If your fixed mortgage rate ends within the next six months, now is the time to speak to a mortgage broker.
Starting early doesn’t mean changing your mortgage immediately. It gives your broker time to review your position, compare the options and prepare your next mortgage without a last-minute rush.
Why start six months before my mortgage deal ends?
Six months provides time to properly assess your options.
Depending on the lender, it may also be possible to secure a new mortgage product several months before it needs to begin.
If you do nothing, your mortgage will usually move onto your lender’s Standard Variable Rate when the current deal ends. This is often higher and can change at the lender’s discretion.
Will I have to change my mortgage immediately?
No. Starting the process early doesn’t mean leaving your existing deal early.
Your broker will check when your current rate ends and whether an early repayment charge applies. The new mortgage can then be timed to begin at the appropriate point.
What will my mortgage broker review?
Your broker will look at:
- Your current mortgage balance and end date
- Your income and regular commitments
- Any changes in your circumstances
- The estimated value of your property
- Whether you want to borrow more or repay a lump sum
- Your plans to move, overpay or change the mortgage term
Your next mortgage should fit where you are now—not where you were when the original mortgage was arranged.
Should I stay with my current lender or move?
Either option could be suitable.
Your current lender may offer a new product through a product transfer. Alternatively, another lender may offer a mortgage that better suits your circumstances.
Your broker will compare the overall cost and features before making a recommendation. The aim isn’t to move lender unnecessarily—it is to find an appropriate option for you.
Is the lowest mortgage rate always best?
No. A low rate can be accompanied by a large product fee, making it more expensive overall.
Your broker will also consider:
- Product fees
- Monthly repayments
- Valuation and legal costs
- Cashback
- Early repayment charges
- Overpayment allowances
- Portability
- The total cost during the deal period
The headline rate only tells part of the story.
Can I secure a new rate in advance?
In some cases, yes.
How early you can secure a product depends on the lender, the mortgage and your circumstances. Any application will also remain subject to the lender’s assessment and approval.
Arranging something early can provide reassurance as your current deal approaches its end.
What if mortgage rates change after I apply?
Your broker can continue checking the available options while the remortgage progresses.
If a more suitable product becomes available, they can establish whether changing your application is possible and worthwhile. This will depend on the lender’s rules and the stage your application has reached.
What happens after the application is submitted?
If you are moving lender, the process may include affordability and credit checks, a property valuation, a mortgage offer and legal work.
Your broker and case progression team will monitor the application, respond to lender queries and help keep everything moving.
If you stay with your current lender, the product-transfer process may be more straightforward.
What if my circumstances have changed?
Changes to your job, income, borrowing or expenditure don’t automatically prevent you from remortgaging.
Lenders assess applications differently. Speaking to a broker early gives them time to identify any potential issues and research the most suitable options.
What should I do next?
If your mortgage deal ends within six months, arrange an initial review with RH Mortgage & Financial Solutions.
We’ll review your current mortgage, explain the options and manage the process through to completion.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.