In the UK, you are allowed to remortgage early. However, if you’re tied into a mortgage deal with your lender for a certain amount of time (usually 2, 3, or 5 years), you may face penalties known as early repayment charges (ERCs).
If you’re thinking about remortgaging your home, read on to find out the best time to do it, key pros and cons, and how the remortgaging process works.
What is a Remortgage?
A remortgage is the process of replacing your current mortgage with a new mortgage deal to gain a better interest rate, different terms, or to borrow more money against your property.
According to the Bank of England, approvals for remortgage activity levels decreased slightly from 38,400 in December 2025 to 38,100 in January 2026, showing that remortgaging remains a steady option across the UK.
How Early Can You Remortgage?
You can remortgage quite early on in your mortgage deal, around 4 to 6 months before it ends.
It’s entirely possible to remortgage earlier, but doing so may result in ERCs and other fees, depending on the terms of your current mortgage. We generally recommend remortgaging within the suggested timeframe to help avoid unnecessary Standard Variable Rate (SVR) costs, which could otherwise outweigh any savings.
The best first step is to check your mortgage agreement to find out exactly when you can switch deals without incurring additional charges.
When is the Best Time to Remortgage?
The best time to remortgage is as early as possible within the 4 to 6 month range before your current deal ends – no sooner.
However, finding the best time to remortgage also depends on your personal circumstances and market conditions.
Let’s take a look at some scenarios where you should and shouldn’t remortgage.
You should remortgage if:
- Your fixed or introductory rate is ending in 4 to 6 months
- You want to avoid your lender’s SVR
- Your property value has increased
- Your income or credit score has improved
- You want to release equity and can afford a larger loan
You shouldn’t remortgage if:
- You’re still in an early‑repayment charge period
- The penalty of remortgaging outweighs the savings
- Your financial situation has worsened
- Your mortgage balance or remaining term is minimal
- You’d rather keep things simple and do a product transfer with your current lender (the process of switching to a new deal with your current lender)
Pros and Cons of Remortgaging
There are many benefits to remortgaging your property, but there can be some potential drawbacks to consider.
Pros | Cons |
Lower monthly payments | Monthly payments could increase |
Release equity for home improvements or other purposes | Releasing equity increases your mortgage balance and overall debt |
Pay off your mortgage sooner | A longer mortgage term can increase the total interest paid |
Lower interest rate | ERCs may apply |
Debt consolidation into one monthly payment | Remortgaging fees may reduce savings |
Switch to a mortgage that better suits your needs | Risk of repossession if you cannot keep up with repayments |
Whether the benefits outweigh the potential drawbacks mostly depends on your individual circumstances and financial goals. If you’re unsure if remortgaging is the best option, we recommend seeking professional advice from a mortgage broker to help you better understand your options.
What Are Early Repayment Charges (ERCs)?
ERCs are a type of fee that your mortgage lender may charge if you:
- Pay off your loan in full before the agreed deal period ends
- Make overpayments that exceed the penalty-free annual allowance
However, ERCs may not apply if:
- Your mortgage product doesn’t charge ERCs
- You transfer (port) your mortgage to a new property
- You switch to a new deal with your current mortgage lender
- You’re in the final month of your current mortgage deal
- You remortgage or switch deal during the last few months of your current mortgage term
Some lenders may offer ERC exemptions in exceptional circumstances, subject to the terms of your mortgage agreement, including:
- Your mortgage is repaid following a critical illness claim, the death of a borrower, or the maturity of an endowment policy used to repay the mortgage
- Your mortgage is repaid due to exceptional circumstances such as divorce or separation, domestic abuse, armed forces redeployment, becoming a carer, or redundancy
Please note that the examples above are based on Nationwide’s policy and may not apply to all lenders.
How to Remortgage Early: Step-by-Step
The process of remortgaging early can vary, but typically follows a few key steps:
1. Check for ERCs – Review your existing mortgage terms to see if ERCs may apply
2. Compare savings vs fees – Calculate your overall costs, including potential ERCs, to make sure you gain more savings from remortgaging rather than losses
3. Gather essential documents – Lenders must assess your affordability and credit score, so you’ll need proof of ID, such as your passport, recent payslips, bank statements, and any bonuses, benefits, or tax returns if you work as self-employed (requirements vary by lender)
4. Consult a mortgage broker – Seek assistance from a professional mortgage broker to find the most suitable mortgage deal and gain trusted advice before making a final decision
5. Apply – Complete the process by submitting a formal application, and a conveyancing solicitor will then handle the legal transfer and pay off your previous lender
Trusted Advice on Remortgaging Early
At JG Mortgage Services, we offer expert advice to help you understand the remortgaging process, potential options, and complex terminology.
Our team of experienced mortgage advisors provides trusted guidance and advice, working hard to secure the best possible outcome for your remortgage.
If you’re thinking of remortgaging early, please contact us today to find out more about our remortgaging services.
