Stage 6 of 7

Remortgaging

Review whether to switch, stay, or adjust your mortgage before the current deal ends, including fees and early repayment charges.

What this stage means

This stage usually starts several months before a fixed, tracker, or discounted deal ends, or when you are considering switching early.

The decision is not just current rate versus new rate. Fees, ERCs, valuation, LTV band, remaining term, and break-even timing all matter.

Current balance, current rate, follow-on rate, and date your current deal ends.
New deal rate, product fee, valuation fee, legal fee, broker fee, cashback, and whether fees are added to the loan.
Early repayment charge, exit fee, monthly saving, total comparison-period saving, and break-even month.
Updated property value and LTV because a lower LTV can open different product bands.

Waiting until the deal has ended before comparing options.
Switching early for a lower rate without including ERCs and fees.
Comparing monthly payment only and missing the effect on balance, term, and total cost.

Look for the month when upfront costs are recovered, then check whether you expect to keep the mortgage long enough for that to matter.

If the new deal is cheaper but less flexible, weigh the saving against moving plans, overpayment plans, and the risk of needing to change again.

As the balance falls, turn the plan into a mortgage-free timeline that still leaves room for flexibility and wider financial goals.