Does Your Mortgage Deal Still Fit Your Needs?

Are you on the mortgage deal that fits your current circumstances? In today’s ever-changing financial landscape, it’s easy for mortgage deals to become outdated before you know it, and increasingly important to be aware of what’s out there that could be of interest to you.

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We’re here to support you for every step of the way, not only from getting your first mortgage, through to supporting you when it comes to remortgaging, and keeping you and your family protected.

Whether interest rates are climbing or falling, or new mortgage products are becoming available, the mortgage market is constantly shifting. For many homeowners, this means the deal you originally signed up for may not always be the most suitable one for your circumstances at this moment in time.

It’s therefore always worth getting in touch with us should your situation change and we can take a look at the options available to you.

Why It’s Important to Review Your Mortgage Deal Regularly

Unlike some other financial products, mortgage deals have a set period that they run for – whether it’s a variable rate or tracker mortgage that is renewed every few years, or a fixed rate mortgage that runs for two, five or ten years, for example.

After these fixed periods expire, lenders may automatically move you onto your lender’s standard variable rate (SVR). The SVR is usually higher than the rates on fixed, tracker, or discount mortgage products, potentially leading to higher monthly repayments. Regularly reviewing your mortgage allows you to avoid being caught on the SVR and instead, ensures you’re always on a competitive deal.

Moreover, many mortgage products offer introductory rates that can seem attractive but might not remain so over time. By regularly comparing what’s on the market, you can catch these shifts early and lock in a better deal if one becomes available.

Don’t Wait Until Your Current Deal Ends

If you’re already on a mortgage, checking your options isn’t just for those whose deals are about to end. Sometimes, the benefits of switching can outweigh the costs of any early repayment charges. It’s a chance to take control of your finances, potentially lower your monthly payments, or even reduce the overall term of your mortgage.

So, it doesn’t hurt to see what deals are out there, and talk to us to help explore the current mortgage offers, and give you the information you need to make informed choices that reflect your own financial goals and align with your current circumstances – after all, we’re in a fast-moving marketplace and life changes quickly.

We’ll be able to talk you through your existing deal and examine if there’s anything out there that can provide a greater fit with your current circumstances, and provide mortgage guidance for the future, matched to your needs.

There may be a fee for mortgage advice. The precise amount will depend on your circumstances and will be agreed with you before proceeding but estimate this to be £249.

All the information in this article is correct as of the publish date 28th November 2024. The opinions expressed in this publication are those of the authors. The information provided in this article, including text, graphics and images does not, and is not intended to, substitute advice; instead, all information, content, and materials available in this article are for general informational purposes only. Information in this article may not constitute the most up-to-date legal or other information.

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