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    Reasons why you may need to review your mortgage

    Mortgage review

    There are many reasons why you may review your mortgage options, a few examples include:

    • Your current mortgage deal is coming to an end
    • You are moving home
    • A change of mortgage preferences, such as switching to an interest-only or offset mortgage
    • Move to a flexible mortgage product that suits changing needs or a fixed product for certainty and budgeting purposes
    • Freeing up equity in your home
    • Consolidate debts into a single payment
    • Raise capital for home improvements
    • Raise funds to buy a second property or buy-to-let investment
    • Take advantage of improved credit score or increased property value

    How early can I start considering my mortgage options?

    Most lenders allow you to lock in a rate up to six months before your deal ends. There are several benefits to securing a mortgage rate early, especially considering that many options will have free valuations and lender fees that are payable on completion. If you do secure a rate early, some lenders allow you to switch rate if a better one is available with the same lender. Alternatively, you can switch to another lender too if they offer a better rate or deal, however you should consider the costs and circumstances of doing so.

    It typically takes two to three months to complete on a mortgage from offer to completion subject to solicitor involvement. Your Private Finance consultant will endeavour to keep an eye on rates until completion and advise if there are preferable options available to you during this time. Switching to a lower rate could potentially save you thousands over the fixed term period of a mortgage. It is important to note that most lenders will not monitor the market for you or let you know if a better deal has entered the market. As a specialist mortgage broker, we have your best interest at heart in helping you secure the best rates and terms available to you.

    With so many options available it can be confusing to know which mortgage option is right for you. This is why it’s important to choose the right mortgage adviser to help you navigate the market.

    Receive tailored advice to your situation   | Send a mortgage enquiry or Speak with an expert now or

    Is your mortgage deal coming to an end?

    Currently, average mortgage rates are higher than most people are used to and it is likely that when your current deal expires, your new mortgage rate will be higher.

    It is important to get in touch with a mortgage consultant at least six months before your current deal ends. This is to ensure that you have enough time to arrange a new mortgage and not risk closing any doors by leaving this too late. Staying with your current lender could mean being put on a high standard variable rate.

    Your Private Finance consultant will help you consider your options before your current deal expires and find a new mortgage early. They will also help you compare thousands of remortgage deals across the whole of the market with independent trusted advice.

    Learn more about remortgages

    Moving house mortgage

    Are you planning to move home soon and want to know what you should do with your existing mortgage?

    Can I take my existing mortgage to my new property by porting the mortgage?

    Should I look for a new rate?

    What charges are there when leaving my mortgage early?

    To receive tailored advice to your circumstances, speak with a mortgage broker or make a mortgage enquiry.

    Learn more about moving house mortgages
    Moving house mortgage

    Choosing the right mortgage for you

    In a higher interest rate environment and fast changing mortgage market, it can be difficult to know whether it is better to fix your mortgage or choose a more flexible variable rate option. Fixed and variable rate mortgages both have their benefits and drawbacks, and where one option may be suitable for one person, it may not be suitable for another.  Some lenders will also offer a split mortgage, with part of the loan on a fixed rate and part on a tracker rate.

    We outline some of the main features of different mortgage types including fixed and variable rate mortgages, standard variable rates, interest-only and offset mortgages here.

    What is a Standard Variable Rate?

    A standard variable rate (SVR) is a type of variable rate mortgage where the interest rate is set by the lender and can vary over time. Standard variable rate mortgages are often the default rate that borrowers move to once their initial fixed or discounted rate period ends. Borrowers on a standard variable rate mortgage are likely to be paying more interest than necessary.

    Reviewing my insurance

    Determining the appropriate protection coverage will depend on your personal situation. From employment to retirement, single or married, family or employees – we understand everyone’s requirements differ. We work with you to determine the ideal level of coverage that suits your needs, ensuring comprehensive protection in all aspects of your life.

    Learn more

    Mortgage Tools and Resources


    FAQs Review your mortgage

    • What is an early repayment charge (ERC)

      An early repayment charge (ERC) is a fee that a borrower may be required to pay to their mortgage lender if they pay off their mortgage loan before a specified period, typically before the end of the mortgage’s fixed or discounted rate period. The specific terms and conditions related to early repayment charges can vary depending on the mortgage agreement and the lender’s policies.

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