If you’re a homeowner in Beverley with a fixed-rate mortgage, it’s important to know when you can start the remortgaging process. Typically, you can begin exploring new mortgage deals up to six months before your current fixed-rate period concludes. Starting early can help ensure a smooth transition to a new deal and potentially save you money.

Understanding Fixed-Rate Mortgages

A fixed-rate mortgage offers a set interest rate for a specific period, usually between two to five years. This means your monthly payments remain consistent during this term, providing financial stability and making budgeting easier. That’s where remortgage advice in Beverley can make a big difference.

Can you remortgage during a fixed-rate term?

Yes, it’s possible to remortgage during your fixed-rate period. However, there are factors to consider:

Early Repayment Charges (ERCs)

Remortgaging before your fixed-rate term ends may incur Early Repayment Charges. These fees are typically a percentage of your remaining mortgage balance and can be substantial. The closer you are to the end of your fixed term, the lower these charges may be. Getting tailored remortgage advice in Beverley can help you understand what applies to your situation.

Timing Matters

To minimize potential ERCs, many homeowners in Beverley start the remortgaging process within the last six months of their fixed-rate period. This timing allows you to secure a new deal that begins as soon as your current one ends, avoiding unnecessary fees and ensuring continuity.

Lender Policies

Different lenders have varying policies regarding how early you can remortgage. Some allow you to lock in a new rate up to six months in advance, while others may have shorter timeframes. It’s essential to check your lender’s specific terms to understand your options.

Market Conditions

Keep an eye on current mortgage market trends. If interest rates are decreasing, securing a new deal early could be beneficial. Conversely, if rates are rising, you might want to act sooner to lock in a lower rate before your current term ends.

Speak with a Mortgage Broker in Beverley

Navigating the remortgaging process can be complex, especially when considering timing and potential charges. Speaking with a mortgage broker in Beverley like ourselves, can provide clarity and help you make informed decisions. They can assess your current mortgage, explore available deals, and guide you through the process to ensure you find the best option for your circumstances.

Date Last Edited: May 29, 2025