If you’re a homeowner in Newcastle, you’ve probably wondered whether you can remortgage before your current deal ends, and if so, whether you should.
The simple answer is yes, you can remortgage early, but there are several things to consider before making your move.
What does “remortgaging early” mean?
Most people start looking at remortgage options about three to six months before their current fixed or introductory rate comes to an end. This timing gives you a head start and helps avoid your mortgage reverting to a lender’s standard variable rate, which is usually higher.
However, some homeowners consider remortgaging even earlier, sometimes a year or more before their deal expires, to lock in a new rate or release equity. While it’s possible, you’ll want to think carefully about the costs and benefits.
Why remortgage early in Newcastle?
Securing a Better Interest Rate
If interest rates are rising, you might want to lock in a lower rate before your current deal ends.
Some lenders allow you to secure a new deal up to six months in advance, giving you peace of mind in a changing market.
Funding Home Improvements or Life Changes
Remortgaging can allow you to release equity for things like home improvements, a wedding or other large expenses.
If your circumstances have changed, remortgaging in Newcastle early may provide access to funds when you need them.
Debt Consolidation
Some homeowners look at remortgaging early as a way to combine existing debts, such as credit cards or loans, into their mortgage.
While this can make monthly budgeting easier and reduce your outgoings, it’s important to be aware that spreading these debts over a longer period may increase the total amount you repay overall.
Protecting Against Rate Rises
If you suspect rates will go up soon, remortgaging early could save you money in the long run, even if it means paying a fee to leave your current deal early.
What are the downsides of remortgaging early?
The main drawback is the potential for early repayment charges (ERCs).
Most fixed, tracker, or discounted deals come with penalties if you exit before your deal ends. These can range from a few hundred pounds to several thousand, depending on how far you are from the end of your fixed period.
There may also be other costs, such as arrangement fees, legal fees and valuation fees. Always factor these in before making your decision.
Should you remortgage early in Newcastle?
There’s no one-size-fits-all answer. For some, remortgaging in Newcastle early can mean substantial savings or much-needed flexibility. For others, the fees can outweigh any benefits. It’s always best to run the numbers and get professional advice.
Speaking to a mortgage broker in Newcastle like us will give you a clear picture of whether early remortgaging is the right option for you. We can help you understand all the costs, compare deals, and advise on timing.
What should you consider before remortgaging early?
Before making any decisions, it’s worth weighing up the potential benefits against the costs and risks involved.
Check your current mortgage paperwork for early repayment charges and review any exit fees, arrangement fees, or legal costs that may apply.
Think about your longer-term plans. Are you likely to move home, need to borrow more, or want extra flexibility from your new deal? It’s also a good idea to look at your credit score, as this can impact the rates you’re offered.
Speaking to a mortgage broker in Newcastle like us can help you get a clear picture of what’s possible and what’s most suitable for your circumstances.
How To Remortgage Early
If you think now might be the right time, start by booking a remortgage review.
Our mortgage advisors in Newcastle will chat with you about your current deal, your plans, and whether early remortgaging could work in your favour. We’ll check for any penalties and help you weigh up the benefits versus the costs.
We’re open 7 days a week and can help you get the timing just right, so you never pay more than you need to.
Date Last Edited: July 30, 2025
