Why timing matters
Most fixed and tracker mortgage deals run for two, three or five years. When that period ends, you are usually moved onto your lender's standard variable rate unless you arrange something else, and the standard variable rate is typically higher than the deal you were on. Starting the remortgage conversation early means you are choosing your next step deliberately, rather than being moved onto the higher rate by default.
When to start looking
Most mortgage offers from a new lender stay valid for a few months, so it is generally worth starting the conversation three to six months before your current deal ends. This gives enough time to compare options and get an offer in place that can complete right as your existing deal finishes.
What if you want to borrow more
Remortgaging is also how many people release equity to fund home improvements or other plans. This works differently to a straightforward like-for-like remortgage, since the lender will reassess affordability on the higher amount, so it is worth talking it through with an adviser before assuming a figure is achievable.
