Don’t Get Caught Out! When to Start Reviewing Your Mortgage Renewal

Your mortgage is a big commitment, and when that renewal date creeps closer, it’s easy to feel a little overwhelmed. But don’t panic! With a bit of planning, you can ensure you secure the best possible deal. 

So, when should you start looking at your options? 

The golden rule is to begin your mortgage review 3 to 6 months before your current deal expires. This period gives you ample breathing room to navigate the mortgage maze and make informed decisions. 

Why the Early Bird Gets the Best Mortgage Deal: 

• Time to Shop Around: The mortgage market is a competitive one! Exploring different lenders and their offers takes time. You want to compare rates, terms, and fees thoroughly to find the perfect fit for your needs. 

• Say No to SVR! Avoid the dreaded Standard Variable Rate (SVR). When your fixed-rate or tracker deal ends, you’ll automatically move onto your lender’s SVR, which is usually significantly higher. Starting early means you can lock in a better rate before this happens. 

• Smooth Sailing Application: Mortgage applications take time. Processing paperwork, getting approvals, and finalising the deal can take weeks. Starting early minimises the risk of delays and ensures a smooth transition. 

• Budgeting Bliss: Knowing your new mortgage payments in advance allows you to adjust your budget and plan for any potential changes. This financial foresight can save you from unexpected stress. 

Key Considerations for Your Mortgage Review: 

• Life Changes? Has your financial situation changed? Perhaps you’ve had a pay rise, taken on new debt, or started a family. If so, it’s crucial to review your mortgage sooner rather than later. These changes can impact your eligibility for certain deals. 

• Market Watch: Keep an eye on interest rate trends and economic forecasts. These factors significantly influence mortgage rates. Staying informed can help you make strategic decisions. 

• Expert Advice: Don’t hesitate to seek professional advice from a qualified mortgage advisor. They can provide personalised guidance, explain complex terms, and help you find the best mortgage deal for your individual circumstances. 

In a Nutshell: 

By starting your mortgage review 3 to 6 months before your renewal date, you can: 

• Secure a more favourable interest rate. 

• Avoid the costly SVR. 

• Ensure a smooth and timely application process. 

• Plan your finances effectively. 

Don’t leave it until the last minute! Take control of your mortgage and secure your financial future. Speak to a Mortgage Expert today.