Key Points
- Yes, you can remortgage early, but doing so before your fixed-rate deal ends usually means paying an early repayment charge (ERC) of your outstanding balance.
- You can lock in a new deal up to six months before your current deal ends (without triggering an ERC) making this the standard window to start the process.
- Remortgaging early can potentially save you money if rates have fallen significantly.
Homeowners are forever coming to us wanting to know: can you remortgage early? Well, whether you’re hoping to grab a better interest rate, release some equity for an upcoming project, or simply avoid ending up on your lender’s pricey standard variable rate, the good news is that remortgaging early is absolutely possible in the UK. But, as with most things in the world of mortgages, timing matters, and frustratingly there are costs to consider.
This guide will walk you through absolutely everything you need to know, and if you have any questions please don’t hesitate to give us a call.
What Does Remortgaging Early Actually Mean?
Remortgaging means switching your mortgage to a new deal, whether that’s with your existing lender or a new one entirely. When people talk about remortgaging early, they mean doing this before your current fixed-rate or discounted period has actually run its course.
Here’s how it typically works: most UK homeowners start with a mortgage that has an initial fixed-rate period (usually two, three, or five years) during which your interest rate stays locked in. In fact, in 2025, 85% of outstanding mortgages were on fixed rates.
The reason so many borrowers ask can you remortgage early is because of what happens when that initial deal ends. Once your fixed rate expires, your lender will usually move you onto their Standard Variable Rate (SVR). This is almost always significantly higher, and too often comes as a nasty surprise (expect, of course, to those who used a mortgage advisor 😉).
The good news is you don’t have to cut it fine: you can lock in a new deal up to six months before your current rate expires, giving you a comfortable window to plan ahead without paying a penny in penalties.
To find out everything there is to know about remortgaging, you can download our complete guide to remortgaging.
Can You Remortgage Early?
The short answer to the question ‘can you remortgage early?’ is yes, there’s nothing legally stopping you from remortgaging before your fixed-rate period ends. Whether it actually makes financial sense, though, is a completely different question entirely.
Most fixed-rate mortgages come with early repayment charges (ERCs) that kick in if you switch during your initial deal period. Get the maths wrong, and the cost of leaving early can easily outweigh whatever savings you were chasing in the first place, providing that is the reason you’re considering remortgaging. Get it right, however, and remortgaging early can absolutely be worth it.
How soon can you remortgage a property after a purchase?
In most cases, you’ll need to have owned your property for at least six months before you can remortgage. However, this isn’t a hard-and-fast rule.
Some lenders are willing to consider applications sooner, depending on your circumstances and their individual lending criteria.
Can you remortgage early with the same lender?
You may be able to switch to a new mortgage deal with your current lender before your existing deal ends. This is usually known as a product transfer rather than a remortgage.
The trade-off? You’ll only be able to choose from the mortgage products offered by your existing lender. While that can be convenient, it doesn’t always guarantee the most competitive deal for your needs. Exploring the wider market could reveal options that save you more in the long run.
Understanding Early Repayment Charges
One of the biggest factors to consider when asking “can you remortgage early?” is whether your current mortgage comes with an early repayment charge (ERC).
An early repayment charge is a fee your lender applies if you leave your mortgage deal before the agreed end date. These charges exist because your lender factored in the interest income from your deal period; if you leave early, they lose out, and the ERC is their way of recovering some of that.
ERCs apply to most fixed-rate mortgages, as well as some tracker and discount mortgages.
They typically range from 1% to 5% of your outstanding mortgage balance, and they usually decrease the closer you get to the end of your deal. A common structure could look something like this:
- Year 1: 5%
- Year 2: 4%
- Year 3: 3%
- Year 4: 2%
- Year 5: 1%
To put that in perspective: if you have an outstanding balance of £200,000 and you’re in year two of your deal, a 2% ERC would cost you £4,000. We obviously don’t need to tell you that that’s a pretty big sum. and one that needs to be weighed carefully against any savings you’d make by switching.
But let’s say switching to a new deal saves you £200 per month in interest. You’d recoup that £4,000 in exactly 20 months, meaning if you have more than that left on your deal, it could well be worth switching.
Why Would You Want to Remortgage Early?
There are several good reasons why homeowners choose to remortgage early, even when it involves paying an ERC.
To secure a better interest rate
When interest rates fall, staying on your current deal could mean missing out on substantial savings. Although an ERC may apply, a lower-rate mortgage could still leave you better off overall. The important question is: how quickly will your monthly savings repay the cost of the charge? It’s a crucial figure to know, and one which we’re always on hand to figure out for you.
Even if interest rates haven’t fallen, a more competitive interest rate may become available if you’ve payed down some of your mortgage. That’s because your loan-to-value (LTV) ratio, the percentage of your property’s value that is covered by your mortgage, decreases over time.
For example, if you originally bought your home with a 10% deposit, you would have needed a 90% LTV mortgage. If you’ve since repaid a further 10% of the loan and your property’s value has remained the same, your LTV would have fallen to 80%.
Lenders typically reserve their best rates for borrowers with lower LTVs, as they’re considered less risky. So, if your LTV has dropped significantly since you took out your current mortgage, you could potentially save money by remortgaging onto a better deal.
You want to overpay but your lender won’t let you
Most mortgage lenders allow you to make overpayments, but only up to a certain limit; often around 10% of your outstanding balance each year. Exceed that allowance, and you could be hit with, you guessed it, an Early Repayment Charge (ERC).
If you’re planning to make a substantial lump-sum payment, perhaps from an inheritance, bonus, or the sale of an asset, remortgaging could offer more flexibility. By switching to a new deal, you may be able to reduce your mortgage balance by as much as you like and, in some cases, secure a lower interest rate at the same time.
Debt consolidation
If rising living costs have eaten into your savings and you’ve found yourself relying on credit cards or other forms of borrowing, remortgaging could help you regain control of your finances.
By consolidating existing debts into your mortgage, you can replace multiple monthly payments with a single, more manageable repayment. Because mortgage rates are often lower than those charged on credit cards and personal loans, this can help reduce your monthly outgoings and ease pressure on your budget.
However, it’s important to understand the trade-off. While spreading your debts over the longer term of a mortgage can make repayments more affordable each month, it could mean paying more interest overall. You’re also turning unsecured debts into debt secured against your home, which increases the risk if you’re unable to keep up with repayments.
Equity release
Equity is the portion of your home that you own outright, in other words the difference between your property’s current value and the amount remaining on your mortgage.
If you’ve owned your home for several years, the combination of mortgage repayments and rising property values may have helped you build up a substantial amount of equity.
Remortgaging can allow you to release some of that equity as cash, giving you access to funds without having to sell your home. Homeowners often use released equity to pay for renovations, fund major purchases, support family members, or create a financial buffer for unexpected expenses.
However, releasing equity will increase the amount you borrow and could lead to higher monthly repayments or more interest being paid over the life of the mortgage. It’s therefore important to consider carefully how the funds will be used and whether the long-term cost is worthwhile.
When Is Remortgaging Early Not Worth It?
There are also situations where remortgaging early simply doesn’t make financial sense:
- If you’re only a few months into your deal and the ERC is at its highest (often 5%), the cost is likely to outweigh any savings.
- If interest rates haven’t moved significantly since you took out your current deal, there may be little benefit to switching.
- If you’re close to the end of your fixed term anyway, it’s usually better to wait and switch without paying an ERC.
- Once your mortgage balance falls below a certain level (let’s say around £50,000) the potential savings from switching deals can be limited
- If you need to borrow more than 90% of your property’s value, you’ll usually have fewer deals to choose from and may struggle to secure a significantly better rate. That said, it’s still worth checking what’s available.
It’s also worth noting that arrangement fees on new deals can be substantial, often £999 or more, so these need to be factored into your calculations alongside the ERC.
How to Remortgage Early: A Step-by-Step Overview
If you’ve been wondering, “can you remortgage early?”, and you’re now considering moving forward with it after reading this blog and discovering that you can, here’s a straightforward guide to the remortgaging early process.
- Check your current deal — find out when your fixed-rate period ends and whether an ERC applies, and if so, how much.
- Calculate the costs and savings — use a remortgage calculator or speak to an advisor to work out whether switching makes financial sense.
- Speak to a mortgage advisor — a broker who has access to thousands of deals from over 100 lenders can do all of the comparing on your behalf and find the most competitive rate for your circumstances.
- Submit your application — once you’ve chosen a deal, your broker and solicitor will handle the paperwork. Mortgage applications typically take two to six weeks to be approved.
- Switch seamlessly — your new deal begins the day your old one ends, so there’s no gap and no reversion to the SVR.
Get Award-Winning Remortgage Advice
If you’re thinking about remortgaging early, whether you’re mid-deal or approaching the end of your fixed-rate period, speaking to a qualified mortgage advisor can make a significant difference to the outcome.
At The Levels Financial, our team of expert mortgage advisors can help you understand your options, run the numbers, and find the right deal for your circumstances. Whether you’re looking to reduce your monthly payments, release equity or consolidate debt, we’re here to help.
👉 Find out more about our remortgaging service or use our repayment calculator to get an idea of what a new deal could look like for you.
You can book your free consultation with one of our award-winning brokers today by clicking HERE.
