Start looking at deals around six months before your current fixed rate ends. Most lenders let you secure a rate and hold it for three to six months, so there is no risk in starting early. If rates drop before completion, many lenders will let you switch to the cheaper product.
Key rule: If your deal expires and you do not remortgage, you will be moved onto your lender's Standard Variable Rate (SVR), which is almost always significantly more expensive.
1
6 months before: Start researching rates and speak to a broker
2
3-6 months before: Submit your application and lock in a rate
3
2-4 weeks after applying: Receive your formal mortgage offer
4
4-8 weeks: Solicitor handles the legal transfer (if switching lender)
5
Completion day: New mortgage starts, old one is repaid
A product transfer (staying with the same lender on a new deal) is much quicker, typically completing within days because no legal work is needed.
- Three months of payslips (or two years of accounts if self employed)
- Three months of bank statements
- Photo ID and proof of address
- Details of your current mortgage balance and lender
- Details of any other debts or credit commitments
- Leasehold properties may require management pack information from the freeholder, which can take weeks
- Issues with the property valuation, such as the lender valuing it lower than expected
- Changes in circumstances during the application, such as changing jobs or taking on new debt
- Slow responses to solicitor enquiries from either side
Deal ending soon?
Do not leave it until the last minute. Get in touch and we will lock in the best rate for you well before your current deal expires.
Speak to us