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.
The next easiest option, but not necessarily the best, is to take a new deal from your existing lender. Most lenders contact their mortgage customers a few months before the end of their current deal to offer a choice of new deals. Whilst this may sound a good option, you must remember that your existing lender won’t give you any advice on the deals that they are offering you, and they are just one lender in a marketplace of nearly 100 lenders. Whilst the deals that they offer you may be the best available, there’s a good chance that there could be better deals available to you on the marketplace. This leads to the final option…
The market for deal switches is very competitive. Lenders are keen to get new customers by offering deals to attract people away from their existing lenders. As well as good rates, they usually offer other incentives as well, such as a cashback towards legal fees or free legals by using their solicitors. They know that they have to offer a good all-round package to lure people away from their existing lenders.
We can compare all options for you and give you advice on what’s best for your circumstances. If your current lender is offering the best deal, we can even arrange that for you. Our initial advice is free, so think of it as a free mortgage health check.
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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.
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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