Large-scale renovation projects rarely go exactly to plan.
Unexpected delays, rising building costs and changing timescales can mean your mortgage deal expires before your project is fully completed. For many homeowners, this creates an important question:
Can you remortgage a property that's still under renovation?
At Active Mortgages, we regularly help clients navigate complex situations like this. Here’s what you need to know if your fixed-rate mortgage is coming to an end while your renovation project is still ongoing.
The Situation
A recent client contacted us after carrying out substantial renovation work on their family home.
The property had undergone a major extension and refurbishment, transforming it into a much higher-value home. While the project was progressing well, it wasn’t yet complete.
At the same time:
- Their fixed-rate mortgage was due to expire within the following year.
- They weren’t looking to borrow any additional money.
- They simply wanted to avoid moving onto their lender’s Standard Variable Rate (SVR).
- They were concerned that a full remortgage could trigger a valuation while the property was still under construction.
They wanted to understand their options well before their current mortgage deal ended.
Why This Can Be Difficult
When you apply for a new mortgage with a different lender, the application usually involves:
- A property valuation.
- Underwriting checks.
- A review of the property’s current condition.
- Verification that the home meets the lender’s lending criteria.
If significant building work is still underway, some lenders may:
- Request additional reports.
- Require Building Control completion certificates.
- Delay the application until the work has finished.
- Decline the application altogether until the property is considered complete.
Every lender has different criteria, which is why obtaining advice early is essential.
A Simpler Alternative: A Product Transfer
Because our client wasn’t looking to increase their borrowing, we discussed another option that many homeowners overlook.
A product transfer allows an existing borrower to switch from one mortgage product to another with the same lender when their fixed-rate deal ends.
In many cases, this means:
- No new affordability assessment.
- No property valuation.
- No legal work.
- No conveyancing.
- No full mortgage application.
Provided the mortgage account has been maintained correctly and the lender’s criteria are met, switching products can often be a straightforward process.
Why Timing Matters
Most lenders allow borrowers to secure a new product around three to four months before their current deal expires.
This means you don’t have to wait until the very last minute.
Planning ahead gives you time to:
- Compare available rates.
- Decide between fixed and tracker products.
- Understand your monthly payments.
- Avoid moving onto a potentially higher Standard Variable Rate.
What If You Want to Borrow More?
If you need additional borrowing before your renovation is complete, the situation becomes more complex.
Depending on the lender and the stage of the works, options may include:
- A further advance.
- A specialist remortgage.
- Development finance.
- Bridging finance until the project is completed.
The right solution depends on factors such as:
- Current loan-to-value.
- Stage of construction.
- Property value.
- Income.
- Exit strategy.
Every case should be assessed individually.
The Importance of Getting Advice Early
One of the biggest mistakes homeowners make is waiting until their mortgage expires before exploring their options.
Speaking to a specialist broker several months in advance allows enough time to:
- Understand which lenders may be suitable.
- Review your renovation timeline.
- Plan your mortgage strategy.
- Secure a competitive rate before your existing deal ends.
Even if your property isn’t yet finished, there may be solutions available that don’t require a full remortgage.
Need Advice About a Mortgage During Renovation?
Every renovation project is different, and so is every lender.
Whether you’re extending your home, carrying out a full refurbishment or planning a self-build conversion, getting advice early can help you avoid unnecessary stress when your mortgage deal comes to an end.
At Active Mortgages, we work with homeowners across the UK to find practical mortgage solutions for straightforward and complex cases alike.
If you’re unsure what happens when your fixed-rate mortgage ends during a renovation project, get in touch with our team. We’ll explain your options and help you plan the next step with confidence.
