If your fixed rate is coming to an end, the best time to start looking at your remortgage is around six months before it expires. That head start lets you compare the market, secure a new deal and switch on the day your current rate ends, rather than slipping onto your lender’s expensive Standard Variable Rate. For homeowners across Sleaford and the wider Lincolnshire area, getting the timing right can be worth several hundred pounds a month.
How far ahead can you lock in a new rate?
Most lenders let you agree a new rate up to six months before your current deal ends. The mortgage offer is then usually valid for three to six months, so you can hold that rate, get the paperwork moving and have the new deal start on the exact day your fix expires. There is no gap, and no month or two stranded on a high variable rate.
Booking early rarely locks you out of a better deal, either. If rates fall further before completion, many lenders will let you switch down to their new lower rate. This is one of the areas where speaking to an adviser early really pays off. We know each lender’s rate-hold window and their re-rate rules, so you secure a safety net now and still benefit if the market improves.
What happens if you do nothing?
If you let your fixed rate simply run out, your lender moves you automatically onto its Standard Variable Rate, or SVR. This is normally the most expensive rate on their books, and it can change at any time. As of July 2026 the average SVR sits at around 7.13%, while the Bank of England base rate is 3.75% and competitive fixed rates start from around 4.3%. In other words, doing nothing is almost always the costliest choice.
Your lender will usually write to you as your deal ends, but they will only put their own products in front of you. Nobody at your bank compares the rest of the market on your behalf. That job falls to you, or to your adviser.
How much can the timing be worth?
Take a £200,000 repayment mortgage over 25 years. The table below shows how the monthly cost changes, using average rates in July 2026.
| Scenario | Rate | Monthly payment |
|---|---|---|
| Your old deal | 2.5% fixed | around £897 |
| Doing nothing (SVR) | 7.13% | around £1,430 |
| Switching to a new fix in good time | 4.5% | around £1,112 |
The gap between drifting onto the SVR and switching in good time is around £320 a month on this example, or close to £3,800 a year. These figures are illustrative and your own rate will depend on your circumstances, but the direction of travel is always the same: planning ahead saves money.
Remortgage or product transfer: what is the difference?
When your deal ends you have two main routes. A product transfer means staying with your current lender and moving to one of their new deals. It is quick, needs little paperwork and often involves no new valuation or legal work. A remortgage means moving to a different lender, which opens up the whole market and can unlock a better rate, extra borrowing or a change of term.
Product transfers are convenient, but convenient is not always cheapest. Because we look across the whole of market, we can weigh your existing lender’s offer against everyone else’s and tell you honestly which one wins. If staying put really is your best option, we will say so.
When remortgaging is about more than the rate
Remortgaging is not only for chasing a lower rate. People across Lincolnshire also remortgage to:
- release equity to fund home improvements, such as an extension or a new kitchen
- consolidate more expensive debt into the mortgage, which needs careful thought because spreading it over the full term can cost more overall
- change the term, either shortening it to clear the loan sooner or lengthening it to reduce monthly payments
- move from interest only to repayment, so the balance actually reduces
Each of these has trade-offs, and borrowing more against your home is a decision to take with proper advice rather than on a whim.
Who should act early, and who might wait?
If you are already on the SVR, or your fix ends within the next six months, now is the time to act. If you are locked into a fix with longer to run, you usually stay put, because leaving early triggers an Early Repayment Charge. These are often 1% to 5% of the outstanding balance and can easily wipe out any saving from switching sooner.
In a falling-rate market like the one we are seeing through 2026, some homeowners also wonder whether to hold out for lower rates. The good news is you do not have to gamble. You can secure a deal now as a safety net and still switch down if your lender’s rates drop before completion. The right answer depends on your figures, not on a headline.
What costs should you budget for?
- Product or arrangement fee: anywhere from nothing to around £1,499. A lower rate with a fee sometimes beats a higher rate with no fee, and sometimes it does not. It depends on your loan size.
- Valuation: often free on a remortgage.
- Legal work: many remortgage deals include free legals as standard.
- Early Repayment Charge: only if you leave your current deal before it ends.
Our advice is free until you receive a fully approved mortgage offer. If the best advice is simply to switch to a new rate with your existing lender, we charge no fee at all.
A simple remortgage timeline
- Six months out: dig out your paperwork, confirm your exact end date, check for Early Repayment Charges and note any changes to your income.
- Three to six months out: compare staying versus switching, secure a new rate and submit the application.
- Completion: the new deal starts the day your old one ends, with no gap and no SVR.
Most remortgages complete in around four to eight weeks, which is exactly why starting early takes the pressure off.
How we help homeowners across Lincolnshire
We are a family firm of former bank managers based on Carre Street in Sleaford. We look across the whole of market, explain everything in plain English, and handle the back and forth with lenders and solicitors so you do not have to. Whether you are in Sleaford, Lincoln, Grantham or one of the surrounding villages, we will give you an honest answer on whether to switch or stay.
Common questions about remortgage timing
Can I remortgage before my fixed rate ends?
Yes. You can usually secure a new deal up to six months ahead and time it to start the day your current fix expires, so you never touch the SVR.
Will remortgaging affect my credit score?
A remortgage to a new lender involves a credit check, which has a small and short-lived effect. A product transfer with your existing lender often needs no new credit check at all.
Is it worth remortgaging for a small saving?
Sometimes. You have to weigh any fees and Early Repayment Charges against the saving across the whole deal period. Working that out for you is exactly what an adviser is for.
Ready to look at your options? Try our mortgage deal comparison calculator, or speak to an adviser about your remortgage.
Your home/property may be repossessed if you do not keep up repayments on your mortgage.
