Why it’s important to speak to an adviser to find the right deal
If your mortgage deal is coming to an end, you’re not alone. Thousands of homeowners are fast approaching the end of their fixed terms, and for many, that brings a crucial question: is now the right time to remortgage?
Following a period of sharply rising interest rates in recent years, the mortgage market has become more complex. While rates are beginning to settle, the range of deals on offer is broader than ever and knowing which one is right for you can be far from simple.
That is where expert advice can turn confusion into clarity.
End of the deal, not end of the story
When your fixed-rate deal ends, your mortgage will usually revert to your lender’s Standard Variable Rate (SVR), which is often significantly higher than the rate you’ve been paying. For many, this can lead to a sharp increase in monthly payments.
Acting early, typically around six months before your current deal ends, can help you secure a new rate in time and avoid moving onto your lender’s SVR. But it’s not just about switching quickly. It’s about switching wisely.
Advice matters more than ever
There is a lot to consider when remortgaging. You may be thinking about locking in another fixed rate or wondering whether a tracker might offer more flexibility. You might be best placed to remain with your current lender and take a product transfer, or explore a full remortgage with a new lender.
Your circumstances may have changed since you last arranged your mortgage – perhaps your income has shifted, you’ve taken on new commitments, or your home’s value has increased. All these factors can affect the deals available to you.
A qualified mortgage adviser can look at your full financial picture, explain the pros and the cons of each option, and guide you towards a deal that’s suited to both your budget and your future plans. They’ll also have access to a wider range of lenders than you may find on your own or your current lender will offer you directly, including specialist providers that don’t advertise directly to the public.