What happens when my mortgage deal ends?

18 June2021

When your mortgage deal ends, you can often just continue with the same mortgage provider, without starting a new deal - you could automatically move to your mortgage lender's standard variable rate (SVR). This is based on the base rate, so the interest rate could go up or down.

Alternatively, you could consider a remortgage.

What is a remortgage?

Getting a remortgage is often a lot like finding your first mortgage - and it could help you save each month. You might be able to get onto a deal that has a lower interest rate - and even a small reduction can make a difference to your finances every month.

As well as saving you money, a remortgage could let you change the type of mortgage you're on. You could change to a more consistent fixed-rate mortgage, for example, whose rate wouldn't change for a set number of years. Or, if you think the base rate will stay low for a while longer (as many experts expect it to do), you could opt for a tracker mortgage.

Other reasons people remortgage include wanting to switch to a better deal, move house or release equity in their home.

Click here for more information about remortgages.

How do I get a remortgage?

If you want a good deal on your remortgage, it's best to start looking a few months before your current mortgage deal ends. If you wait too long you may be put onto your lender's SVR, which may be more expensive.

A good mortgage broker can look at what's available and help you find the best deals for your circumstances. You can also compare mortgages online to see what's out there.

It's advisable to have savings in place for your new mortgage. If your new deal is more expensive than your old one, you'll need to factor that in to your monthly budget. Even if your new mortgage is less expensive, there might be arrangement fees and exit fees to consider.

If you're looking for a new deal or have any questions about remortgaging, fill in our quick and easy mortgage finder and a mortgage expert will be in touch to discuss your options.

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Tags: mortgage, remortgage, variable rate, interest rates, fixed rate mortgage, tracker mortgage, equity release

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