It’s not unusual for homeowners to wonder whether they can remortgage early, and the answer is yes, it’s often possible. That said, whether it’s the right move depends on your current mortgage deal, how much time is left, and what you’re hoping to achieve by switching early.

Remortgaging in Beverley can offer real benefits, such as locking in a better rate or releasing funds tied up in your property. But it’s just as important to weigh up potential costs like early repayment charges and any fees associated with a new deal.

Frequent Scenarios for Remortgaging Early

There are plenty of reasons why someone might look at remortgaging ahead of schedule. For some, it’s about taking advantage of lower interest rates that weren’t available when they first secured their mortgage. If switching now means reducing monthly payments, it could be well worth exploring.

Others might be looking to access equity. If your property has gone up in value, remortgaging early could give you access to additional funds, whether that’s for remortgaging for home improvements in Beverley, helping family, or managing other financial priorities.

There are also cases where a homeowner’s current deal no longer suits their lifestyle. You might want to shorten your mortgage term, move onto a fixed rate for more stability, or simply find a lender who offers more flexibility. These are all solid reasons for looking into your options sooner rather than later.

Understanding the Different Mortgage Types

Knowing what kind of mortgage you have can help when deciding if remortgaging early is a smart idea. Fixed-rate mortgages, for instance, provide predictable payments over a set term, but they often come with early repayment charges if you try to leave early.

Variable and tracker mortgages are more closely tied to interest rate movements. If the market looks uncertain or rates are set to rise, switching to a fixed-rate deal early might help bring more stability to your monthly payments.

Understanding how your current deal works is the first step to knowing whether a remortgage now makes sense or if it’s better to wait.

What are Early Repayment Charges (ERCs)?

Early repayment charges are fees that lenders may apply if you pay off your mortgage or switch deals before the end of your current term. These charges are often calculated as a percentage of your outstanding balance and can vary depending on how much time is left on your deal.

Understanding the potential cost of ERCs is crucial to evaluating whether remortgaging early is the right financial move.

How to Start an Early Remortgage Process in Beverley

If you’re starting to think about switching deals, the best place to begin is by reviewing your current mortgage. Find out what your current interest rate is, how long is left on the deal, and whether ERCs apply. From there, you’ll be in a better position to work out your next move.

Many lenders allow you to secure a new deal up to six months in advance. That means you can arrange everything now, but your new mortgage won’t begin until your current one ends. It’s a way of getting ahead without triggering any early repayment penalties.

When you’re ready to explore what’s available, our team at Beverleymoneyman can help compare your options, check whether remortgaging early is worthwhile, and handle everything on your behalf. Whether it’s about saving money, accessing equity or gaining more flexibility, we’re here to make the process as smooth as possible.

Date Last Edited: May 29, 2025