How early can I remortgage?

Typically you can secure a new deal up to about six months before your current one ends, which protects you against rate rises while leaving room to switch if rates fall.

Is overpaying better than saving?

Compare your mortgage rate with the after-tax savings rate you could earn, and only overpay once high-interest debt is cleared and your emergency fund is intact.

What happens if I do nothing at the end of my fixed deal?

You move onto the lender's standard variable rate, which is usually considerably more expensive and can raise your monthly payment sharply.

How to save money on your mortgage in the UK

6 min read

The costliest mortgage mistake is passive: letting a fixed deal expire and rolling onto the lender's standard variable rate, which is usually far more expensive. Getting ahead of the end date is worth more than almost any other single household money decision.

1. Diary your deal end date six months early

Most lenders let you lock in a new rate up to around six months before your current deal ends, and you can usually swap to a better one if rates fall before completion. Starting early costs nothing and protects you from the SVR.

Check your current rate, your outstanding balance, your remaining term, and any early repayment charge before you do anything else.

2. Compare a product transfer with a full remortgage

A product transfer stays with your existing lender: it is fast, usually needs no new affordability assessment and often has no legal fees. A remortgage moves to a new lender and can access better rates but involves valuation, legal work and a fresh affordability check.

Compare on total cost over the deal period — rate plus fees — not on the headline rate alone. A low rate with a large arrangement fee can lose to a slightly higher fee-free deal on a smaller balance.

3. Improve your loan-to-value band

Rates are tiered by loan-to-value. If you are just above a threshold — say 81% — a modest lump sum before you apply can drop you into a cheaper band and cut the rate for the whole deal.

A rise in your property's value has the same effect, so it can be worth asking about a revaluation if local prices have moved since you bought.

4. Decide whether to overpay

Most lenders allow overpayments of up to a percentage of the balance each year without penalty. Overpaying reduces the interest you pay and can shorten the term significantly.

It is not automatically the best use of the money. Clear higher-interest debt first, keep an emergency fund intact, and compare your mortgage rate against the savings rate you could earn — if savings pay more after tax, saving may win.

5. Use a broker, and check the fee

A whole-of-market broker can access deals not offered direct and will handle the paperwork. Ask whether they charge a fee or are paid by the lender, and confirm they are FCA authorised.

If you are struggling with payments, speak to your lender early — they have a duty to offer support options, and doing so before you miss a payment gives you more room to negotiate.

See this applied to your own money

Ai Money Saver checks your income and outgoings — typed in, from a bank statement, or talked through — and shows where you're likely overpaying before you pay anything.

Start assessment Use a bank statement

Frequently asked questions

How early can I remortgage?: Typically you can secure a new deal up to about six months before your current one ends, which protects you against rate rises while leaving room to switch if rates fall.
Is overpaying better than saving?: Compare your mortgage rate with the after-tax savings rate you could earn, and only overpay once high-interest debt is cleared and your emergency fund is intact.
What happens if I do nothing at the end of my fixed deal?: You move onto the lender's standard variable rate, which is usually considerably more expensive and can raise your monthly payment sharply.