If your mortgage deal is due to end in the next few months, it may feel like there’s still plenty of time. However, when it comes to remortgaging, getting ahead of the process can make a real difference. Speaking to a mortgage adviser early can give you more time to review your circumstances, understand your options and make informed decisions without the pressure of an approaching deadline.
In fact, it’s worth being aware of your mortgage end date well in advance. Even with up to 12 months remaining on your current deal, an adviser can help you understand what to expect and when it may be appropriate to start reviewing your options.
What happens when your deal ends?
Many homeowners don’t realise that when a fixed-rate mortgage comes to an end, they are usually moved onto their lender’s Standard Variable Rate (SVR). This rate is often higher than the rate they were previously paying and can change over time, which could mean an increase in monthly repayments.
Without a plan in place, this can come as an unwelcome surprise. By speaking to an adviser ahead of time, you can understand what your current mortgage arrangements mean for you and begin considering your next steps before your deal ends.
Take a countdown approach
Rather than seeing your mortgage end date as a deadline, think of it as a countdown.
- 12 – 6 months to go: Start thinking about your future plans and when you may want to seek mortgage advice.
- Around 6 months to go: Speak to an adviser and begin exploring your options, as some lenders may allow you to secure a new deal in advance.
- Around 3 months to go: Work with your adviser to put plans in place so everything is ready ahead of your current deal ending.
Taking a structured approach can help make the process feel more manageable and ensure there is enough time to review your circumstances and consider your options.
Why getting started early can help
One of the biggest benefits of acting early is giving your adviser enough time to fully assess your needs and review the options available.
Your existing lender may contact you with a new deal as your current mortgage approaches expiry. While this may be suitable, it’s important to understand all your options before making a decision. If staying with your existing lender and going onto a new product is the right thing to do, your mortgage adviser will be able to help with this too.
Starting the process early allows your adviser to complete a full review of your circumstances, discuss any changes since you last arranged your mortgage and make a recommendation based on your needs and objectives.
How a mortgage adviser can support you
The mortgage market can be complex, and understanding which option is right for you isn’t always straightforward.
A mortgage adviser can assess your circumstances, discuss your goals and review the options available to help you find a suitable solution. They can also explain the advantages and disadvantages of different products and help you understand how they could affect your monthly repayments and longer-term plans.
A remortgage review can also be a valuable opportunity to discuss your wider financial position. This may include reviewing your budget, considering future plans and ensuring you have appropriate financial protection in place for you and your family.
Plan ahead with confidence
The countdown to the end of your mortgage deal isn’t something to worry about, but it is something to be aware of.
By seeking advice in good time, you’ll give your adviser the opportunity to fully review your circumstances, explore the options available and make a recommendation based on your needs and objectives.
Taking action ahead of your mortgage expiry date can help ensure you’re well prepared, informed and ready for whatever comes next.
A conversation with a mortgage adviser today could help you feel more prepared for tomorrow.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
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Serenity Financial Advice is an appointed representative of The Openwork Partnership, a trading style of Openwork Limited which is authorised and regulated by the Financial Conduct Authority.
