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What to do when your fixed rate mortgage deal comes to an end.

A fixed-rate deal means that the interest rate and your monthly mortgage repayment remains unchanged for an agreed number of years. If the fixed-rate period on your mortgage is about to end, this is when taking professional advice will help you make the right choice for your circumstances.

Reviewing your options

When a fixed-rate mortgage deal ends, you basically have four options:

  • Do nothing
  • Get another fixed-rate deal from your lender
  • Get a different type of mortgage with your current lender
  • Get a new mortgage with a different lender.

Shopping around pays

If you’re in this position, you should get all your mortgage paperwork together, so that you can see what you’re paying now, and also look to see what exit fees there might be for moving to a new deal.

We’ll review your current mortgage, and explain what alternatives might be available to you, so you can decide if remortgaging will be of benefit. If you decide to remortgage, we’ll outline what costs are involved and how much they are likely to be. We’ll also be able to suggest which lenders will be most likely to approve your application, removing the risk that you will damage your credit history by getting multiple applications rejected.

There’s plenty to consider when you’re deciding what to do when your mortgage deal ends, so it’s not surprising that so many people now choose to work with a professional mortgage adviser.

Your home or property may be repossessed if you do not keep up repayments on your mortgage.

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