Homeowners are encouraged to shop for a remortgage long before their current mortgage deal ends. Otherwise, the homeowner could risk paying too much on their repayments. When the mortgage deal ends if the homeowner does not remortgage, then the lender will move them to their standard variable rate (SVR). With low interest rates, the homeowner might easily accept the move and get comfortable, but that could be risky.

The SVR is a risky interest rate for homeowners that have budgets not capable of taking on greater expenses with little notice. When lenders adjust their SVR they typically do not give lengthy warnings or notices of the change. With little warning to seek out a remortgage, homeowners are pushed to rush and get a new deal and might not take the time to shop for the best remortgage deal for their needs.

By shopping around for a remortgage before the current mortgage deal ends, it offers plenty of time for the homeowners to shop around and compare deals and seek the right one.

Being rushed while having more money come out of the household budget isn’t a necessary situation. Making the most of the opportunity only requires preparedness for the end of the deal and shopping for a remortgage early.

If the homeowner finds a deal they are afraid they might lose if they have to wait till their deal ends they can inquire as to what fees would be incurred should they end their deal early. Sometimes paying a fee is worth the ability to secure a great remortgage deal.

Homeowners might find the better remortgage deal if they simply shop early and put time on their side.