So, your current mortgage deal is coming to an end, what are your options?
The easiest, but almost certainly worst, option is to do nothing. This means that your mortgage will revert to the lender’s standard variable rate, which will be much higher than a new deal.
1. Do nothing:
The simplest option is to let your mortgage automatically move onto your lender’s standard variable rate (SVR). This usually results in higher monthly payments compared to a new deal. While it’s generally not the most cost-effective route, it might suit some people in specific situations – such as if you’re planning to move or repay your mortgage soon.
2. Choose a new deal with your current lender:
Most lenders will contact you a few months before your deal ends, offering a selection of new options. This can be a convenient and straightforward process. However, it’s worth noting that your current lender won’t usually give advice or compare their deals with what’s available elsewhere in the market. While they may offer a competitive rate, they represent just one lender among many, so it’s possible there could be better deals available.
3. Explore deals from other lenders:
The mortgage market is competitive, and many lenders offer attractive rates and incentives – such as cashback or help with legal fees – to win new customers. Switching to a new lender can potentially save you money, but it may involve additional steps like affordability checks, paperwork, and possible fees. That said, it can be well worth considering, especially if it leads to long-term savings.
We can help you review all these options and provide advice based on your personal circumstances. If staying with your current lender is the best choice, we can help arrange that too. Our initial advice is free, so it’s a great way to get a clear picture of your mortgage options – think of it as a free mortgage health check.
You may have to pay an early repayment charge to your existing lender if you re-mortgage
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There may be a fee for arranging a mortgage and the precise amount will depend on your circumstances. This will typically be up to £450. There is no charge for any initial consultation.
Your home may be repossessed if you do not keep up repayments on your mortgage. You may have to pay an early repayment charge to your existing lender if you remortgage.
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