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Fixed-Rate Remortgages

Is it possible to remortgage your property while in your fixed-rate period? Find out in our guide

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By Pete Mugleston  | Mortgage Advisor Pete has been a mortgage advisor for over 10 years, and is regularly cited in both trade and national press.

Updated: 5th September 2019 *

There are many reasons why a current homeowner would decide to remortgage whilst on a fixed-rate,  the most prominent being that they are looking for a better deal than is currently offered by their existing mortgage provider. 

For many people, a fixed-rate remortgage would be their first port of call, as often lenders can offer competitive rates on mortgages, typically for a period between 2–5 years.

But can you remortgage on a fixed-rate and if so, when is the best time to switch?

To speak to someone directly about remortgaging whilst on a fixed-rate mortgage, call us on 0808 189 2301 or make an enquiry. The experts we work with are able to give you free, impartial advice tailored to your circumstances. 

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Can I remortgage if i'm on a fixed rate?

Although the rate of your current mortgage could be competitive, you may find a better deal elsewhere while still in your fixed-rate period.

But with that in mind, it’s potentially possible to remortgage if you’re already on a fixed rate, although it might not always be a smooth process. 

Not many people are aware that if you want to remortgage before your fixed rate comes to an end, you'll probably have to pay early repayment charges. 

These can be expensive and the cost could outweigh the money potentially saved through switching. 

What should I do before I remortgage during a fixed period?

Before switching, it’s essential that you calculate the cost differences between remortgaging versus remaining in your current agreement.

Another factor to consider is that although the predictability of a fixed-rate mortgage can be appealing, the terms of the agreement could make it difficult for you to switch to a better deal.

Of course, searching for a better deal is always advisable, afterall, saving money could allow you to pay off your mortgage quicker. That being said, switching without professional advice can result in some people paying more on their mortgage, so always seek the help of a mortgage advisor.

The advisors we work with can compare the market for the best fixed-rate remortgage deals and calculate the cost of switching versus remaining in your current contract. They can also thoroughly check the terms of your current fixed-rate mortgage to determine whether there are any clauses that could prevent you from remortgaging. 

Make an enquiry to find out whether you can remortgage whilst on a fixed rate. 

Can I remortgage if I have an interest-only, fixed-rate mortgage?

Remortgaging when you have an interest-only, fixed-rate mortgage might be possible, though it depends on your circumstances and the terms of your current mortgage agreement.

Like with any remortgage process, you might be subject to affordability checks and therefore you may be asked to provide evidence of your income, along with other information such as number of dependants, debt, age etc. 

If there are issues with any of the above factors, your choice of lenders could be limited and the fixed remortgage rate that you are offered could be less affordable or competitive.

That being said, there may be interest-only, fixed-rate remortgage providers that have less restrictive terms and conditions.

Talk to an advisor about fixed-rate, interest-only remortgages by making an enquiry with us. The experts we work with have access to hundreds of lenders across the UK and can recommend which ones may be able to offer you the best fixed-remortgage rates based on your circumstances. 

When to remortgage a fixed-rate mortgage: Should I wait until my deal is ending?

Preparation is key to finding a good fixed-rate remortgage deal, especially if you want to switch ahead of your current fixed rate mortgage deal ending.

It can be helpful to begin comparing fixed-rate remortgage deals three months prior to your contract ending as this will allow you time to carefully consider your options and find the best deal.

Another factor to consider would be the current interest rates. Outside influences such as the Bank of England’s base rate can affect the interest rates offered by lenders. If rates were predicted to rise, you’d normally remortgage as soon as possible to secure a new fixed rate before they went up.

That being said, interest rates can be extremely unpredictable and holding off on remortgaging could mean that you miss out on a good deal. 

For this reason, seeking the advice of a mortgage specialist can be beneficial as they can advise you on the best time to remortgage based on your own circumstances and the current mortgage market. 

Could my current fixed-rate mortgage lender offer me a better deal?

Your current lender should send you a renewal notice at least 21 days before your term is up, although it can be beneficial to ask them directly whether or not they could offer you a better deal before you switch elsewhere.

It may be the case that to keep your business, they offer you a competitive renewal rate but to find the best deal, keep and open mind and compare other lenders, too. 

Speak to a mortgage advisor about remortgaging during a fixed period

If your fixed-rate mortgage deal is coming to an end and you’re considering remortgaging, call us on 0808 189 2301 or make an enquiry. We’ll put you in touch with one of the experts we work with who can talk you through the process, potential costs and the effect that it could have on your mortgage payments.

Updated: 5th September 2019
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FCA disclaimer

*Based on our research, the content contained in this article is accurate as of most recent time of writing. Lender criteria and policies change regularly so speak to one of the advisors we work with to confirm the most accurate up to date information. The info on the site is not tailored advice to each individual reader, and as such does not constitute financial advice. All advisors working with us are fully qualified to provide mortgage advice and work only for firms who are authorised and regulated by the Financial Conduct Authority. They will offer any advice specific to you and your needs. Some types of buy to let mortgages are not regulated by the FCA. Think carefully before securing other debts against your home. As a mortgage is secured against your home, it may be repossessed if you do not keep up with repayments on your mortgage. Equity released from your home will also be secured against it.