Three high street banks have increased how far in advance mortgage borrowers can lock in a deal.
Barclays, First Direct, and NatWest customers will now be able to begin a “product transfer” between four and six months before their current deal comes up for renewal.
Under the old rules, this was around three months before renewal.
Co-op Bank and HSBC have also told MoneySavingExpert they will bring in similar changes shortly - but didn't say when.
It comes as interest rates continue to rise, pushing up mortgage repayments for those on tracker and some standard variable rate (SVR) deals.
The Bank of England hiked its base from for the sixth time in a row to 1.75% earlier this month.
Expectations of further rate rises to come has sparked calls for homeowners to lock into a cheaper mortgage deal now.
The cheapest rates have been slowly disappearing since November last year - but mortgage borrowers still have the potential to save thousands of pounds.
Remortgaging vs product transfer - what are the pros and cons?
When a mortgage deal comes to an end, you'll need to either remortgage or do a product transfer - unless you've paid off everything you owe.
A product transfer is where you stick with the same lender but on a different deal, while remortgaging is where you go to a different lender.
If you’re remortgaging, most lenders will allow you to reserve a remortgage deal up to six months before your existing rate comes to an end.
For product transfers, this is normally three months - although as we've mentioned above, some lenders are reducing this length of time.
There are pros and cons for both remortgating and product transfers. The most important thing to do is compare prices to make sure you’re getting the best rate.
Borrowers should use a mortgage comparison to check whether you are on the cheapest deal - we've got a guide on how to find the best rates here.
When thinking about the switch remember to factor in any other costs and check if there is an early exit fee associated with your current deal.
Product transfers can be quicker and involve less paperwork - but that doesn’t necessarily mean it is the best deal out there.
Remortgaging may come with a lot of the fees that a standard new mortgage comes with.
It is important to add everything up so you can work out if you’d actually make a saving overall.
