If your fixed-rate mortgage deal is ending soon — or already has — you could be quietly haemorrhaging money every single month by sitting on your lender's Standard Variable Rate (SVR). Millions of UK households are in exactly this position right now, and the good news is that remortgaging could put real money back in your pocket. Let Terry walk you through exactly how to do it properly in 2026.
Step 1: Know When to Start Looking
Here's something loads of people don't realise — you can lock in a new mortgage rate up to six months before your current deal ends. That means if your fixed rate expires in October, you should be shopping around right now, in spring. Starting early gives you breathing room. You won't feel rushed, you won't panic, and you won't accidentally roll onto your lender's SVR, which is almost always significantly higher than any deal you'll find on the open market.
Set a reminder in your phone for six months before your deal ends. When it pings, that's your cue to get moving. Use TrueSaver to compare options across the market and see what rates are available to someone in your situation — it only takes a couple of minutes and there's no commitment involved.
Step 2: Understand What Lenders Look At
When you apply for a remortgage, lenders aren't just looking at your credit score — though that matters a great deal. They're also looking at your loan-to-value ratio (LTV), your income, your outgoings, and any debt you're carrying. The lower your LTV — meaning the more equity you have in your home — the better the rates you'll typically be offered. So if your home has gone up in value since you last mortgaged, that could genuinely work in your favour.
Before you apply anywhere, do these three things: check your credit report for free using one of the major reference agencies, get an up-to-date estimate of your home's value, and work out your current outstanding mortgage balance. Those three numbers will tell you roughly what LTV bracket you're in and help you understand what deals you might qualify for. TrueSaver can help you compare options based on your specific circumstances without any pressure to commit.
Step 3: Weigh Up the Costs of Switching
Remortgaging isn't always completely free — though sometimes it genuinely can be. Some deals come with arrangement fees, valuation fees, or legal fees. However, many lenders offer fee-free remortgage deals, and some will even cover your legal costs as an incentive to switch. The key is to look at the total cost over the deal period, not just the headline interest rate.
A mortgage with a slightly higher rate but no fees might actually cost you less overall than a rock-bottom rate with a £999 arrangement fee bolted on. Do the maths — or let an FCA-authorised mortgage adviser do it for you. That's exactly the kind of comparison TrueSaver makes simple, so you're not left scratching your head over a spreadsheet at midnight.
Terry's Top Tips
- Start six months early. Don't wait until your deal expires — get comparing well in advance so you have time to make a calm, informed decision rather than a panicked one.
- Check your credit report before you apply. Errors on your file can drag your score down unfairly — get them fixed before a lender sees them.
- Think about the total cost, not just the rate. Factor in all fees over the full deal term to find out which mortgage genuinely saves you the most money.
- Consider your plans for the next few years. If you might move house or overpay significantly, a shorter fix or a tracker with no early repayment charges could suit you better.
- Always use an FCA-authorised adviser. A qualified mortgage broker has access to deals you won't find on the high street and can handle much of the paperwork on your behalf — often at no cost to you.
Remortgaging really can save UK households hundreds of pounds every month — but only if you act at the right time and make the right comparisons. Don't leave it to chance or loyalty to a lender that isn't rewarding you for it. You've worked hard for your home and your money deserves to work just as hard for you. Ready to find your best mortgage deal? Get a free quote from an FCA-authorised adviser at TrueSaver — no obligation, takes 2 minutes. Visit truesaver.co.uk/mortgage
