If you approach the end of your fixed-rate mortgage deal, it’s important to start planning ahead to avoid being automatically switched to your lender’s Standard Variable Rate (SVR). This can result in higher monthly payments. But when should you start thinking about your next steps, and how can a mortgage broker help? Here’s what you need to know:

1. Start Looking 6 Months Before Your Fixed Rate Ends

A good rule of thumb is to begin speaking with a mortgage broker about six months before your current fixed rate expires. This gives you ample time to explore your options, find the right deal, and ensure that everything is in place when your existing deal ends. Starting the process early also helps avoid the risk of slipping onto the lender’s SVR. This is usually higher than most fixed-rate or tracker deals.

2. Your Mortgage Broker Can Lock In a Deal Early

One of the biggest advantages of working with a mortgage broker is their ability to lock in a new deal. Often up to six months in advance. This is particularly helpful if interest rates are rising. It could allow you to secure a better rate now, even if your fixed deal doesn’t expire for a few months. A broker will ensure that the switch is seamless and that you don’t end up paying more than necessary.

3. Assessing Your Changing Circumstances

Over the course of a mortgage term, your financial circumstances may change. You might have received a pay rise, paid off debts, or had a change in your household income. A mortgage broker will take these changes into account when recommending a new deal, ensuring that your mortgage continues to fit your financial goals.

4. Avoiding the Standard Variable Rate (SVR)

The SVR is the default rate you’ll be switched to when your fixed deal ends, and it’s often much higher than the rates available through remortgaging. A broker can help you avoid this by arranging a new deal before your current one ends, ensuring that you don’t end up paying more than necessary.

Don’t wait until it’s too late. Contact Helen Ferneyhough Associates today to discuss your remortgaging options. Our team of expert brokers will help you find the right deal before your fixed rate expires.

Your home may be repossessed if you do not keep up repayments on your mortgage.  

There may be a fee for mortgage advice. The precise amount of the fee will depend upon your circumstances but will range from £195 to £695 and this will be discussed and agreed with you at the earliest opportunity. Bank of England