Why plan ahead of your fixed-rate Mortgage ending?

The earlier you plan your remortgage, the more mortgage options you have! And in the current economic climate, it really does pay to know your options. An expert adviser can find the deal for you.

If you’re due to remortgage in the next year or so, take a look at our handy list of do’s and don’ts that will help you plan ahead with confidence.

• DO give yourself time to weigh up your options. Leaving anything to the last minute can be incredibly stressful – even more so when it’s something as important as your mortgage! Take a weight off your shoulders and give yourself plenty of time to look at what’s available – it’s worth speaking to an adviser so you can get the ball rolling.

• DON’T accept the first deal you find. Keep an open mind, it can be very tempting to snap up the first mortgage you see that looks good. But there are so many different mortgages out there – some of which you might not even have considered! We’d recommend getting the help of an expert adviser to help you find the right deal. This brings us to…

• DO seek the help of a mortgage adviser to help with the search and application process. There are so many mortgage options on the market, it can feel a bit overwhelming. With the help of an expert adviser, you can choose with confidence. We’ll help you through the whole remortgaging process – from choosing a good fit to going through the small print and completing the process. Plus, we’ll save you time spent searching, as well as mortgage comparison headaches.

• DON’T assume you have to stay locked in a deal before you remortgage. If you secure your rate early and then find an option that suits you better, you can change your mind and go for the new deal. The vast majority of lenders won’t lock you into a deal before your expiry date, which gives you the best of both worlds. If rates rise after you’ve chosen a deal, you will have secured the most competitive one available and should hold onto it throughout the mortgage application process. If rates reduce, your adviser will inform you and simply switch to a lower rate before you complete. Either way, you can sit back and relax, knowing they’ll have you covered.

• DO think long term. Early Repayment Charges (ERC) apply when you want to repay your mortgage early or pay your overpayment allowance. In some cases, paying the ERC (at 1% or 5%)* and securing a new rate straight away might actually save you money in the future. This is because you won’t be waiting until rates have increased, which could affect your next mortgage product.

• DON'T default! If your current mortgage expires and you haven’t got another option in place, you’ll automatically roll onto your lender’s default rate – often at a higher standard variable rate. Avoid spending money where you don’t need to, and make sure you get in touch with a mortgage adviser. We can help you get another mortgage option in place when your current one expires.

Get a head start on the remortgaging process with an adviser from Mortgagemove.

Whatever stage you’re at in the remortgaging process, a mortgage adviser can expertly guide you on your way. We’ll compare a huge range of lenders and mortgages on your behalf, finding a solution that’s completely tailored to your needs.

Ready to plan your next remortgaging steps? Speak to an expert adviser today.

Phone directly on 0333 005 0333,

text ADVICE to 82228.

email at advice@mortgagemove.co.uk

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YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

Approved by the Openwork Partnership on 28/04/23

Mortgage Move is a trade name of Nicholas Financial Limited, which is an appointed representative of The Openwork Partnership, a trading style of Openwork Limited which is authorised and regulated by the Financial Conduct Authority.