When a fixed or tracker deal ends, most lenders move the mortgage onto their standard variable rate. That rate is set by the lender and can change. It is rarely where anyone wants to sit by accident.
Six months is a useful marker
Reviewing around six months before the end of your deal leaves time to look properly, gather documents and get a new arrangement in place. Leaving it to the final weeks removes options rather than adding them.
Check the exit costs first
An early repayment charge (ERC) is a fee some lenders apply if you leave a deal before it ends. It is usually a percentage of the balance and it can be substantial. Always check this before comparing anything.
It is also worth looking at the whole cost of a new deal, not the headline rate alone: arrangement fees, valuation arrangements and legal costs all count.
Your property may be repossessed if you do not keep up repayments on a mortgage or any other debt secured against it.
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