I’m Charles Calvert, a mortgage broker at Easy Mortgages. This is general information, not personal advice. Always check the figures against your own situation before you decide anything.
Hampshire homeowners often ask when they should remortgage. Waiting until the day your fixed deal ends is rarely the calmest plan — especially while Bank Rate and new fixed pricing are moving more than they did in the ultra-low years.
Bank Rate has been rising through 2022 and new fixed deals have been adjusting with it, so it pays to sense-check affordability carefully before you offer.
Start three to six months early
Most people should begin comparing options three to six months before a fixed deal ends. Many lenders let you secure a new rate ahead of time, sometimes with the ability to switch to a cheaper product later if one appears before you complete. That reduces the risk of drifting onto an SVR, which is often far more expensive than the best available deals.
Early repayment charges versus SVR risk
Leaving a deal early can trigger an early repayment charge (ERC). Sometimes the ERC outweighs the saving from a lower rate; sometimes a change in the market means switching still stacks up. You need your lender’s ERC schedule and a like-for-like illustration — not a guess from a headline comparison rate.
Remortgage versus product transfer
A product transfer stays with your current lender and switches you onto a new product they offer. A remortgage moves the loan to a new lender, which can unlock a wider market but usually means more paperwork, a valuation and legal work. They are different routes with different costs and timelines. Neither is automatically best.
Your first chat comes with no fee and no obligation. If we arrange a remortgage for you, my fee is £299, payable once you receive your full mortgage offer. Product transfers with your existing lender carry no broker fee from me. Full details sit on the mortgages fees section.
What rising Bank Rate means for timing
Through 2022 the Bank of England has been lifting Bank Rate from the very low levels that followed the pandemic. Tracker and SVR borrowers feel changes sooner; fixed-rate borrowers feel them when they come to remortgage. If your deal ends in the next half year, treat that end date as a project start date, not a reminder to panic in the final week.
What to gather before a review
- Your deal end date and current balance.
- The early repayment charge schedule if you might leave early.
- A recent mortgage statement.
- Rough income and any new commitments since you took the loan.
- Whether you want to borrow extra for home improvements (subject to criteria).
Local Hampshire angle
Whether you are in Fareham, Portsmouth, Gosport or Southampton, the timing logic is the same: know your end date, compare total cost (rate, fees, cashback, ERCs), and do not assume SVR is fine “for a month or two”. Those months add up.
Borrowing extra at remortgage
Some homeowners want to raise funds for improvements, consolidate debts or help family. That is a different underwriting question from a straight rate switch. Lenders will reassess affordability on the higher balance, and early repayment charges still apply if you leave a deal early. Be clear whether the priority is the lowest rate on the current balance or a larger loan — the best product is not always the same.
Credit and paperwork hygiene
In the months before you remortgage, avoid new credit applications you do not need, keep bank statements tidy, and gather payslips or SA302s early. When lenders are adjusting criteria through a rising-rate year, clean files move faster than messy ones. A product transfer may need less paperwork than a full remortgage, but you should still compare the rate and features against the open market.
If your deal ends in winter or around holiday periods, start even earlier so valuations and legal work are not sitting in a backlog.
Next step
Send your deal end date and current balance and I can review remortgage and product-transfer options before you are up against the clock.
If you would like to talk this through for your own numbers, you can get in touch here or email contact@easy-mortgages.co.uk. I am based in Fareham and help clients across Hampshire.