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Can You Remortgage Early During a Fixed-Term Contract?

You can remortgage if you have a fixed-rate mortgage, which normally runs for two to five years at a discounted interest rate. However, knowing how soon can you remortgage before fixed rate ends is another matter.

Almas Uddin
Almas Uddin

Founder and Mortgage Advisor

Almas Uddin2023-05-09
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Can You Remortgage Early During a Fixed-Term Contract?

We are often asked how remortgage works during a fixed-term deal, how soon can you remortgage before fixed rate ends, and what the implications are of attracting early exit penalties.

There may be times when you are in a fixed deal and need to know, can I remortgage early if I've found a far more competitive mortgage rate?

Revolution Finance Brokers explains how remortgage works when it comes to early settlement charges and everything you need to know before making any long-term financial decisions.

Can I Remortgage Early?

The quick answer is yes, you can remortgage if you have a fixed-rate mortgage, which normally runs for two to five years at a discounted interest rate. However, knowing how soon can you remortgage before fixed rate ends is another matter.

It is advisable to wait until your agreement is approaching the end, to avoid heavy penalties. Still, if your mortgage costs are very high, you might decide to proceed regardless.

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Most lenders will let you borrow 4.5 times your annual salary so, as long as you have a standard 10% deposit, you should be able to borrow this much.


Depending on your personal circumstances, some lenders may let you borrow 5 times your salary.


Lenders usually cap the amount they lend at 5.5 times your salary, so it’s unlikely you’ll be able to borrow more than this.

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When Can You Remortgage?

The first step is to review your mortgage paperwork to check whether exit fees are built into your contract. Can I remortgage early without paying a penalty? If your mortgage has no early settlement charge, you can remortgage whenever you like.

For most people looking into how early can I remortgage, the best solution is to start comparing remortgage offers with an independent broker around six months before your agreement ends.

How Soon Can You Remortgage: Myth Busting

There are many misconceptions about how remortgage works during a fixed period, so we've worked through some common untruths to ensure you have access to the facts before deciding when to remortgage.

1. Can You Remortgage With the Same Lender?

Yes, but it isn't always the best option. Many borrowers assume their bank will reward loyalty, but shopping around often means you can find a better remortgage rate than through your existing provider.

2. Can I Remortgage Early, Even if That Means Exit Penalties?

You can – exit fees don’t prohibit you from remortgaging early but must be added to your cost calculations to ensure it's worth remortgaging. If you have very low-interest rates available from an alternative lender, it might make sense to accept the exit charge and proceed with your remortgage.

3. Can I Remortgage Early Using a Broker?

An independent broker isn't mandatory but can make finding the best remortgage offers that match your borrowing requirements significantly easier. Whole-of-market brokers know how remortgage works, can recommend lenders, and even negotiate the rates you pay.

4. When Can I Remortgage By Myself?

You can remortgage at any point, but it may not be quicker or cheaper to go it alone. The remortgage market is vast, and mistakes in your paperwork, choosing an unsuitable lender, or failing to meet eligibility criteria can mean you incur application costs without securing the remortgage you need.

How Soon Can You Remortgage - & What Will it Cost?

People avoid remortgaging in a fixed contract because they are worried about hefty exit charges, which can be a good reason to stay with your current lender until the contract ends.

Understanding the implications of remortgaging early will help you assess when can I remortgage and whether it is worthwhile.

Because of how remortgage works, you might incur:

  • Exit charges based on a percentage of the outstanding balance.
  • Legal fees for managing the formal paperwork.
  • Valuation costs for a new lender to assess the value of your property.

How early can you remortgage without increasing the associated costs? Much depends on your agreement, which will normally be for a period of between two and five years. However, legal and valuation charges may be payable regardless of whether you need to pay an exit charge.

When Can I Remortgage Using an Independent Broker?

If you’re wondering how early can I remortgage or are concerned your current rates are uncompetitive, an independent broker can assess your existing mortgage and make recommendations.

Whole-of-market brokers have access to a broad range of lenders and products. We can advise on the potential costs and which remortgage providers will most likely offer lower rates, product charges and approval based on your borrowing requirements.

Can you remortgage with the same lender through a broker? Absolutely – if your current lender has an excellent product alternative, we can liaise directly to ensure your remortgage goes smoothly.

Can I Remortgage Early on a Buy-to-Let?

A similar scenario applies to buy-to-let mortgages, and depending on how remortgage works within your contract, you may be able to apply for early repayment. However, interest rates on buy-to-lets are normally higher than on residential mortgages, and remortgaging is more likely to reduce repayment costs.

How soon can I remortgage a buy-to-let? You’ll usually find there is a six-month minimum period, after which time you can remortgage, but you will need to pay higher exit fees if there is still a long period left to run on your fixed-term deal.

Almas Uddin
Almas Uddin

Founder and Mortgage Advisor

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FCA disclaimer

The content included in our articles, blogs, web pages and news publications is based on information accurate at the time of writing. Note that policies and criteria can change regularly throughout the UK mortgage lending market, and it remains essential to contact the consultation team to receive up to date guidance. The information included on the Revolution Brokers site is not bespoke to any circumstances or individual application scenarios and therefore is not intended to be used as financial advice. The content we share is designed to be informative and helpful but cannot be relied upon to provide individual advice relevant to your mortgage requirements. All Revolution team members are fully qualified, trained and experienced to provide mortgage advice of an independent nature.

We collaborate with lenders and providers who are regulated, authorised and registered with the Financial Conduct Authority (FCA). Should you require specific mortgage borrowing types, some products such as buy to let mortgages may not be FCA regulated. The Revolution team can provide further information about regulated and unregulated lending as required. Please remember that a mortgage is a debt which is secured against your home or property. Your home can be at risk of repossession if you do not keep up with the repayments or encounter any other difficulties in managing your mortgage borrowing responsibly. This also applies to any remortgage or home loan secured against your property, including equity release products.

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