deal on the home you already own, which you usually do either when your fixed-term rate is coming to an end, or in order to switch to a cheaper deal.
You could also remortgage well before the end of your fixed term if you want to move to a better deal. But be warned – this can come with additional costs.“Lenders will typically invite borrowers, who are not in arrears to switch to an alternative mortgage products 3 to 6 months prior to current their deal expiring,” explains James Briggs, head of intermediary sales at Together.
In theory, you can switch to a new mortgage deal earlier, but this may incur an early repayment charge . The exact amount of the charge will depend on how early you are in your term, with the cost going down the closer you are to the end of the period., especially if you’ve had to sign up to a deal with a high interest rate as mortgage rates have risen over the past year.