Start six months before your deal ends
Most lenders let you secure a new rate up to six months ahead of your current deal ending, and many brokers will then monitor the market and switch you to a cheaper product if one appears before completion. Starting early costs nothing and removes the risk of being stuck on the variable rate because paperwork ran late.
Product transfer or new lender?
| Product transfer (stay put) | Remortgage (switch lender) |
|---|---|
| Quick: often a few days, no solicitor, no valuation | Slower: four to eight weeks, legal work needed (usually free with the new lender) |
| Usually no affordability re-check if you're not borrowing more | Full application: income, outgoings, credit history and a valuation |
| Only your existing lender's rates | The whole market, which is often cheaper |
| Good if your circumstances have changed and you'd struggle to pass a new lender's checks | Good if you can pass the checks and want the best rate, or need to borrow more |
A broker checks both. Sometimes the existing lender's retention rate wins once fees are counted; sometimes a switch saves hundreds a year.
Borrowing more when you remortgage
Raising extra money against the house (a further advance or a larger remortgage) is common for home improvements, consolidating debts, or funding a deposit for a buy-to-let. Lenders will ask what the money is for. Debt consolidation can lower monthly outgoings but spreads short-term debt over a mortgage term, so the total interest paid can be higher. A broker should walk you through that honestly.
What affects the rate you're offered
- Loan-to-value. If your home has risen in value since you bought, your LTV has fallen and you may qualify for a cheaper tier. NI prices have risen over recent years, so this is worth checking.
- Fees versus rate. A product with a £999 fee and a lower rate can cost more than a fee-free product on a smaller mortgage. The broker compares total cost over the deal period, not just the headline rate.
- Term. Extending the term lowers the monthly payment but raises total interest. Shortening it does the reverse. Overpaying (most deals allow 10% a year without penalty) is a flexible middle ground.
Common questions
Is remortgaging free?
Often nearly. Many remortgage products come with a free valuation and free basic legal work. Some carry an arrangement fee, and your broker may charge a fee. The broker's own fee, if any, is disclosed before you commit.
Can I remortgage if I'm self-employed or my income has dropped?
A product transfer with your existing lender usually needs no new affordability check if you aren't borrowing more, so that route stays open. Switching lender needs a full application. See our self-employed guide.
My fixed rate ends in three weeks. Is it too late?
No. A product transfer with your existing lender can usually complete in days. A broker can still compare it with the market, but the priority is avoiding the standard variable rate.
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