the door to better mortgage rates when you remortgage.

4. You’d like to borrow more money

Remortgaging gives you the opportunity to release the equity you’ve built up in your home, in turn providing funds for purposes such as to make home improvements, pay off debt, or make a major purchase.

This involves taking out a new mortgage that’s larger than your existing balance, leaving you with access to a lump sum. Although, you should note that increasing your borrowing in this way also means paying interest on a higher amount, so you’ve got to be confident that the new repayments will be affordable in the long run.

5. You’re not allowed to overpay

Some mortgage deals either prohibit overpayments altogether or cap how much extra you’re able to repay each year. If you’re in a restrictive situation like this, remortgaging to a product with more flexible terms could be worthwhile.

In particular, making larger overpayments means you reduce your outstanding balance quicker, therefore giving you access to lower rates in the future. Just be sure to weigh up the cost of remortgaging, including any exit or arrangement fees, against the savings you’d potentially make.

Is Now a Good Time to Remortgage?

Starting in December 2021, the Bank of England’s base rate went up from just 0.1% to a peak of 5.25%, this being its highest level since 2008. But, since August 2024, the rate has been reduced four times and is now at 4% (as of October 2025). If this trend continues, future remortgage repayments will become more affordable.

A good deal of high street lenders have started to reduce rates on their fixed-term mortgage products in response to this, showing that further base rate cuts are expected. Though, mortgage rates are ultimately unpredictable, so no one can say with certainty how the market will move, or how long competitive offers will last.

Regardless, for homeowners whose current deal is ending soon, it is recommended to secure a new rate now rather than risk missing out if conditions change, or being put onto your lender’s SVR.

Should I Fix My Mortgage Now, and How Long for?

Fixing your mortgage makes it so that your monthly repayments will stay the same throughout a certain period. This makes it easier to budget, especially when interest rates are unpredictable. Yet, fixing your rate also means you won’t benefit if the Bank of England reduces the base rate further.

Regarding how long to fix for, a two-year fix will suit those who think rates could improve soon, giving them the ability to remortgage onto a cheaper deal when the term ends. A five-year fix, on the other hand, provides more protection against potential rate rises.

Some lenders also offer ten-year and longer fixed rates, which naturally give clarity over your repayments for an even longer period. The trade-off is reduced flexibility, i.e., if rates drop or your circumstances change, you’ll miss out on more competitive deals during that time.

When Isn’t a Good Time to Remortgage?

Just as there’s a right time to remortgage, there’s also a wrong time, such as if:

• You have recent credit issues, given that missed repayments and bad credit significantly affects your chances of being approved for a new mortgage.
• Your financial circumstances have changed, since if you’ve recently lost your job or become self-employed, lenders will view you as a higher risk.
• Your property has fallen in value, because a drop in your home’s value reduces your equity and thereby makes remortgaging more difficult and less worthwhile.
• Your outstanding mortgage balance is relatively small, due to how the cost of arrangement and legal fees could outweigh any savings from switching to a new deal.

Decide Whether You Should Remortgage Now

Whether remortgaging now is the right choice for you depends on your individual circumstances. Even despite the fact that market trends suggest mortgage rates are falling, you should still explore all the options available to you and seek advice tailored to your personal goals.

Our online platform allows you to easily compare remortgage deals from lenders across the UK, providing up-to-date information on the most competitive rates. Once you’ve found a deal which fits your needs, our team of specialists will be ready to provide personalised guidance, taking the time to understand your financial situation alongside your long-term objectives.

If you’d like support at any point then be sure to reach out, we’re here to make the process straightforward and stress-free. From comparing deals to securing the right remortgage, we’ll guide you towards a solution which truly works for you.