25 Feb 2026
What you need to know about remortgaging
If your current fixed rate is due to come to an end within the next six months, you will want to start thinking about the options available to you.
Many people don’t realise that sitting back and doing nothing can cost them. When the deal you have with your lender ends, you will be moved onto a Standard Variable Rate (SVR), which is a much higher rate than you would have previously been on.
With such uncertainty around rates over the last few years, it’s essential to plan your remortgage to ensure you are saving money.
What is a Remortgage?
A remortgage is just switching your current mortgage product to either a new deal with your current lender (product transfer) or a different lender.
Reasons for a remortgage
People typically remortgage to:
- Get a better interest rate
- Borrow extra money
- Fix payments to ensure financial stability
- Avoid the lender's SVR
- Lower monthly payments
Most lenders will allow you to secure a new rate 3-6 months in advance of your current rate ending. By locking in a new rate early, you will benefit if rates reduce during this time. By being prepared, you will avoid being moved onto the SVR rate, which could be very expensive, even for a short period.
Stay or switch lenders
You have two options: you can either stay with your current lender, called a product transfer, or remortgage, meaning you switch lenders.
With a Product Transfer, it’s usually a simpler process, and you won’t be required to go through an affordability assessment. However, you are limited to the rate your current lender offers.
With a Remortgage, you’ll have access to the wider market, the option of better rates, and you may be able to borrow more. You will likely have to go through affordability checks if you switch to a new lender.
A mortgage broker can do this work for you, having access to a wider market of lenders, they can compare both options, taking into account any possible early repayment charges, and help you decide the best one for you.
If your rate is due to end soon, get in touch with the experts at Mortgage Required, who can guide you through the process.
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