In this guide
Start looking at deals around six months before your current fixed rate ends. Most lenders let you secure a rate and hold it for three to six months, but check offer expiry dates, upfront fees and early repayment charges before committing. If rates drop before completion, many lenders will let you switch to the cheaper product.
Key rule: If your deal expires and you do not remortgage, you will be moved onto your lender's Standard Variable Rate (SVR), which is almost always significantly more expensive.
A straightforward product transfer can be quick to arrange and usually needs no legal work, but its start date depends on the lender's rules and your existing deal.
| Document or detail | What to prepare |
|---|---|
| Income | Three months of payslips (or two years of accounts if self employed) |
| Bank statements | Three months of bank statements |
| Identification | Photo ID and proof of address |
| Current mortgage | Details of your current mortgage balance and lender |
| Other borrowing | Details of any other debts or credit commitments |
- Leasehold properties may require management pack information from the freeholder, which can take weeks
- Issues with the property valuation, such as the lender valuing it lower than expected
- Changes in circumstances during the application, such as changing jobs or taking on new debt
- Slow responses to solicitor enquiries from either side
Deal ending soon?
Do not leave it until the last minute. Get in touch and we will lock in the best rate for you well before your current deal expires.
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