Is There a Limit on How Often You Can Remortgage?
No, there is no legal or regulatory limit on how many times you can remortgage. You are free to switch mortgage deals as often as you like. However, each time you remortgage, there are costs and considerations that may affect whether it is worthwhile.
In practice, most homeowners remortgage every two to five years. This aligns with the length of typical fixed-rate deals. When your fixed period ends and you would otherwise move to your lender's SVR, it makes sense to shop around for a new deal.
Some homeowners have remortgaged dozens of times over the course of their mortgage, each time securing a competitive rate and avoiding the SVR. This is a perfectly sensible approach as long as the savings outweigh the costs each time.
How Frequently Should You Remortgage?
The most common and practical approach is to remortgage whenever your current deal ends. If you are on a two-year fix, that means remortgaging every two years. If you are on a five-year fix, every five years.
The key is to start the process early enough that your new deal is in place before the old one expires. If you leave it too late, you may end up on the SVR for a period, which could cost you significantly more each month.
There is no benefit to remortgaging more often than your deal period unless there has been a dramatic change in circumstances, such as a major fall in interest rates or a significant increase in your property's value. In those cases, it might be worth paying an early repayment charge to switch sooner.
What to Consider Each Time You Remortgage
Every time you remortgage, you should weigh up the costs against the benefits:
- Arrangement fees – these are charged by the new lender and can range from a few hundred to over a thousand pounds.
- Valuation and legal costs – many remortgage deals include these for free, but not all.
- Time and effort – each remortgage involves paperwork, a credit check, and potentially a property valuation.
- Impact on credit file – each full mortgage application leaves a footprint on your credit report. Multiple applications in a short period could raise concerns with future lenders.
If the savings are marginal, a product transfer with your existing lender might be a simpler and cheaper option. However, if the rate difference is significant, a full remortgage is usually worth the effort.
Important: Your home may be repossessed if you do not keep up repayments on your mortgage. There will be a fee for mortgage advice. The actual rate available will depend on your circumstances. Think carefully before securing other debts against your home.