Martin Lewis' MSE urges everyone with a mortgage to follow 6 month rule

Martin Lewis' MSE urges everyone with a mortgage to follow 6 month rule Some options may turn out to be more expensive Finance experts are advising UK mortgage holders to follow a six-month rule as it could save them money. The move might help people secure a better deal when it comes to choosing a new loan. Remortgaging means taking out a new mortgage on your current property with a different lender, which will then replace your old one. Your new deal could have a different mortgage rate, higher or lower monthly repayments, and new terms and conditions. According to Kit Sproson, a Senior Money Writer and Mortgages Expert at Money Saving Expert (MSE), homeowners may want to "start remortgaging up to six months before" their current deal ends". This is in the hope of avoiding "their lender's Standard Variable Rate (SVR)". 'Beware' warns mortgage expert In the blog updated October 6, 2026, he explains: "If your mortgage deal is ending soon, beware. You'll likely be bumped to lender's far more expensive SVR, typically 6.5% to 7.5%. Therefore it's best to lock in a new mortgage to start as soon as your current deal ends." NatWest also issue this warning about SVRs, stating: "When your current mortgage rate is coming to an end, you may wish to consider taking out a new rate with your existing lender before looking at moving your mortgage to a new one. If you don't choose a new rate when your existing one ends, you'll likely move onto an SVR, which may turn out to be more expensive." 'Acting early'? Don't worry The mortgage expert notes that when people begin "acting early", they likely won't know "whether today's rates will be beaten by rates available in a couple of months' time. So, it's worth playing the field". Urging people to look ahead, Kit further explains: "The majority of lenders let you lock in a new mortgage deal a few months before you need it". This means if your deal expires in July and you lock in a new deal in April, you could lock in April's rate while continuing to the end of your current deal. He adds: "If rates rise, you've a cheaper deal locked in. If rates fall, it's likely you can ditch the mortgage secured in April, and get a lower rate closer to when you need it. You do this if you're getting a new deal from your existing lender (known as a product transfer) or getting one from a new lender entirely (remortgaging)." How much does it cost to remortgage? Experts at NatWest have broken down "standard remortgage" costs. It notes that it "typically costs between £400 and £1,500 in fees if you switch lenders." But there are other costs you may need to factor in. This includes: - Exit fee: £50-£65 - Product fees: about £1,000 - Booking fee@ £100-£200 - Valuation fee: up to £400 - Conveyancing fee: around £300 - Broker fee: £300-£600 (or up to 1%) - ERC: 1% to 5% of the remaining loan amount Just don't remortgage too early if you can avoid it. While you can do this at any time, "doing so before your current fixed or tracker rate ends, means you could pay an Early Repayment Charge", warns NatWest. Know this before you start The Money Saving Expert, which was founded by Martin Lewis, urges people to know these details about their current mortgage to make switching easier. This includes: - Interest rate - Monthly repayment - Outstanding mortgage balance - Deal type (fixed rate, tracker, Standard Variable Rate) - Deal end date (next week, next month, in six months) - Total mortgage term (25, 30, 35 years) - Your current loan-to-value (size of mortgage compared to property value) - Is there a penalty to switch deal? In other words, an 'early repayment charge' The mortgage expert concludes: "You can usually find most of these details on your latest mortgage statement or annual summary. Many lenders can also show all of this clearly in an online account or app. Otherwise, give your lender a call to get the details you need."