You can remortgage at any time, but if you are not coming to the end of your fixed or discounted rate term, you are likely to have to pay an early repayment charge. It is for this reason that most people choose to remortgage as they are getting to then end of their fixed rate period. When your fixed rate period comes to an end, your existing mortgage might not be a good deal anymore and so it is always beneficial to review what other mortgage deals are on the market before your fixed rate period comes to an end.
You should allow yourself 4-6 months to review your options, speak to a mortgage advisor and apply for a new mortgage so that your new mortgage can be completed as soon as your fixed rate period comes to an end; this way you will not have to pay an early repayment charge and can move to a better product straight away.
You can usually lock in a new mortgage offer three to six months before your current deal ends and you want the new mortgage to start. You should be aware that you may have to pay an arrangement and/or valuation fee to lock in your new deal (although a lot if deals don’t have these or at least don’t require them to be paid upfront) and if you don’t end up proceeding with the mortgage you may not be entitled to these costs back.
If there is an urgency to complete your remortgage, for example if you don’t want to get put on a variable interest rate, you should speak to a few conveyancing solicitors before instructing them to ensure that they can work to your timescales.
