Check when your current deal ends and what ERC you'd face. Begin comparing rates on comparison sites and with a broker.
Mortgages · UK Personal Finance
8 minute read · Updated February 2026
For most homeowners, their mortgage is their biggest monthly outgoing — and the rate you're on makes an enormous difference to how much you pay. Remortgaging at the right time can save thousands of pounds over the life of your loan. Getting it wrong — missing your window, rolling onto the SVR, or fixing at the wrong time — can cost just as much.
Here's a complete guide to the remortgaging process, when to act, and how to think about the 2 vs 5 year fix question.
When your fixed rate ends, your lender automatically moves you onto their Standard Variable Rate (SVR). SVRs are typically 2–4% higher than the best available fixed rates and can change at any time. Many homeowners stay on their SVR for months — or even years — simply because they didn't act in time.
On a £200,000 mortgage, moving from a 5% fixed rate to an 8% SVR adds around £300/month to your payment. Over six months of inaction, that's £1,800 wasted — more than most remortgaging costs.
Most mortgage offers are valid for 3–6 months from the date of issue. This means you can secure a new rate well before your current deal ends — locking in today's rates while staying protected if rates change.
The general rule: start looking 3–6 months before your current deal expires. Six months is ideal, giving you time to compare properly and complete before your ERC period ends.
Check when your current deal ends and what ERC you'd face. Begin comparing rates on comparison sites and with a broker.
Apply for your preferred new deal. Most lenders will issue an offer valid for 3–6 months, giving you flexibility on timing.
Confirm the deal with your new lender and arrange for your solicitor or conveyancer to handle the transfer.
The new mortgage completes. Your first payment at the new rate follows your next billing cycle.
This is one of the most common remortgage questions and there's no universally right answer — it depends on your view of rates, your circumstances, and how much certainty you want.
| 2-Year Fix | 5-Year Fix | |
|---|---|---|
| Rate | Often slightly lower initially | Often slightly higher initially |
| Certainty | 2 years of certainty | 5 years of certainty |
| Flexibility | Back to market in 2 years | Locked in — ERC to exit early |
| Good if | You think rates will fall, or you may move house or pay off soon | You value stability, rates may rise, you're settled in your home |
| Risk | Renewing into higher rates in 2 years | Missing a big rate drop during the fix |
For most homeowners who are settled and value predictability, a 5-year fix provides peace of mind and removes the need to remortgage again in just 2 years. But if you expect rates to fall significantly, or your circumstances are likely to change (moving house, paying off a large chunk), the shorter fix gives you more options sooner.
It's not free to remortgage — but the costs are usually comfortably outweighed by the savings:
Remortgaging before your ERC period ends usually isn't worth it — you'd be paying the penalty to leave. But there are exceptions:
✅ Diary your deal end date the day you take out your mortgage · ✅ Start comparing 6 months before it ends · ✅ Consider a broker for whole-of-market access · ✅ Compare 2 and 5 year fixes on total cost not just monthly payment · ✅ Don't let your deal expire onto the SVR
Model different interest rates on your mortgage and compare the long-term saving against pension and ISA contributions.
Open the mortgage calculator →