A mortgage deal ending may feel like a date to deal with later, but starting your review in advance can give you more time to understand the choices available. Remortgaging is not simply about finding a replacement rate. It is an opportunity to review whether the mortgage still fits your current circumstances and future plans.
Start By Checking Your Current Mortgage Deal
Find out exactly when your existing product ends and whether Early Repayment Charges apply before that date. Your latest mortgage statement or lender account should also show your current balance, which will help when reviewing options.
Why Can Starting Early Help?
An earlier review gives you time to gather documents, discuss affordability, consider any changes you want to make and understand whether staying with your current lender or moving elsewhere may be appropriate. Mortgage and legal processing times can vary, so preparation can reduce last-minute pressure.
Could You Stay With Your Existing Lender?
A remortgage is not the only possible route. Your existing lender may offer a new product, sometimes referred to as a product transfer. Whether that is suitable depends on the products available, your plans and how it compares with other options.
What If Your Circumstances Have Changed?
Income, employment, debts, family circumstances and future plans may all have changed since your current mortgage was arranged. These changes can affect affordability and the type of mortgage that may be suitable.
Could You Change The Mortgage Term?
A review may be an opportunity to consider the remaining term. Shortening the term can increase monthly repayments while potentially reducing the period over which interest is paid. Extending it may reduce monthly payments but can increase the total interest paid over time.
What If You Want To Borrow More?
Some homeowners use a mortgage review to discuss additional borrowing for home improvements or other purposes. This will be subject to affordability, lender criteria and the reason for the borrowing and it should be considered alongside the total cost. Depending on your mortgage terms, when an initial deal ends you may move onto the lender’s applicable reversion rate, such as its Standard Variable Rate. The rate and payment could be different from your existing deal, which is why knowing the end date matters.
How HFA Mortgage & Protection Can Help
HFA Mortgage & Protection can review your current mortgage, discuss what has changed and compare suitable
options based on your circumstances. Visit https://hfassociates.uk to arrange a mortgage review.
FAQs – Checking Your Current Mortgage Deal
How early should I review my mortgage?
It can be useful to begin well before the current deal ends so there is time to consider the available options.
Do I have to change lender when my deal ends?
No. Staying with your existing lender may be one option, depending on what is available and suitable.
Will I need another affordability assessment?
This depends on the route taken and lender requirements. A new lender will normally assess your application under its criteria.
Can I change my mortgage term when I remortgage?
Potentially, subject to affordability and lender criteria.
What if my current mortgage has an Early Repayment Charge?
The charge and its end date should be considered when deciding when and how to change your mortgage.
Disclaimer:
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 £1500.
Your home may be repossessed if you do not keep up repayments on your mortgage.
