Your mortgage when your deal ends or you move home.
A deal ending, a house move or a change in your circumstances are all good reasons to review your mortgage. I will help you understand your options.
Common reasons to review your mortgage
- Your current deal is coming to an end
- You are moving home and need a mortgage for your next property
- You want to release funds for home improvements or other plans
- You want to look at bringing other debts into your mortgage
- Your circumstances have changed and you want to review your borrowing
- You want to change the length of your mortgage term
Arranging your next deal early
Many lenders let you arrange your next mortgage deal several months before your current one ends, often up to around six months in advance. The timeframe and how long an offer lasts vary between lenders.
Mortgage rates can move up or down, so arranging a deal early gives you certainty about what your payments will be once your current deal ends. Some lenders also allow you to switch to a different product before your offer completes, but this is not always possible.
Worth checking first: if you leave your current deal early, early repayment charges may apply. We can check this together before you decide anything.
Moving home
If you are buying your next home, there is more to sort out than the mortgage itself. I can look at your mortgage options for the new property and help arrange the other parts of the move on your behalf.
- Reviewing your mortgage options for the property you are buying
- Getting an Agreement in Principle in place before you make an offer
- Arranging a solicitor on your behalf, and getting quotes for you
- Arranging the valuation and a survey, and getting quotes for you
- Staying in touch through to completion
Some mortgages can be moved to a new property, which is known as porting. Whether that is possible, and whether it is the right choice for you, depends on your lender and your circumstances.
Selling as well as buying? Let me know early. Timescales depend on your circumstances and the property chain, so it helps to have your mortgage options ready before you find your next home.
Debt consolidation
Some people remortgage to bring other debts, such as loans or credit cards, into their mortgage. This can mean one monthly payment instead of several, and that payment may be lower.
It is not right for everyone. Debts that were unsecured become secured against your home, and spreading them over the term of a mortgage usually means paying more interest overall, even if the monthly payment is lower. There may be other ways of dealing with debt that suit you better.
I will go through your situation with you and explain the pros and cons before you decide anything. If you are struggling with debt, free and impartial guidance is also available from MoneyHelper.
Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.
Changing your mortgage term
If your monthly payments are a worry, changing the length of your mortgage may reduce them. Spreading the borrowing over a longer period usually means paying more interest overall, so it is worth weighing up both sides.
Common questions
When should I start thinking about my next deal?
It is worth reviewing your options well before your current deal ends, so you have time to compare and arrange things without a rush.
Will I need to go through the full process again?
Usually your circumstances and affordability are looked at again, though the process can be quicker than buying a home. I will tell you what is needed.
Can I take my current mortgage with me when I move?
Some mortgages can be moved to a new property, known as porting, but it depends on your lender and your circumstances at the time. I can check this and compare it with the other options available to you.
Can you arrange a solicitor and a survey for my move?
Yes. I can arrange solicitors, valuations and surveys on your behalf and get quotes for you.
Will consolidating my debts cost me more overall?
It can. Your monthly payment may be lower, but repaying the debt over the longer term of a mortgage usually means paying more interest in total, and the debt becomes secured against your home. I will explain what it would mean for you before you decide.
Can I stay with my current lender?
Often you can, and I can compare that with what else is available so you can make an informed choice.
Is your deal ending, or are you planning a move?
Let's talk through your options so you can make an informed decision. Evening and weekend appointments are available.