Remortgaging Early
Can You Remortgage Early?
Yes, you can usually remortgage before your deal ends, but early repayment charges can make it expensive. Here is how to work out whether leaving early is worth it, and how to lock in a new deal without paying a charge.
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The Basics
Leaving Early Can Cost You
Most fixed and tracker deals have early repayment charges if you leave during the deal period.
- ✓Early repayment charges: often 1% to 5% of the balance
- ✓Six months ahead: many lenders let you secure a deal in advance
- ✓Product transfer: switching with your lender near the end can avoid charges
- ✓Break even: sometimes paying the charge still saves money
How We Help
How to Decide
Five steps to work it out.
Find Your Charge
Your mortgage statement or offer shows it.
Compare the Savings
New monthly cost against the charge and fees.
Check the Timing
Waiting a few months can avoid the charge altogether.
Lock In Early
Secure a new rate up to around six months before your deal ends.
Switch at the Right Time
Your new deal starts when the old one ends.
Reasons to Move Early
When Leaving Early Can Make Sense
And when it does not.
Common Questions
Remortgage Early Questions, Answered
The things homeowners ask us most.
Can I remortgage before my fixed rate ends?
Yes, but you will usually pay an early repayment charge if you leave during the deal.
How early can I secure a new deal?
Many lenders let you lock in around six months before your current deal ends.
How much is an early repayment charge?
Often 1% to 5% of the balance, usually reducing each year.
Is it ever worth paying the charge?
Sometimes, if the saving from a new rate is bigger than the charge and fees.
Can I avoid the charge?
Waiting until the deal ends, porting or a further advance can avoid it in some cases.
Can I overpay instead?
Most deals let you overpay up to 10% a year without a charge.
Related guides
- What happens when your fixed rate ends
- Remortgaging: the risks and benefits
- Porting your mortgage
- Should I overpay my mortgage?
- All mortgage questions answered
Written by Tony Flynn, mortgage broker at Tony Flynn Mortgages, helping homebuyers across Lanarkshire and Scotland. This page is general information, not personal advice. Speak to Tony about your own circumstances.
Get in Touch
Thinking of Leaving Early?
Fill in the form and we will be in touch within one working day. We will work out whether leaving early saves you money.