Mortgage Deal Ending Soon? How to Prepare for Your Next Mortgage
When you first arranged your mortgage, the end of the deal may have felt a long way off. However, fixed and variable mortgage periods can pass quickly, and it is important to understand what may happen when your current arrangement finishes.
Leaving your mortgage review until the final few weeks could give you less time to explore the available options, gather the necessary documents and complete an application before your existing deal ends.
Starting the conversation early does not mean you have to make an immediate decision or change your mortgage straight away. It simply gives you more time to review your circumstances, consider your future plans and understand what your next mortgage arrangement could look like.
What Happens When Your Current Mortgage Deal Ends?
Many mortgages come with an initial deal period during which a specific interest rate applies. This may be a fixed rate, where the interest rate and monthly payment generally remain the same for an agreed period, or a variable rate that can change.
When this initial period ends, you will usually move onto your lender’s standard variable rate, commonly referred to as the SVR, unless you have arranged another mortgage deal.
A lender’s SVR can change at its discretion and may be higher than the rate you were previously paying. This means your monthly mortgage payment could increase once your current deal finishes.
Your lender should contact you before the end date, but you do not need to wait for a letter or email before reviewing your options. Checking exactly when your current mortgage deal ends is a useful first step.
It may be helpful to begin the review process around six months beforehand. This can provide time to understand your position, compare the available routes and prepare for any affordability assessments or applications that may be required.
Check the Details of Your Current Mortgage
Before considering your next mortgage arrangement, make sure you understand the deal you already have.
Your latest mortgage statement or online account should contain most of the information you need. It is worth checking:
• When your current mortgage deal ends
• Your remaining mortgage balance and term
• Your current interest rate and monthly payment
• Whether an early repayment charge applies
• Any overpayment limits or other conditions
An early repayment charge may be payable if you repay, transfer or change your mortgage before the end of the agreed deal period. The amount could depend on the mortgage product and how much time remains.
However, this does not always mean you must wait until the final day of your current deal before taking action. In some circumstances, a new mortgage can be secured in advance, with the change arranged to take place once your existing deal ends.
The timings, conditions and length of time a new offer remains valid will depend on the lender and the mortgage product.
Reviewing the details early can help you understand when it may be appropriate to apply and whether there are any charges or restrictions to consider.
Review Your Current Financial Position
Your financial circumstances may have changed since you arranged your current mortgage.
You may have received a pay rise, changed jobs, become self-employed or reduced your working hours. Your household costs may also be different, particularly if you now have childcare expenses, loans, car finance, credit card balances or other commitments.
If you apply to move your mortgage to a different lender, your income, expenditure, credit history and overall affordability are likely to be assessed again.
The amount you could borrow will depend on your circumstances and the lender’s criteria at the time. A change in income or expenditure does not automatically mean you will be unable to arrange another mortgage, but it may influence the options available.
Before beginning the process, review your regular income, monthly spending and outstanding commitments. Make sure the information you provide is accurate, as this will help your adviser understand your position and identify mortgage options that may be suitable.
You should also consider whether your monthly budget would remain manageable if your mortgage payment changed. The amount a lender is prepared to offer and the amount you feel comfortable paying are not always the same.
Your future plans and preferred level of financial flexibility should form part of the conversation.
Has the Value of Your Property Changed?
The value of your home and the amount you still owe can affect the mortgage products available to you.
The relationship between these figures is known as the loan-to-value, or LTV.
For example, if your property is worth £250,000 and you have £175,000 left to repay, the mortgage represents 70% of the property’s estimated value. This would usually be described as a 70% LTV mortgage.
Your LTV may have changed since you arranged your current deal. Your mortgage balance may have reduced through your normal monthly repayments or additional overpayments. The value of your home may also have increased or decreased.
A lower LTV could provide access to different mortgage products, although this will depend on lender criteria and the products available at the time.
You do not necessarily need to arrange your own formal property valuation before speaking to an adviser. However, having a realistic estimate of the property’s current value can help with the initial review.
If you apply to remortgage, the new lender may carry out its own valuation. The lender’s valuation may be completed in person, online or using existing property data, depending on the property and the lender’s process.
What Do You Need from Your Next Mortgage?
Your next mortgage does not need to be structured in exactly the same way as your current one.
Your priorities, income and future plans may have changed since you last selected a mortgage product. Reviewing the mortgage gives you an opportunity to consider what you need now and what may be important during the next deal period.
You may prefer monthly payments that remain consistent for an agreed time, or you may be open to a variable interest rate. You may also want the flexibility to make mortgage overpayments without facing additional charges.
Think about how long you expect to remain in the property. If you are considering moving home during the next few years, the length of the mortgage deal and any early repayment charges could be particularly important.
You may also want to change your mortgage term. Reducing the term could increase your monthly payments but may reduce the total amount of interest paid over the lifetime of the mortgage.
Extending the term could reduce your monthly payment, but it is likely to mean paying interest for longer and may increase the overall amount you repay. It could also mean your mortgage continues further into later life or retirement.
Any changes should be considered carefully, based on your current budget, future income and longer-term financial plans.
Product Transfer or Remortgage?
When your current deal ends, there may be more than one option available.
A product transfer involves choosing another mortgage product with your existing lender. A remortgage usually involves replacing your current mortgage with a mortgage from a different lender.
A product transfer may be a more straightforward process in some circumstances, particularly if you are not changing the mortgage amount, term or borrowers. Your existing lender may not require a full affordability assessment or property valuation, although this will depend on what you are changing and the lender’s process.
However, remaining with your current lender does not automatically mean its available product will be the most suitable option.
Remortgaging to another lender may provide access to different interest rates, mortgage terms or product features. The application may involve affordability checks, a credit search, a property valuation, legal work and additional fees.
The appropriate route will depend on your circumstances, the available products and what you want from your next mortgage.
An adviser can compare the options offered by your current lender with those available elsewhere, helping you understand the potential costs and benefits of each route.
Look Beyond the Headline Interest Rate
The interest rate is an important part of a mortgage, but it is not the only factor that can affect the overall cost.
When comparing mortgage products, you may also need to consider:
• Arrangement or product fees
• Valuation and legal costs
• Cashback or other incentives
• Early repayment charges
• The length of the deal period
• Overpayment allowances and product features
A mortgage with a lower interest rate but a large arrangement fee may not always cost less overall than a product with a slightly higher rate and lower fees.
The impact of a fee can vary depending on the size of your mortgage and the length of time you remain on the deal.
Some fees may be added to the mortgage instead of being paid upfront. Although this could reduce the immediate cost, adding a fee to the balance means you may pay interest on it during the mortgage term.
Cashback or incentives may help with the initial costs, but these should be considered alongside the rate, fees and total amount payable.
Looking at the complete cost of the mortgage during the deal period can provide a more meaningful comparison than focusing on the headline interest rate alone.
Prepare for a Mortgage Application
If you decide to submit an application, having the correct documents available can help reduce delays.
The exact requirements will vary depending on the lender and your circumstances. You may need to provide proof of identity and address, recent payslips, bank statements, details of existing borrowing and your latest mortgage statement.
If you receive bonuses, commission or overtime, the lender may request additional evidence showing how regularly this income is received.
Self-employed applicants may need to provide accounts, tax calculations, tax year overviews or other evidence of business income. The documents requested can depend on the length of time you have been trading, your business structure and the lender’s criteria.
It may also be sensible to avoid making significant financial changes while preparing for an application. Taking out a new loan, increasing credit card borrowing or arranging car finance could affect your affordability.
Reviewing your credit reports can help you confirm that your personal details, addresses and account information are accurate. Checking your own credit report is normally recorded as a soft search and does not usually damage your credit score.
If you identify incorrect information, contact the credit reference agency or the relevant provider to ask for it to be reviewed.
What If Your Circumstances Have Changed?
A change in circumstances does not necessarily mean you will be unable to arrange another mortgage.
However, it may affect the lenders or products available, so it is important to discuss any changes openly.
This may include becoming self-employed, moving to a different type of employment, receiving a lower or more variable income, taking on additional borrowing or experiencing missed payments.
You may also need further support if you want to borrow more, remove someone from a joint mortgage or extend the mortgage term towards or into retirement.
Starting the conversation early gives your adviser more time to understand what has changed, explain how it may affect your options and help you prepare for the next steps.
Avoid assuming that your current lender will automatically offer another deal or that changing lender will not be possible. The outcome will depend on your individual circumstances and the criteria available at the time.
Review Your Protection Arrangements
A mortgage review can also provide an opportunity to revisit your protection arrangements.
Your income, mortgage balance, family situation and financial responsibilities may have changed since your current mortgage was arranged.
Consider whether your existing protection would still provide suitable support if you were unable to work because of illness or injury, diagnosed with a serious illness or died during the mortgage term.
The amount and type of cover required may change when your mortgage balance, term or monthly payments change.
Protection should not be considered based only on the monthly price. Definitions, exclusions, cover amounts and additional policy features can all affect how a policy works.
A mortgage and protection adviser can review your existing arrangements and explain whether changes may be appropriate based on your current circumstances.
How a Mortgage Adviser Can Help
Reviewing your mortgage involves more than finding another interest rate.
A mortgage adviser can help you understand your existing arrangement, review your changing circumstances and explain the differences between a product transfer and a remortgage.
They can compare rates, fees, early repayment charges and mortgage features while considering the overall cost rather than focusing only on the headline rate.
An adviser can also help you prepare the required documents, submit the application and manage the process through to completion.
The mortgage products available will depend on your circumstances, lender criteria and market conditions at the time. Starting early can give you more time to consider the available options and make an informed decision.
Take the Next Step
The end of your mortgage deal is an opportunity to review whether your current arrangements still meet your needs.
Begin by checking when your deal finishes, how much you still owe and whether any early repayment charges apply. You can then review your finances, consider your plans and explore the potential options.
If your current mortgage deal is due to end within the next six months, speak to a Just Mortgages adviser today.
We can help you review your existing mortgage, understand the options that may be available and prepare for your next deal.
Get in touch with your local Just Mortgages adviser to arrange a mortgage review: https://justmortgages.co.uk/contact-just-mortgages/
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
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