When Should You Remortgage? Key Signs It's Time to Review Your Deal

Many homeowners stay on their lender's standard variable rate (SVR) long after their initial deal has ended — often paying more than they need to. Knowing when to remortgage could save you a significant amount each month. Here are the key signs that it's time to review your deal.

Your Fixed Rate or Introductory Deal Is Ending

When your fixed, tracker, or discount rate comes to an end, you'll typically move onto your lender's SVR, which is usually higher. It's worth starting to look at your options around three to six months before your deal expires, as many mortgage offers are valid for several months and you can lock in a rate in advance.

You're Already on Your Lender's SVR

If you're already paying your lender's standard variable rate, it's worth checking whether you could secure a better deal. Depending on your loan-to-value ratio and credit profile, you may be able to reduce your monthly payments by switching to a new fixed or tracker deal.

Your Home Has Increased in Value

If your property has gone up in value since you took out your mortgage, your loan-to-value (LTV) ratio will have improved. Lenders typically offer better rates to borrowers with lower LTVs, so remortgaging could give you access to more competitive deals.

You Want to Release Equity

Remortgaging can also be a way to release equity built up in your home — for example, to fund home improvements or consolidate debts. It's important to consider the full cost and implications carefully. Think carefully before securing other debts against your home.

Your Circumstances Have Changed

A change in income, a new job, marriage, or starting a family can all affect what mortgage product is right for you. If your circumstances have changed significantly since you last reviewed your mortgage, it's worth speaking to an adviser. Your home may be repossessed if you do not keep up repayments on your mortgage.