Your Fixed-Rate Mortgage Is Ending: When Should You Start Looking at Your Options?

If your fixed-rate mortgage is ending soon, you may be wondering when you should start looking at your options. Waiting until the last minute can limit the time available to consider what’s right for you, while reviewing your mortgage in advance can give you more time to understand the choices available and plan your next steps.

Why Start Looking Before Your Fixed Rate Ends?

When a fixed-rate mortgage comes to an end, borrowers will usually move onto their lender’s reversion rate, often its Standard Variable Rate (SVR), unless another mortgage arrangement is put in place. This rate can be higher than the rate you have been paying, so it makes sense to review your options before your existing deal expires.

When Should You Start Reviewing Your Mortgage?

As a general guide, it can be sensible to start reviewing your mortgage around six months before your current deal is due to end. This gives you time to look at the options available, consider whether your circumstances or plans have changed, and avoid having to make a rushed decision as your fixed rate approaches its expiry date.

What Options Could Be Available?

Depending on your circumstances, you may have several options when your current mortgage deal ends. These could include choosing a new deal with your existing lender, moving your mortgage to another lender, or making changes to the amount you borrow or the term of your mortgage. The most suitable route will depend on your individual circumstances, future plans and the mortgage products available at the time.

Why Speak to a Mortgage Adviser Early?

Starting the conversation early can give your mortgage adviser time to understand your circumstances, discuss what you may want from your next mortgage and research the options available to you. It can also allow time to deal with any paperwork or potential issues well before your existing deal comes to an end.

Things That May Affect Your Options

Your available mortgage options will depend on a number of factors, including your income, property value, outstanding mortgage balance, credit history and any changes to your personal circumstances. Mortgage rates and lending criteria can also change over time, which is another reason why it can be helpful to review your position before your current deal expires.

Don’t Leave It Until the Last Minute

If your fixed-rate mortgage is ending within the next few months, it can be worthwhile finding out what your options may be. Starting early does not mean you have to make an immediate decision, but it can give you more time to consider your choices and prepare for what happens when your fixed rate ends.

How Coffey Brooks Can Help

If your fixed-rate mortgage is coming to an end, the team at Coffey Brooks can help you review your circumstances and explore the mortgage options available to you. By starting the conversation early, we can help you understand your choices and give you time to make an informed decision about your next mortgage.

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

Disclaimer: This article is for general information only and does not constitute personal financial advice. Mortgage products, interest rates, lending criteria and availability can change and will depend on individual circumstances. You should seek advice appropriate to your circumstances before making any decisions about your mortgage.