The best time to remortgage depends on several factors and individual circumstances. However, there are some considerations to help you determine the optimal time:

Interest rates

Keep an eye on the prevailing interest rates. If interest rates have significantly dropped since you initially obtained your mortgage, it might be a good time to remortgage. Lower rates can potentially reduce your monthly payments and save you money over the long term.

If interest rates are expected to increase, and your mortgage deal is due to run out fairly soon, then speak to a mortgage broker sooner rather than later in case you can get a better deal locked in now than you’ll be able to in the near future.

It’s generally possible to remortgage up to six months early. However, this can depend on the lender. Consulting with a mortgage advisor can help you assess the financial implications and determine if an early remortgage is the right choice for you.

Fees and costs

Evaluate the fees and costs associated with remortgaging. These may include arrangement fees, valuation fees, legal fees, and early repayment charges on your existing mortgage. Compare these costs with the potential savings from refinancing to determine if the benefits outweigh the expenses. A mortgage advisor can help you with this if you’re unsure.

Financial goals

Consider your financial objectives. Suppose you aim to access additional funds for home improvements or other purposes. In that case, these types of factors can influence your decision to remortgage regardless of what the interest rate is doing.


If you’re in a fortunate position where you want to start overpaying on your mortgage, but your current lender won’t allow you to, remortgaging with another lender would be an option to consider.

Remaining mortgage term

Assess the remaining term of your current mortgage. If you have a long-term mortgage and are early into the repayment period, remortgaging might make more financial sense as you have more time to recoup any fees associated with the process.


Monitor your credit score and credit history. Lenders generally offer better terms to borrowers with a good credit score. If your credit has improved since you obtained your initial mortgage, you might be eligible for more favourable terms by remortgaging.

Market conditions

Consider the overall housing market conditions. If property values have increased significantly since you purchased your home, you may have built up more equity. This can make it easier to refinance and potentially access better rates or loan terms.

It’s essential to consult with a mortgage advisor or financial professional who can evaluate your specific situation and provide personalised advice. They can help you assess the market, consider your goals, and guide you on the best time to remortgage based on your circumstances.

By Sarah Thompson, Managing Director, Mortgage Scout

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