When Is The Best Time To Remortgage? Is It Today?

Best Time To Remortgage

Is today the big day? IS IT?

The issue of when to remortgage has always been a bone of contention, but especially during turmoil, when our rectums are being stretched out by crumbling economies, and causing havoc on our personal finances.

Like, right now.


Should I remortgage and lock in a new fixed rate before it’s too late?

When the ship starts to sink, reassessing the ol’ mortgage policy is a common place of refuge for many landlords. “Maybe I can tinker with this to help curb my imminent financial ruin?”

I get it.

However, I’m not entirely sure why a sledgehammer of a trigger is required to inspire some landlords (and homeowners) to remortgage, because EVERY DAYregardless of macro and micro economic factors – is potentially a good opportunity to jump into a better deal and save substantial nuggets, often into the tens of thousands. Yes, even when pinned down by a fixed-term.

Rummaging through the mortgage market for an opportunity should be routine, not a knee-jerk reaction reserved only for when fixed terms are shortly expiring or when shit is splattering off the fan.

My opening thoughts on remortgaging

it’s usually worth doing (and remortgaging should be done more often)!

I’ve saved too much money by remortgaging in the past, and that’s precisely why I often resemble a rampant, toothless meth addict looking for my next hit in the form of a better mortgage deal.

I often wonder why landlords/homeowners don’t remortgage more often. I’ve come to the conclusion that it’s probably because:

  1. A ludicrous amount of people are painfully financially illiterate, including landlords and homeowners. I mean, like, completely and blissfully away with the fairies. They operate on a profoundly dysfunctional level when it comes to personal finance.

    For example, they’ll continue paying 17.9% interest on their outstanding credit card balance instead of doing a balance transfer onto a card offering a 0% rate, and they’ll leave their life-savings decaying away in a 0.10% current account, and yes, they’ll stick to the same mortgage product even after the fixed-term has expired, despite significantly better deals being available.

    Just weird shit that would make even toddlers – that know enough to deposit loose change into their piggy bank – feel physically ill.

    I’m not saying these creatures are gormless Neanderthals, I’m just saying they don’t have a scooby when it comes to managing their finances – they’re not wired for it. No doubt, they excel in other areas that would give me a brain aneurysm.

    You don’t know what you don’t know, is the point.

  2. Many people either don’t know it’s possible to remortgage during the fixed rate period, or do know and only consider it when it’s due to expire, when actually, it is possible and waiting until the end is not always the smartest play.

    There have been times when I’ve willingly been clobbered with early repayment charges because it made financial sense to prematurely exit fixed-terms (that isn’t necessarily the norm, but it’s certainly not as unlikely as most would expect). I’ll share an example shortly.

  3. I’m convinced one of the main stumbling blocks is an over exaggeration of how complicated the process of remortgaging is, and that creates a natural deterrent. It doesn’t help, of course, that we as a nation are lazy beyond contempt. Case in point, I literally ordered dental floss off Amazon this morning. Nothing else was in my basket, just a lonely £2 reel of mint flavoured floss. I’m part of the problem. Knowing Amazon, it will arrive in a 20 square metre shipping container, filled to the brim with bubble wrap.

    Don’t get me wrong, switching mortgages can be a meandering pain in the tits. But, the shakedown is ultimately worth it, and the process is usually not as grotesque as our wild imagination portrays it to be.

At the very least, get a mortgage in principle to know where you stand!

I think there’s reasonable grounds to promote this into a top tip. So let’s box it and make it pop *clicks fingers*

I personally believe it’s always worthwhile getting a mortgage agreement in principle to help give you an idea of where you stand (i.e. how much you can borrow) and if there are better deals available for you, even if you’re not necessarily in the market for a new mortgage.

After receiving an agreement in principle (which isn’t guaranteed and can still be refused by the lender), it’s then possible to apply for an official mortgage offer.

What many people don’t realise is that if you get a mortgage offer today, the lender must honour the offer until the offer expires (which is usually after 6 months), even if interest rates climb during that time (yes, they will have grounds to cancel the offer if there are any material changes in your circumstances e.g. change in income).

An agreement in principle is not binding and neither is an offer unless it’s accepted and signed for, so you can get them without any obligations and usually at no expense. This can be super helpful for various and obvious reasons.

We can’t time the market

Remortgaging today (whether that be moments after this goes to print or 10 years down the line) may or may not be the most optimal moment, so timing can also play a vital role.

However, experience has taught me that remortgaging is like investing in the stock market – it’s difficult to time the tops and bottoms, so the sweet-spot is usually somewhere in the middle.

Yes, getting the best rate possible is always the ideal outcome, but waiting on the side-lines with a boner for ideal scenarios can often lead to missed opportunities.

As long as I can get a better rate, or rather, a product that seems sensible and provides a manageable monthly payment (which may include protecting myself from further interest rate hikes, even if that means my new monthly payments increase), I’m good.

Remortgaging can be one huge money-saver

Saving money remortgaging

My final and perhaps most poignant thought is that remortgaging is one of the most effective methods of saving thousands of pounds on expenses. Or, in other words, not remortgaging is often one of the most effective ways of frivolous overspending.

I’ve grabbed an example of how much money I saved when remortgaging from a dusty old post…

Old Vs New Mortgage
Old Mortgage PolicyNew Mortgage Policy
LenderVirgin (formerly Northern Rock)Natwest
Mortgage Balance£80,000£80,000
Loan Period16 years, 5 months16 years
Interest Rate4.79% (SVR)3.79% (5 Year Fixed)
Loan Period16 years, 5 months16 years
Repayment TypeCapital + InterestCapital + Interest
Monthly Payment£680£633
Broker Fee£0

(went through letting agent’s in-house adviser)


(went directly through Natwest, didn’t use any third party)

Legal FeeN/A

(unfortunately I don’t remember)


(Natwest took care of all the legal fees)

Application Fee£0



Total I’ll repay over full term


(if you want to find out how much you can save by switching mortgages, MSE have some awesome mortgage calculators that can assist! But you’ll need to find a suitable new mortgage product first…)

By remortgaging I ended up saving 10k over the duration of the loan (*based on a rate of 3.79%) and paying £50 less each month. It felt good.

I appreciate the interest rates I’m discussing may not be attractive today (or maybe they are, depending on when you’re reading this pile), but you get my point, innit?

Here’s a super quick and important note…

Hopefully I don’t need to throttle you while reminding you that I am absolutely unqualified – to the highest degree – to provide financial or legal advice. This blog post is for chuckles and entertainment purposes only.

Think, “education for clowns by the emperor of clowns”

You should consult with a trained professional before making any financial decisions. Don’t rely on my slop, it will likely get you imprisoned, killed, or worse, both!

My preferred mortgage broker services (and why I’ve gone online)

Habito - The Online Mortgage Broker

Just like how I switched from high-street letting agents to online letting agents several years ago, and not looked back ever since other than to spit fire, I’ve also made a similar switch to online mortgage brokers. I find them easier, more convenient and less irritable than traditional brokers and lenders. There’s no need for face-to-face meetings and long phone calls. Lovely.

Habito are currently my first port-of-call when it comes to mortgages – and have been for a few years. I think they might be the largest online mortgage broker in the UK.

The reasons why Habito is my go-to:

  • 100% free service for borrowers (they get paid a commission directly from the lenders).
  • Get a mortgage in principle in a matter of minutes by answering a few questions (no credit check required).
  • They work with a gigantic pool of lenders, which means they can pluck out competitive products currently available across the market.
  • Website is super easy to use (which makes a big difference).
  • I’ve had good experience with their customer support.
  • Highly rated with plenty of positive reviews on TrustPIlot (7000+).

Visit Habito

Online mortgage brokers are not to be confused with comparison websites like moneysupermarket.com – who palm you off to their affiliated lenders. Habito are actual brokers and assign each applicant with a case manager, to assist throughout the process.

Better.co.uk (formerly Trussle.com) is another extremely popular and reputable online broker, which you may have heard of. But I’ve never used them before, so can’t really comment on their service.

My experiences with remortgaging

Not really sure how useful this section will be for you, but maybe it will reach the bonces of those with limited experience with juggling mortgages, and consequently provide some food for thought. I’m going to cover a mixed bag of real scenarios, which prompted me to either shoo-away the opportunity to remortgage, or shove it down my pants quicker than a shoplifter smuggling Duracell batteries.

If all goes to plan, my experiences will highlight:

  • Why it’s not always obvious when to hold or switch mortgages.
  • Macroeconomic factors drive the market in one direction or another, and while we can’t predict the future, we can take educated guesses and hedge our bets.

1) The time I refused to remortgage even though I could fix into a lower rate

At the peak of the previous cycle in 2007, the UK interest rate hit a peak of 5.75%.

The property market was booming and euphoria was squirting out of the nation’s eyeballs. Everyone was glued to their TV watching property show after property show, being inspired as we all witnessed mesmerising magic – the dumbest and most socially inept in society were becoming successful property investors in front of our very eyes.

“If they can do it, I can do it better”

So we all did. Try, that is.

Alas, as my ex once wisely said, “Every time I’m having a good time with you, you either need to shit or fart.” Evidently, financial markets behave exactly like my bowel movement.

The inevitable happened…

Remortgaging during Property Crash

Financial markets around the globe didn’t just decline, they jumped off a cliff and face-planted into the earth’s core overnight. In hindsight, it’s kind of hilarious how quickly the wheels fell off this thing.

By sunrise, thousands of over-leveraged investors and homeowners defaulted on loans, and many were unable to refinance because their assets became significantly less valuable than their outstanding loan balance. I’m pretty sure I had more equity in my Fiat Punto than my entire portfolio at some stage.

Negative equity

During the commotion, I had expired out of a 2 year fixed-term mortgage and had subsequently been man-handled onto my lender’s hefty Standard Variable Rate (I don’t remember what the exact rate was, but I distinctly remember it was severely butt ugly).

With all the uncertainty and destruction, arguably it would have been sensible to lock into a 2-5 yr fixed rate at an available lower rate, least of all to secure a predictable cash flow.

Many did exactly that.

But I didn’t.

It seemed clear to me that the only way the Bank of England could patch back together the obliterated economy was to lower interest rates (so loans become cheaper). Obviously I didn’t know for sure though, but I took an educated guess and hedged my bets by remaining on the horrendous SVR.

Fortunately it paid off, because the UK interest rate quickly declined to 0.5% by 2009, and it went as low as 0.25%, and remained below 1% until earlier this year.

Since most SVR’s stalk the UK interest rate, my mortgage rate was below 1% for over a decade, and still to this day I’m riding that sweet wave – my SVR is still only 2.14% for that same mortgage (which is relatively decent).

Stone me, Rodney, do you even realise how much bloody money I saved by vaguely understanding macroeconomics?


No, neither do I, because I can’t do the maths to save my life. But it’s a lot.

2) The times I couldn’t remortgage quickly enough

I want to give two quick examples here…

When interest rates are on a upwards protectory…

If you take into account the reason for why I didn’t remortgage in my previous example, logic dictates that if I anticipate a rise in rates over the coming years, then it makes sense to lock into a fixed rate.

That should be obvious, which is why I recently remortgaged into a 5yr fixed rate. Right now, I personally don’t see interest rates getting lower in the foreseeable future, but I’m not entirely sure if they’ll get much higher either. Mind you, there’s no telling what the situation will be like by the time you read this blog post, so bearing in mind the principle behind my decision is what’s important.

In any case, this is when taking educated guesses and making decisions based on debt/payments we can manage comes into play, rather than only focusing on trying to catch the lows. Regardless of what way the economy swings, I know I can comfortably make the monthly fixed rate I’ve locked myself into.

When markets are stable…

In 2019 I was on the verge of being man-handled again, but this time I decided to side-step my lender’s SVR and voluntarily wedge my foot into a spanking new 5yr bear trap. Reason being, rates had been stable for some time and there were no obvious signs of incoming disruptions (in one direction or another), so to me, it made sense to secure a lower rate and a predictable cash flow.

When the markets are stable, it generally feels like a good time to remortgage into a fixed term, especially if a better rate is available.

3) The time I paid my lender’s early repayment penalty in order to remortgage!

As briefly mentioned, I believe most borrowers only consider remortgaging when the fixed-term is due to expire. Whilst that’s perfectly logical and usually the optimal time to strike, it’s certainly not a hill I’m willing to die on, because absorbing penalties to exit early can be a legit money-maker in the long run.

I took one [a penalty] up the bum some time last year, or maybe it was the year prior. Anyways, it doesn’t matter. My memory is failing me like my clapped out bladder.

I believe I had 14 months left on a 5 year fixed rate, so that meant I was subject to a penalty if I wanted out.

Most early repayment penalties work on a sliding scale, which means the penalty reduces as it gets closer to the expiration date.

Since I was towards the latter stages of my fixed term, I was subject to a 0.75% penalty of the remaining debt if I wanted to remortgage.

I had worked out (by that, I mean my accountant had worked out) that it would actually be financially beneficial for me to take the penalty on the chin and jump into the new product which offered a more favourable rate.

So I did exactly that.

So what does this all mean?

First and foremost, I don’t want you to lose your spouse or your pet. You deserve financial stability so you can keep them all.

It doesn’t really matter what is happening around us, remortgaging should always be on the table, and options should be regularly explored. Moreover, putting ourselves in a position where we can manage and forecast payments is often better than waiting around for the best rate possible.

Right, that was a mouthful. I officially have wankers cramp.

Blimey, if you read it until the bitter end, you’re as disgusting as I am, and I appreciate that.

I’m going to love you and leave you xoxo

9 Join the Conversation...

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JSJ 28th October, 2022 @ 12:26


Interesting read, I agree that you should look every day (well maybe every week) just to keep an eye on what is going on, but I think it also depends on whether you were on a tracker or fixed rate or no condom at all.

I am not sure that fixing is the best thing right now, especially as Sunak has delayed the budget announcement until usual November window.

I think we need to look at what is happening here and determine WHY interest rates are rising and whether they will become a threat to the BTL market as well as to millions of homeowners.

Why are interest rates on the rise?

Well, up until Trussonomics it was because of competition, the US was increasing their rates so the writing was on the wall from January.

I suggested the BOE increase rates by 3% to make the UK competitive. I was told it would be very brave to increase by 3% but I still think it would have been better to do it then than be seen to be forced to do it now.

The cause of the interest rates increase in the US was their spending and inflation, the impact of the War in Ukraine exacerbated this. The oil price was a factor as they were looking for payback after really shitty time during Covid.

Oil impacts everything, from the plastic packaging on almost every product to the shipping, containers alone went from $2000 to over $20000. So we should not just think it is GAS/Energy.

The Gas Crisis created the perfect storm, it imported inflation and still does, it will however improve as the EU moves to alternatives and the demand subsides. Putin will try to make it worse by blowing up more of his own supply again or inventing fake issues like turbines, but whether the war ends or not, demand will subside and when it does the price of gas will come down. It has already started; spot prices were between 13 and 40 per therm over last two years before increase from April 21. Then since it was in play it increased to over 223 per therm by Jan 22 and since the war (with manipulation) it has been as high as 600 but settled at 439. More recently it has dropped as low as 183 but settled back around 224. This is mainly on the news that EU has succeeded in reducing demand.

Truss and Kwazi Kamikaze really screwed up, but the main reason was because they were using money that Sunak had already promised, (to reduce debt from £450bn Covid mountain). The BOE was and still is due to stick $85bn of those gilts onto the market. So anybody with a fag packet to write on could work out the numbers did not add up.

So what has changed?

First of all the adults are back in charge and that supercharges the CONFIDENCE factor and CONFIDENCE is what it is all about.

Are you good for that loan, will you make the repayments? It is the same risk whether you are a Landlord, a Tenant or a Government.

Sunak/Hunt still have to make up for the lost NI increase and the Stamp Duty, personally I would reinstate them, it might look messy but it would really signal that they are serious about reducing the debt and the interest payments on Government debt alone would justify it.

The sooner difficult/awkward decisions are made the sooner the recovery, it is that simple.

The fact is that whilst we need to be seen to be making cuts, it is not possible to make enough from cuts.

The issue is IMPORTED INFLATION from Gas Crisis, it affects almost every business and household so how should they fix that?

First by fixing energy prices at April 2022 or even Oct 2021 levels for businesses and consumers, at the same time removing the OFGEM increase to the Electric Standing charge. This would normalise the domestic inflation for business and consumers, but how would the consumer energy companies (CEC’s) survive?

First of all we need to recognise that the CEC’s have been raking in billions for decades, many use subsidiaries, sister companies and offshore companies to “play the markets” those companies then sell the options to their CEC at an artificially high price. It is all accounted for in the end but obfuscates the real buy price.

So why should the British public be bailing out CEC’s and their shareholders FOR NOTHING? The answer is we shouldn’t. It is bad enough we gifted them with £15bn to pay for so called smart meters, the only beneficiary of those is the CEC’s themselves and they spent the money so unwisely (SMET1 and making their own data network just two examples), we should claw that back and eventually dispose of standing charges.

The obvious answer is to take a windfall tax, Labour estimated this to be worth £170bn, on one had they may be exaggerating because some profits are abroad, but the same time it is more than oil producing companies AND the OPEC+ decision to reduce the amount of Oil they pump will see Oil prices increasing.

So I think sticking 80% tax of excess profits over previous years into an “energy fund” should be first move.

The Government then offer the CEC’s a choice, they either fund their losses themselves, ask for an investment from the “energy fund” or if they go bust the OFGEM rules will put them into administration where they may be merged with other defunk CEC’s and re-floated in the future.

The investment from the “energy fund” would be in return for shares, this would dilute the existing share capital and some existing investors would increase their investment if they wanted to retain the same percentage of ownership. This would further alleviate the amount the Government has to put into the energy fund.

Each CEC would respond according to its situation, for example Shell Energy could afford to finance it as it is in receipt of massive increase of oil income, currently it is being gifted defunk energy companies and we are all paying for it in our Electricity Standing charge, THAT HAS TO STOP. Shell Energy may prefer to invest in the “Energy Fund” rather than fund it themselves because the energy fund contributors would get a stake in the shares issued.

EDF would be interesting, the fixing of the retail business and consumer rates would mean we were no longer subsidising France and EDF would have to fund it themselves or dilute the shares of EDF Energy UK. This would be interesting as the French Government fully nationalised EDF and shareholders are fighting them, but they can’t get away from the fixed price and the price they pay if they want to continue to trade in the UK.

I imagine that most CEC’s would borrow from the energy fund but they would also seek to keep it as low as possible and this is important because when you gift them money with a bail out they do not use it wisely. If they can get money from other sources, cut back or merge, then all the less the Government needs to pay for bailing them out.

The dilution of shares in return for investment is as old as money itself and it gives the Oil Companies (et al) something for their money. Diluting the issued share capital might see existing shareholders put up some more money as they know the consumer energy companies will come right in the end. For this to work the Government will probably need tell OFGEM we are doing this so don’t fight it.

The impact of this is that the imported inflation will be stuck into in sealed room, the Government will not need to increase benefits and pensions by anywhere near as much and wage demands will be curtailed. It would be arguable that the 10.1% inflation was a blip. We still need to do something about Oil prices but one thing at a time.

Whether Rishi Sunak and Jeremy Hunt have the creativity to do the above is another matter, but there will have to be some sort of windfall tax, the above can at least be sold as being more Conservative.

So back to mortgage rates, the BOE will increase interest rates by at least 0.75% but hopefully by at least 1%, to be honest I would suggest they increase by 2% as it would make the UK more competitive, they may end up there anyway, just incrementally, but that would require balls of steel politically.

Still I see things improving; the reduction in Gas demand and the confidence factor that Sunak brings might mean a lower impact to mortgage rates. Fixing does make sense if you are financially vulnerable. Be warned that rates are being decided on an individual basis, credit card debt and the speed of it is being taken into account. You may even struggle to get a mortgage if your LTV is not healthy, on the other hand if it is very healthy try to negotiate a better rate.

So it all depends where you are now, If you have an exit fee from a current fix then take it into account, negotiating direct with lenders makes sense but brokers do have a purpose, use them to see if they can get a better deal than you are being offered and then use that offer in principal to get your preferred lender to cave.

Good Luck!

Guest Avatar
Helen Thomas 29th October, 2022 @ 12:47

Once again a great read (and funny too if not edging towards positively vulgar…. I quite like vulgar 🤣)

Loved the reasons behind your mortgage decisions in particular.

My complicated divorce is still moving at a glacial speed and the 5 rental properties are the big sticking point … 😱

After one of us has been suitably shafted (hoping for it to be him not me although I’m not adverse to ….. oh better not go there!) I might want to take out a mortgage for further properties (lucky position at the mo they are all mortgage free but I do live in Bradford so you can see why 🫢).

Anyway your email info is tucked firmly away in my brain for a later rummage.

Thanks once again very grateful

Helen (Bradford …. City of culture 2025 come and pay us a visit !)

Guest Avatar
Molly 7th November, 2022 @ 21:54

Dear Helen

I am also enduring a complicated divorce which is moving at a glacial speed and our 5 rental properties are the big sticking point. I also might want to take out a mortgage for further properties...

I would very much like to connect and swap notes (horror stories, torture methods... etc etc) - we both appear to be in the same unique situation, would be great to share advice - great to have options. Sucks to be getting divorced :(

Landlord - show us how we can get in touch!!

Molly xx

The Landlord Avatar
The Landlord 8th November, 2022 @ 09:39

Thanks @Helen, appreciate it :)

I don't pick favourites on my show, but if anyone is taken to the cleaners, I hope it's your ex!

The Landlord Avatar
The Landlord 8th November, 2022 @ 09:43


Man, sorry to hear that.

If Helen gives me permission to share her details with you, I will forward them onto you. Misery loves company, so I totally get where you're coming from (not necessarily saying you're miserable, but you know what I mean)!

All the best xo

Guest Avatar
GriffMG 10th November, 2022 @ 11:05

Another great article - thank you... can I take a moment to warn people running Ltd companies
of a Confirmation Statement Scam in the post...

I received a letter this morning, looked exactly like the HMRC one that also
arrived, same envelope, same fonts etc. So, I casually thought it was genuine... opened
it and it was a reminder to file my confirmation statement, which I was about to anyway.

It has QR codes on it to make the process simpler... I'm thinking that's helpful I won't need
to fish out my ID etc. so I scan it. All looks genuine until the 'checkout'

Instead of a £13 bill, they want a couple of pence under £45!

Cancelled that, thank you.

The Landlord Avatar
The Landlord 12th November, 2022 @ 21:12


Thanks for the warning. I'm going to share it on my socials on Monday to warn others.

Normally, there's always something off, usually the scammers don't get the font and distinctive brown envelope right (for whatever reason), and that gives the scam away. Surprised to hear they nailed those elements!

Guest Avatar
GriffMG 17th November, 2022 @ 08:55

I don't even know if they would have processed the confirmation if I had paid... it's like
the US Visa scams, really cheap (well) from the US Embassy site, massive mark-up if you use a search engine to find it.

Guest Avatar
Dawn 11th January, 2023 @ 16:06

There is currently a petition on the government website to reinstate tax relief allowing mortgage interest to be set against rental income - there are only c 28k signatures at present which seems low considering the impact rising rates will no doubt have. Thought I’d share it here in case anyone would like to join in. https://petition.parliament.uk/petitions/627785

















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