The difference between remortgaging at the right time and rolling onto your lender's Standard Variable Rate can be £200–£500 per month. This guide covers exactly when to switch, when to hold, and how to time it perfectly.
Your home may be repossessed if you do not keep up repayments on your mortgage. This guide is for information only and does not constitute personal financial advice.
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When your fixed rate mortgage ends, your lender moves you automatically onto its Standard Variable Rate (SVR). This happens without any action required from you — which is exactly the problem.
The SVR is typically 2–3% above the best available rates
On a £200,000 mortgage, the difference between a 4.5% fixed rate and a 7.5% SVR is approximately £350/month in extra payments. Many homeowners stay on the SVR for months — or even years — without realising.
The SVR isn't always wrong — if you're about to move or pay off the mortgage, it might make sense to stay flexible. But for the vast majority of homeowners, the SVR is simply money left on the table.
Here's the process from start to finish — and when to begin each stage.
6 months before deal ends
We research the market, compare hundreds of deals, and identify the best option for your circumstances. No commitment needed at this stage.
3–5 months before
Most lenders hold an offer for 3–6 months. Locking in now protects you against rate increases. The new deal activates only when your current one ends.
1–2 months before
Full application submitted, valuation arranged, solicitor instructed if needed. Standard remortgages (same lender, no additional borrowing) often don't require a solicitor.
Deal end date
Your new deal activates. No SVR exposure. Your payment changes to reflect the new rate from day one.
ERCs are the main reason people don't remortgage during a fixed term. But they shouldn't automatically rule it out.
Illustrative ERC calculation
Outstanding balance
£180,000
ERC (2% — year 3 of 5-year fix)
£3,600
Monthly saving by switching now
£280/month
Break-even point
13 months
In this scenario, the saving after 13 months exceeds the ERC cost. Over the remaining 2 years of the deal, switching early saves approximately £3,120 net. We run this calculation for every client.
You don't always have to move to a new lender. A product transfer (PT) lets you switch to a new deal with your existing lender — often faster and with no solicitor required. But it limits you to that lender's product range, which may not be the most competitive.